As part of its responsibility to protect investors and their investments in the capital market, the Securities and Exchange Commission (SEC) has stated that it will roll out its regulatory incubation programme for fintechs.
The Director, of Exchanges, Market Infrastructure, and Innovation, Abdulkadir Abbas stated this during an interview with Daily Sun. Abbas stated that the regulatory incubation program is a program that is designed as an interim measure to actually facilitate genuine regulation of Fintechs activities that will conform to the capital market issues.
He said the idea of coming up with this program, which is like a sandbox, is to be able to come and test innovative ideas as stated in the SEC guidelines adding that the incubation period would be open for one year.
According to Abbas, “It is just for testing, it will not be approved at that stage but all Fintech ideas that conform with investment activities are defined in Investment and Securities Act 2007 can be tested under that kind of program.
As we informed the market, there is going to be an initial assessment before it can be on-boarded into the regulatory incubation program.
