NAIROBI, Kenya Jan 17-The Capital Markets Authority (CMA) has admitted Sycamore Capital Limited to its Regulatory Sandbox for six months effective 10 January 2022.
The fintech firm seeks to test its application named Cashlet App, a digital mobile-based unit trusts investment application.
“The Cashlet App if successfully tested and rolled out in the open market, will play an important role in driving investor participation in the capital markets through collective investment schemes (CIS),” said CMA Chief Executive Wyckliffe Shamiah.
Shamiah added that the platform could contribute, in a way, to the growth of assets under CIS management over the current value of Sh100 billion.
Sycamore has partnered with licensed fund managers to avail units to the Cashlet App for testing.
Shamiah noted that Cashlet App would provide a convenient and affordable opportunity for small investors to have access to professionally managed and diversified portfolios of assets.
The admission of Sycamore Capital to the CMA Regulatory Sandbox raises the number of participants in the live test environment to 13.
