It is licensed by the securities market regulator in United Arab Emirates – Financial Services Regulatory Authority in line with the Regulatory Sandbox PGN. It’s subsidiaries in Bahrain and Kazakhstan are also active and licensed by the Central Bank of Bahrain and Astana Financial Services Regulatory Authority (Kazakhstan) respectively. CMA acting chief executive Wyckliffe Shamiah said:"We are encouraged to note the appetite for the Regulatory Sandbox among fintech firms and innovators within and beyond Kenya’s borders." The developments cement the authority’s efforts to leverage technology to drive efficiency in the capital markets value chain," Shamiah said. Since the Regulatory Sandbox became operational in March 2019, six companies have been admitted to test their innovations and one company has successfully exited the Regulatory Sandbox and is preparing to roll out the innovation to the wider market.

Source: The Star June 19, 2020 06:45 UTC