Standard Investment Bank has been granted permission by the Capital Markets Authority to operate in the online foreign exchange trading space.
The Money Manager license is the first of its kind in Kenya. CMA chief executive Paul Muthaura says that SIB is now licensed to chose and manage investments prudently for its online forex trading clients.
“SIB will also communicate clients’ buy and sell order positions through a licensed online forex trading broker, to meet clients’ investment goals,” he said.
The new SIB authorisation is the first one under ‘money manager’ license category. EGM was licensed in February 2018 to operate under the ‘non-dealing online foreign exchange (forex) trading broker’ category.
“The money manager will conduct financial analysis and monitor foreign exchange portfolio investments on behalf of its clients,” said Mr Muthaura.
This brings to total the number of licensed intermediaries in Kenya’s online forex trading space to two.