The five fintech startups selected to be part of the 1st edition of the platform “Regulatory Sandbox”, a project that will allow startups in the area of financial technology (fintech) and institutions in the financial sector to test their products, services and business models, successfully completed the tests submitted.
Lasting six months, the tests that fintechs underwent were aimed at digital payment services and project financing, revealed the director of the Payment Systems Department of the National Bank of Angola (BNA), Cristina Caniço.
The official highlighted that the agreements will enhance the business model, stimulate innovation and diversity, as well as develop and improve BNA's regulation and supervision processes in the sector.
Testing takes place in a controlled regime called regulatory sandbox, where companies can experiment with products, services or business models without being subject to all regulatory standards.
In turn, the director of the Department of Regulatory Policy and Standards of the Capital Market Commission (CMC), Herlander Diogo, announced that he will support the initiative, as it includes projects linked to collaborative financing (from a collective of investors in favor of a initiative).
"CMC will support and monitor the development of these projects so that together we can identify any flaws, so that we have companies capable of achieving the financiers' objectives.”, stated Herlander Diogo.
BUT: BNA will assess cybersecurity risks with the Regulatory Sandbox
Here are the startups that participated in the tests:
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.
Braúlio Bernardo, representative of the Financio project, presented the company's proposal as a platform designed to unite people who want to support certain social causes that require financing, with national coverage, so that everyone has the same opportunities.
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.
