CMA Gains Admission into the Prestigious Global Financial Innovation Network
Part of Capital Markets Authority’s strategic goals is to create a conducive environment for Fintech companies to innovate. This commitment has seen the authority gain admission into the coveted Global Financial Innovation Network; a network of 29 financial services regulators and similar organisations committed to promote financial innovation.
CMA recently unveiled some draft rules created to regulate and guide players in the Fintech sector. This follows the emergence of new products in the global financial sector such as crypto-currencies, block-chain technology, and electronic payment systems.
According to its Chief Executive Officer Paul Muthaura, the guidelines are meant to cement Kenya’s position as a leader in financial innovations. Kenya is recognized as a global technological powerhouse thanks to innovative products such as M-Pesa.
The newly unveiled guidelines will create a safe environment for innovators in Fintech to test their products before releasing them to the market. As many as 70 local and international companies in the Fintech space expressed their interest in the CMA program.
CMA has cautioned investors against putting their funds in new unregulated products such as crypto currencies.