The startups selected for the 1st edition of the platform are already known "Regulatory Sandbox”, a project that will allow financial technology (fintech) startups and financial sector institutions to test their products, services and business models.
Here are the selected startups:
PAY APP: The purpose of the payment gateway developed by Appy Pay is to facilitate merchants in the process of joining and using the payment methods available in Angola, such as the Online Payments Gateway ("GPO"), Payments by Reference, Payments via Subsistema Direct Debit (“SDD”).
CSA: It is an equity crowdfunding platform, which allows small and medium-sized companies to have access to financing, through a platform that intermediates the sale of shares in these companies to a large number of investors.
DIN DIN: It is an application that allows its customers to receive change that is often not possible in physical format digitally through the application where the account number will be the telephone contact of each individual. Need additional clarification on the core business.
FINANCE: It is a crowdfunding platform with a clean and simple campaign creation and funding process, built from the ground up that brings funders the opportunity to find a variety of projects to be funded, as well as providing Project creators with a place to showcase their projects and be found by potential investors.
LOMBONG: It is a mobile platform for international payments and transfers.
The “sandbox” test environment comes with the Angola Payment System Innovation Laboratory (LISPA), and foresees safeguarding the interests of consumers, security, as well as the integrity of the Angolan financial system, as well as facilitating Angolan startups, in terms of regulatory guidance to adapt their performance to the legislation in force.
BUT: Angolan startups will benefit from a regulatory sandbox environment
For the deputy governor of the Bank of Angola, Pedro Castro e Silva, who was present at the launch event, says that the initiative results from the need to provide a platform to encourage innovation in financial services, encourage security, convenience, reduce other charges on access and use by consumers.
The Regulatory Sandbox also comes from the need to promote competition, efficiency and provide financial inclusion, where for the BNA representative, it has advantages for the main Angolan financial institution, as it will allow adjusting the regulation, through learning, with the proper adaptation of regulatory requirements or procedures that inhibit involuntary innovation or make services, products or business models unfeasible.
"We intend to be able to exercise our functions in a balanced and proportionate way, establishing a favorable regulatory environment“, informed Pedro Castro Silva.
The platform that will make vacancies available annually has a structure composed of four stages of work, which include 10 projects selected through prior application, with sessions on the regulation for obtaining licenses and mentoring for the definition of a growth strategy in the market.
