The Capital Markets Authority (CMA) has admitted Sycamore Capital, a fintech firm, to its Regulatory Sandbox, effective for 6 months as from 10th January, 2022. The firm seeks to test its Cashlet App, a digital mobile-based unit trusts investment application.
Sycamore Capital was established in 2007 and specializes with investment banking services, debt and equity capital raising as well as physical commodity trading. The firm has a global presence in Nairobi, London, Tel-Aviv, Accra, Lagos, Kampala, Johannesburg, Moscow, and Beijing.
Speaking on Sycamore’s admission and the Cashlet app, CMA CEO Wyckliffe Shamiah said, “The Cashlet App if successfully tested and rolled out in the open market, will play an important role in driving investor participation in the capital markets through collective investment schemes (CIS). It could contribute, in a way, to the growth of assets under CIS management over the current value of Ksh. 100 billion.”
Sycamore has partnered with licensed fund managers to avail units to the Cashlet App for testing. Mr. Shamiah further noted that the Cashlet App would provide a convenient and affordable opportunity for small investors to have access to professionally managed and diversified portfolios of assets. The admission of Sycamore Capital to the CMA Regulatory Sandbox raises the number of participants in the live test environment to 13.