FinTech company Centbee closes South African regulatory sandbox-fintech
FinTech company Centbee closes South African regulatory sandbox-fintech
The FinTech company Centbee recently announced that it successfully completed the test of its cross-border transfer application Minit Money. The application was examined as part of the regulatory sandbox of the South African Intergovernental FinTech Working Group (IFWG).
use crypto to enable faster and cheaper transfers
In a statement claims that its mini Money application has proven the ability to "enable foreigners living in South Africa to send money at bank accounts or mobile wallets at home accounts at competitive prices throughout Africa".
In the meantime, the company's co-founder, Angus Brown, spoke of the regulatory sandbox of an "incredible" future growth of the market for transfer apps in his explanations. Braun explained:We are proud to have completed the first regulatory sandbox of the IFWG and aggressively expand our successful transfer solution. We expect incredible growth on the market for transfer apps in the coming years and are confident that we can provide quick and inexpensive transactions for everyone.
Centbee is one of the first graduates
Together with five other start-ups,Centbee was included in the first cohort of the IFWG regulatory sandbox. How by Bitcoin. Crypto or blockchain-related start-ups that the IFWG received permission to test their products. Therefore, as part of his agreement with the supervisory authorities, the "supervisory treatment of crypto-assets (in particular btc and bsv ) for cross-border transfers with low value between South Africa and Ghana and vice
The explanation of the FinTech company shows that the start-up "since then has expanded its business activities for money from South Africa to Nigeria, Senegal, Benin, Ivory Coast and Uganda". In addition, it is planned to add "Mali, Tanzania, Kenya, Mozambique and Zimbabwe in the coming months," the explanation says.
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