The current sandbox is limited to financial solutions with a capital market component but not the entire space. As a result, all the firms in the sandbox are offering fintech and custodial services with one firm remaining undisclosed.
The five firms are:
CDSC Kenya – Clearing & Settlement Custody services provider in the Kenya Capital Markets.
Pezesha – Lending Platform providing a holistic financial marketplace for MSMEs by offering lending, financial education, and debt counselling to borrowers
Innova Limited – Custodial Settlement Product providing an Integrated Financial Enterprise Solution for Fund Managers, Custodians, Private Equity Firms, Unit Trust Managers and Bancassurance that enables complete automation and optimization of operations and processes
Pyypl Group Limited – Blockchain-based Financial Technology Platform for issuing unsecured bonds (debentures) directly from a mobile phone among entrepreneurs
Belrium Kenya – A blockchain-based and Shareable Know Your Customer (e-kyc) solution for capital markets intermediaries and investors
The undisclosed firm has remained protected, which is in line with the Policy Guidance Note which allow firms to remain undisclosed to protect the confidentiality of any information shared in connection with the regulatory sandbox test.
Having two blockchain-based firms, the most for any emerging technology in the sandbox, is impressive in an emerging market like Kenya, and goes to show just how forward-thinking the regulator is in getting such technologies ready for market.