A Singapore based mobile app that allows users to manage their insurance policies has become the first entrant to MAS's regulatory sandbox.
PolicyPal, in a statement on its website, said that it has taken up the opportunity and is the first startup to receive approval from MAS to enter the regulatory sandbox the establishment of which the central bank had announced last year.
PolicyPal firm will be testing its solutions over a six-month period starting from 2 March 2017 by partnering with NTUC Income and Etiqa Insurance to distribute insurance products to consumers.
The mobile app digitises and collates users' insurance policies, giving them a convenient digital folder of their policies from different insurers. Users are also able to buy policies through the app. It allows users to speak with 'Kate', PolicyPal's digital insurance manager, to know their protection needs before purchasing coverage.