The Capital Markets Authority (CMA) has admitted the first three local firms to its innovation hub where they will test new products for possible rollout in the local capital markets.
Chief executive Paul Muthaura said the three startups, Innova, Pezesha Africa and a third whose identity was not made public, are expected to “live test innovative solutions” with the capacity to deepen and enhance the efficiency of capital markets. The CMA is banking on its newly established regulatory sandbox structure designed to encourage innovation in the capital markets.
A regulatory sandbox is a safe space in which innovators can test new products and services in a normal environment without the risk of consequences from regulators like the CMA.
It is usually availed to businesses to experiment with new fintech solutions with relaxed regulatory requirements.
“The Regulatory Sandbox serves to continuously improve CMA’s understanding of emerging technologies as well as the risks and opportunities that the innovations portend for investors, financial institutions and the regulator,” said CMA.
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