Crypto fintech company Centbee has been selected by the South Africa’s Intergovernmental Fintech Working Group for its regulatory sandbox to test its Bitcoin wallet.
Minit Money will allow cheap cross border transfers
Centbee’s cross-border remittance app, Minit Money has been chosen to test the regulatory treatment of cryptocurrency assets for low-value cross-border transfers between South Africa and Ghana. Minit Money allows foreigners living in South Africa to send money to their home countries in Africa at low cost. Registration goes through a mobile app, and the money is in the recipient’s bank or mobile money account within minutes. The money can be transferred to any of the over 100,000 retail outlets in the country.
Centbee uses BitcoinSV as the blockchain underlying its offering. This processes thousands of transactions per second and is a known open source protocol.
The regulatory sandbox will allow for more product testing
Angus Brown, co-CEO of Centbee, said, “We are proud to be the first Bitcoin SV business to work closely with financial sector regulators in South Africa and are excited to be selected for South Africa’s first regulatory sandbox.”
The regulatory sandbox allows market innovators to test new products and services while being overseen by regulators. Participating in the Fintech Working Group are the National Treasury, the Financial Intelligence Centre, the Financial Sector Conduct Authority, the National Credit Regulator, the South African Reserve Bank, the South African Revenue Service, and the Competition Commission.