The Capital Markets Authority (CMA) has joined an innovation
network of international financial services watchdogs, enabling fintech
start-ups test and experiment innovations.
The
regulator said on Monday its affiliation to the 29-member Global
Financial Innovation Network provides a platform for prospective tech
intermediaries in the world to share new ideas with its officials.
“The
authority’s regulatory sandbox, expected to be launched by March 2019,
is intended to accelerate our understanding of relevant emerging
technologies and support evidence-based approaches to regulation that
advance the goals of investor protection and capital markets deepening,
in line with the objectives of the Capital Market Master Plan,” chief
executive Paul Muthaura said.
The CMA said the platform
will enable tech firms to test innovative products, services or
business models in more than one country. The fintechs will be required
to pay a Sh10,000 application fee in East Africa and other markets that
have an agreement with the CMA.
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