Singapore-based startup PolicyPal has announced that it has successfully completed experiments on its solutions in the MAS FinTech Regulatory Sandbox and will commence operations as a registered direct insurance broker and exempt financial adviser under its subsidiary BaoXianBaoBao on 1 September, 2017. PolicyPal is the first start-up to graduate from the MAS FinTech Regulatory Sandbox, having entered the six-month sandbox in March 2017.