Fintech firm Sentby graduates from South Africa’s regulatory sandbox – Fintech Bitcoin News

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 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.

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