Kenya. 3 Fintech firms admitted into CMA regulatory sandbox
Capital Markets Authority (CMA) has admitted three fintech firms into its regulatory sandbox, allowing them to live test innovative solutions with the capacity to deepen and enhance the efficiency of capital markets.
The firms include Innova Limited, Pezesha Africa Limited and a third firm which remains anonymous. Innova will test its cloud-based data analytics platform designed for use by Investors, Fund Managers, Custodian Banks, Actuaries, Pension Administrators and Regulators.
Pezesha will test an internet-based crowd-funding platform through which investors can provide loan facilities structured as loan notes for Small and Medium Enterprises (SMEs). CMA CEO Paul Muthaura says the Regulatory Sandbox is set up to innovators work under a less onerous regulatory regime and is expected to attract fintech companies and existing capital markets licensees to test the application of technology to financial services.
“To enhance the Authority’s investor protection mandate, Sandbox participants are required to comply with minimum regulatory requirements prescribed by the Regulatory Sandbox Policy Guidance Note such as submission of test plans, which outline key test objectives, testing metrics, performance indicators, and safeguard and remedial measures for test clients,” Muthaura said.
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