New Idea Scheme (NIS)

Introduction

The New Idea Scheme (NIS) aims to help businesses to testbed novel ideas via a regulatory sandbox. By testing the new business model within a controlled environment, new solutions can be introduced into the market without compromising much on public safety.

Do I qualify for NIS?

NIS supports proposals that encounter:

• Regulatory obstacles: Existing regulatory frameworks do not clearly address your business concepts

• Gaps in current sandboxes: Your business concepts do not fit into current agencies’ sandbox programmes.

Checklist for NIS application

When applying for NIS, ensure your application includes:

• Well-defined boundaries/parameters
  E.g., trial duration, target users, or testing location.

• A clear monitoring & evaluation plan
  To assess concept performance and impact.

• Safeguards for user protection
  To mitigate risks during testing.

• An exit strategy or secondary plan
  To conclude or scale up promptly after the sandbox.

Benefits

Benefits of applying for NIS:

• Co-develop a regulatory sandbox framework to tailor conditions for market launch.

• Connect with relevant regulators to refine and validate your concept.

• Gain real-time feedback during trials, enabling faster iteration and broader adoption.