4 Tunisian startups have been chosen to take part in the first cohort of the Central Bank sandbox, Tech In Africa reports.
The fintech companies chosen are Kraoun, Instaclear, TLedger, and Sqoin & Coinsence. The companies will test and validate their fintech solutions in an effort to have them validated. The test period duration is 9 months, the same said.
The candidates provide solutions related to customer identification, cryptocurrency, cross-border clearing, and the creation of digital central money through cutting edge technologies driven by AI and blockchain, Tech In Africa added.
The term refers to a process that determines the development of the fintech industry in a structured way. Financial products and services are based on new technologies that can be tested in the sandbox without adhering to all regulatory requirements.
At the end of the test period, all participants that meet the standards of the regulators’ test criteria can request authorization or approval.
This allows existing financial institutions and new entrants to experiment and innovate their financial services over a given time period.