CMA admits Sycamore Capital Ltd to Regulatory Sandbox
Nairobi, 17 January 2022…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.
CMA Chief Executive Mr. Wyckliffe Shamiah noted, ‘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). It could contribute, in a way, to the growth of assets under CIS management over the current value of Kshs100 billion.’
Sycamore has partnered with licensed fund managers to avail units to the Cashlet App for testing. Mr. 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.
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