Fintech Firm Centbee Graduates From South African Regulatory Sandbox
Fintech firm Centbee recently announced it has successfully completed the testing of its cross-border remittance application, Minit Money. The testing of the application was carried out within the framework of the South African Intergovernmental Fintech Working Group (IFWG)’s regulatory sandbox. Using Crypto to Enable Faster and Cheaper Remittances In a statement, the fintech firm claims its Minit Money application has demonstrated an ability to “enable foreigners living in South Africa to send money home across Africa to bank accounts or mobile money wallets at a....
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The Bank of Uganda (BOU) has announced the launch of a regulatory sandbox that will allow fintech start-ups to test their innovative financial solutions in a controlled environment. Already, one firm, M/S Wave Transfer Limited, has received approval to test its quick response (QR) technology under this sandbox arrangement. BOU Launches Regulatory Sandbox for Fintech In its statement on June 15, the BOU says it is now inviting more firms to develop and similarly test their financial innovations under this framework. Meanwhile, the BOU statement also expands on why the central bank has....
South Africa’s Inter-governmental Fintech Working Group (IFWG) recently accepted Mercury FX, a UK-based e-money firm, into the first cohort of its regulatory sandbox. The firm, which harnesses the Ripplenet blockchain, says it wants to demonstrate its technology’s ability “to shorten the money transfer window to only minutes.” Fast and Low Remittances Further, Mercury FX, which claims to have piloted the use of this technology in the Philippines and Mexico, says its solution, aided by the XRP token, will enable low-cost cross-border remittances. In addition to....
The Singapore-based Propine emerged from the MAS regulatory sandbox with a Capital Markets Services License, and authorization to begin offering digital asset services to institutions. Crypto-custody provider and securities firm, Propine, has graduated from the Monetary Authority of Singapore’s fintech regulatory sandbox program, emerging with a Capital Markets Services License, and the green-light to commence full operations.The Singapore-based securities services firm for institutional clients was admitted entry to the MAS regulatory sandbox on Nov. 8, 2019, and participated for just....
South African tax consultancy firm Tax Consulting SA, has said the recent announcement by the central bank — that will start to regulate cryptocurrency in 12 to 18 months — has legal and tax implications for both crypto investors and organizations providing intermediary services. The firm, however, says the South African Reserve Bank (SARB) “will not interfere in the investment decisions made by crypto investors.”
Intermediaries Must Register as Financial Services Providers
According to a South African tax consultancy firm, Tax Consulting SA, recent....
The Financial Conduct Authority (FCA) has announced the first 24 companies that will be taking part in its regulatory sandbox. In 2014, the FCA launched Project Innovate, in a bid to provide businesses on the regulations that they are required to abide by. In a bid to keep London as the FinTech centre, earlier this year, the FCA considered approving blockchain startups to actively encourage businesses to employ the technology. In September, it was reported that the FCA had had accepted 24 applicants out of 69 to take part in its first regulatory sandbox after applications closed in July,....