The Capital Market Authority (CMA) has admitted Uplus Mutual Partners to the Fintech Regulatory Sandbox. This firm will test its Fintech innovation in a capital markets live environment in compliance with CMA Fintech Regulatory Sandbox Guidelines.
Uplus Mutual Partners will test its Uplus for Investment Application, a Fintech innovation in the saving and investment space aiming at connecting retail investors to the Collective Investment Schemes (CIS). The innovation seeks to build the culture of saving and investment for retail investors by enabling them to save and invest in CIS individually or through groups. Their main target is youth especially students at universities so that they can embrace the culture of saving and investment at their early age. Uplus for Investment blends perfectly with the Capital Market University Challenge, an annual competition programme for university students aiming at instilling in them the culture of saving and investment at their early age. Uplus Mutual Partners will test its innovation in the CMA Fintech Regulatory Sandbox for the period of twelve (12) months.
The Capital Market Authority (CMA) has implemented the Fintech Regulatory Sandbox as a framework to encourage and support the promotion of a variety of Fintech innovations that have the potential to deepen and accelerate the capital market development in Rwanda. CMA Fintech Regulatory Sandbox is an enabling regulatory environment for Fintech to test their innovative solutions in a small scale and controlled environment before deployment to the wider market. This is an initiative which is in line with Rwanda’s commitment to become a Fintech hub and a proof of concept for Fintech.
The CMA’s Manager for Information Technologies and Coordinator for Fintech in Capital Markets Mr. Jerome NDAYAMBAJE, noted: “The Authority is delighted to welcome this new innovation for testing in the Capital Markets Fintech Regulatory Sandbox. If this innovation is successful, it will significantly reduce the barriers to entry into the capital markets for retail investors. The collective investment schemes will be accessible to retail investors in a more convenient manner and the culture of saving and investment will be enhanced by leveraging technology.”