This archive report was first published on 19 June 2020.
On June 19, 2020, the Capital Markets Authority (CMA) announced the admission of two firms, Pyypl Group Limited and Belrium Kenya Limited, to its Regulatory Sandbox test environment.
The Regulatory Sandbox allows the two firms to test their innovations in accordance with the Capital Markets Regulatory Sandbox Policy Guidance Notes.
Pyypl Group Limited, a blockchain-based platform for issuance of debentures among entrepreneurs, will test its Pyypl for Entrepreneurs product for 12 months. The company is licensed by the Financial Services Regulatory Authority in the United Arab Emirates and has subsidiaries in Bahrain and Kazakhstan.
Belrium Kenya Limited has been admitted to the Regulatory Sandbox to test a blockchain-based and shareable know your customer (e-kyc) solution for capital markets intermediaries and investors. The test will be executed in a period of nine months.
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.'
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.
