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CMA admits Sycamore Capital Ltd to Regulatory Sandbox

The Capital Markets Authority (CMA) has admitted Sycamore Capital Limited, a fintech firm to its Regulatory Sandbox . The fintech firm seeks to test its application named Cashlet App, a digital mobile-based unit trusts investment application.  

Sycamore Capital is a privately owned company that was established in 2007 that specializes with investment banking services, debt and equity capital raising as well as physical commodity trading. It has a global presence around london, Tel-Aviv, Accra, Lagos, Kampala, Johannesburg, Nairobi, Moscow, and Beijing.

The admission of the fintech to Authority is effective for six months as of 10 January 2022.

‘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 Kshs 100 billion.’ CMA Chief Executive Mr. Wyckliffe Shamiah.

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.

Read also; CMA Approves KSh 10.5 Billion Corporate Bond by State-Owned Mortgage Lender.

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