Fintech firm Sentby recently announced that it has successfully completed the testing of its cross-border remittance application, Minute Money. The application was tested within the framework of the regulatory sandbox of the South African Intergovernmental Fintech Working Group (IFWG).
Using crypto to enable fast and cheap remittances
In a statement, the fintech firm claimed that its Mint Money application “demonstrated the ability to send foreigners living in South Africa home across Africa in a competitively low cost bank account or mobile money wallet.”
Meanwhile, in his remarks after the official graduation of CentB from Regulatory Sandbox, Angus Brown, co-founder of the firm, spoke of the “incredible” future growth in the remittance app market. Brown explained:
We are proud to have graduated from IFWG’s inaugural regulator Sandbox and aggressively promote our winning remittance solution. We expect 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.
St.Bee graduated from first
Centby, along with five other start-ups, was adopted as the first team in IFWG’s regulatory sandbox. According to Bitcoin.com News, CentBe is one of five crypto or blockchain-related start-ups that have been approved by IFWG to test their products. Therefore, as part of its arrangements with regulators, Sentby will “examine the regulatory treatment of crypto resources (especially BTC and BSV) for low-cost cross-border shipments between South Africa and Ghana, and vice versa.”
The start-up “conducted a wide range of activities to send remittances from South Africa to Nigeria, Senegal, Benin, Ivory Coast and Uganda,” the Fintech firm said in a statement. In addition, “there are plans to add Mali, Tanzania, Kenya, Mozambique and Zimbabwe in the coming months,” the statement explained.
What is your opinion about this story? Let us know what you think in the comments section below.
Image credit: Shutterstock, Pixabay, WikiCommons
Denial: This article is for informational purposes only. It is not a direct offer or request for a purchase or sale offer, nor is it a recommendation or approval of a product, service or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The Company or the Author is not directly or indirectly responsible for any loss or damage caused by or in connection with the use or reliance on any content, product or service referred to in this article.