The Capital Market Authority (CMA) has admitted IT Consortium Rwanda Limited to the Fintech Regulatory Sandbox. This firm will test its Fintech innovation in a capital markets live environment in compliance with the CMA Fintech Regulatory Sandbox Guidelines. IT Consortium Rwanda Limited becomes the 2nd firm to be admitted in the CMA Fintech Regulatory Sandbox to test their innovations.
IT Consortium Rwanda Limited will test its Chango for investment Application, a Fintech innovation in the saving and investment space aiming at connecting retail investors to the Collective Investment Schemes (CIS). The application seeks to build the culture of saving and investment for retail investors by enabling them to save and invest in CIS individually or through private and public groups who have common investment goals. IT Consortium Limited will test its application in the 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 continues to implement various initiatives in line with Rwanda’s commitment to become a Fintech hub and a proof of concept for Fintechs by implementing the Capital Markets Fintech Regulatory Sandbox, which is an enabling regulatory environment where Fintechs are able to test their innovative solutions in a small scale and controlled environment before deployment to the wider market.
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.”