Three firms admitted to the CMA Regulatory Sandbox
SEE ALSO :CMA approves Kenya’s first green bondThe third fintech firm admitted has elected to remain anonymous during its three months’ test period, except to its closed group of test subjects, an option provided in the Regulatory Sandbox PGN. “The Regulatory Sandbox allows live testing of innovations 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. The admission of the three firms is an important milestone noting that the Authority had set itself a target to admit five firms to the Regulatory Sandbox by 2023’, said CMA Chief Executive Paul Muthaura. CMA granted the three firms 12 months’ period to test their services. Upon exit from the Sandbox, participants could be granted a license or approval to operate in Kenya subject to compliance with existing legal and regulatory requirements. The Regulatory Sandbox serves to continuously improve CMA’s understanding of emerging technologies as well as the risks and opportunities that the innovations portend for investors, financial institutions and the regulator. The insights from the tests allow for a more evidence-based approach to regulation.
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