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.