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Capital Markets Authority admits Sycamore to regulatory sandbox

Tuesday, January 18th, 2022 05:00 | By
Capital Markets Authority (CMA). Photo/Courtesy

Kenyans will soon be able to invest in unit trusts using a mobile application if an app submitted for testing to the Capital Markets Authority (CMA) is successful.

CMA admitted Sycamore Capital Limited to its Regulatory Sandbox for six months effective 10 January 2022.

The fintech seeks to test its application named Cashlet App and test it’s feasibility as a digital mobile-based unit trusts investment application.

The app may drive up demand for unit trusts especially among low income earners who were once unable to access such opportunities.

Cashlet App

“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 said it 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.

Other companies that have gobe through the CMA sandbox include crowdfunding platform Pezesha, Acorn Investment Management, Fourfront Management and many others.

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