{"id":12484,"date":"2021-09-24T12:54:11","date_gmt":"2021-09-24T12:54:11","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/fintech-firm-centbee-graduates-from-south-african-regulatory-sandbox\/"},"modified":"2021-09-24T12:54:11","modified_gmt":"2021-09-24T12:54:11","slug":"fintech-firm-centbee-graduates-from-south-african-regulatory-sandbox","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/fintech-firm-centbee-graduates-from-south-african-regulatory-sandbox\/","title":{"rendered":"Fintech Firm Centbee Graduates From South African Regulatory Sandbox"},"content":{"rendered":"

Fintech firm Centbee recently announced it has successfully completed the testing of its cross-border remittance application, Minit Money. The testing of the application was carried out within the framework of the South African Intergovernmental Fintech Working Group (IFWG)\u2019s regulatory sandbox.<\/strong><\/p>\n

Using Crypto to Enable Faster and Cheaper Remittances<\/h2>\n

In a statement<\/a>, the fintech firm claims its Minit Money application has demonstrated an ability to \u201cenable foreigners living in South Africa to send money home across Africa to bank accounts or mobile money wallets at a competitively low cost.\u201d<\/p>\n

Meanwhile, in his remarks following Centbee\u2019s formal graduation from the regulatory sandbox, the firm\u2019s co-founder, Angus Brown, spoke of \u201cincredible\u201d future growth in the remittance app market. Brown explained:<\/p>\n

We\u2019re proud to have graduated from the IFWG\u2019s inaugural regulatory sandbox and are aggressively scaling up our winning remittance solution. We expect to see incredible growth in the remittance app market in the coming years and are confident in our ability to bring fast, low-cost transactions to everyone.<\/p>\n

Centbee One of the First to Graduate<\/h2>\n

Centbee, along with five other start-ups, was accepted into the first cohort of the IFWG\u2019s regulatory sandbox. As reported<\/a> by Bitcoin.com News, Centbee was one of the five crypto or blockchain-related start-ups that had been given the nod to test their products by the IFWG. Therefore, as part of its arrangement with regulators, Centbee would test the \u201cregulatory treatment of crypto assets (specifically BTC<\/a> and BSV<\/a>) for low-value cross-border remittances between South Africa and Ghana and vice versa.\u201d<\/p>\n<\/p>\n

The fintech firm\u2019s statement reveals that the start-up has \u201csince expanded operations to include money sending from South Africa to Nigeria, Senegal, Benin, Ivory Coast and Uganda.\u201d Furthermore, there are plans \u201cto add Mali, Tanzania, Kenya, Mozambique and Zimbabwe in the coming months,\u201d the statement explained.<\/p>\n

What are your views on this story? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nFintech, BSV, BTC, Centbee, Crypto remittances, Intergovernmental Fintech Working Group, Regulatory Sandbox, remittance<\/p>\n","protected":false},"excerpt":{"rendered":"

Fintech firm Centbee recently announced it has successfully completed the testing of its cross-border remittance application, Minit Money. The testing of the application was carried out within the framework of the South African Intergovernmental Fintech Working Group (IFWG)\u2019s regulatory sandbox. Using Crypto to Enable Faster and Cheaper Remittances In a statement, the fintech firm claims…<\/p>\n","protected":false},"author":0,"featured_media":12485,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12484"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12484"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12484\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12485"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}