The Capital Markets Authority (CMA) has teamed up with the Global Financial Innovation Network (GFIN) members to allow Kenyan innovators to test their financial services and products across borders. CMA says the market-deepening move will see Kenyans test their business models across participating territories that include Australia, Canada, Hong Kong, Hungary, Jersey, Singapore, UAE, UK, US, and Kenya.
GFIN is an international network of financial services regulators and related organizations comprising twenty-three regulators across five continents. The test environment will give opportunities to regulators to pick lessons from the outcome of the test and apply them in their respective jurisdictions in a move meant to catalyze innovative financial markets solutions.
CMA joined GFIN in February 2019 with the goal of helping Kenyan innovators to navigate between countries as they look to scale new ideas. In addition, GFIN framework enables the CMA to cooperate with other financial services regulators on innovation-related topics, gaining insights, and sharing different experiences, lessons, and approaches.
CMA acting CEO Wycliffe Shamiah says the new development strengthens the Regulatory Sandbox that enables firms and innovators to test their product in a live market environment. The Sandbox enables the regulators to keep abreast of emerging technologies, support the adoption of an evidence-based approach to regulation, and facilitate deepening and broadening of Kenya’s capital markets.