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.
This move is in line with the authority's mandate to deepen and develop the capital markets industry. The two firms will test innovations in accordance with the requirements of the Capital Markets Regulatory Sandbox Policy Guidance Notes.
Pyypl Group Limited, a blockchain-based platform for issuance of debentures among entrepreneurs, has been admitted to 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 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.
The CMA will closely monitor the two firms during the testing period, relying on feedback from investors, system logs, and periodic reports.
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.
