Joburg Based Start-Up Centbee Has Been Selected For SA’s Intergovernmental Fintech Working Group Regulatory Sandbox
Joburg Based Start-Up Centbee Has Been Selected For SA’s Intergovernmental Fintech Working Group Regulatory Sandbox. Joburg-based BitcoinSV Centbee has been selected as part of the first cohort for SA’s Intergovernmental Fintech Working Group (IFWG) regulatory sandbox. The sandbox allows innovators the opportunity to test new products and services that push the boundaries of existing regulation under the supervision of relevant regulators.
Centbee’s cross-border remittance app, Minit Money, has been chosen to test the regulatory treatment of cryptocurrency assets for low-value cross-border remittances between SA and Ghana.
According to Venture Burn, Minit Money enables foreigners living in SA to send money home at a low cost. Registration through the app is simple and money is cleared in the receiver’s bank or mobile money account in minutes. Money can be loaded at any of over 100 000 retailers across the country. Angus Brown, co-CEO of Centbee told Venture Burn that, “We are proud to be the first BitcoinSV business globally to work closely with financial sector regulators in South Africa and are delighted to be selected for South Africa’s first regulatory sandbox.”
The Intergovernmental Fintech Working Group (IFWG) works together as South African financial sector regulators to demystify the regulatory landscape, provide a space for safe experimentation and actively advance innovation.
The Innovation Hub is a collaborative effort of the IFWG, which includes participation from National Treasury, the Financial Intelligence Centre, the Financial Sector Conduct Authority, the National Credit Regulator, the South African Reserve Bank, the South African Revenue Service and the Competition Commission. The IFWG was established in 2016 to understand the growing role of fintechs and innovation in the South African financial sector and explore how regulators can more proactively assess emerging risks and opportunities in the market.
Whether it’s the public sector, private sector, local or International. IFWG embraces all opportunities to learn and develop together. As regulators, it will never compromise the safety and soundness of its financial system and the protection of South African consumers as it has created an environment where it can safely move and learn quickly.
