The Capital Markets Authority (CMA) on Tuesday announced the grant of the country’s first money manager licence to Standard Investment Bank (SIB) Limited to operate in the online foreign exchange trading space.
SIB becomes the second licensed intermediary in the Kenyan forex trading space after EGM Securities was licensed to operate under the non-dealing online foreign exchange trading category in February 2018.
The bank which is also licensed by CMA to operate as an investment bank also becomes the first financial institution to operate under the money manager category.
In a notice published on its official social media pages, CMA says that the licence has been granted in line with the Capital Markets Act and the Capital Markets (Online Foreign Exchange Trading) Regulations 2017.
“As a money manager, CIB is licensed to choose and manage investments prudently for its online forex trading clients and develop appropriate investment strategy,” said CMA CEO Paul Muthaura in the notice.
CMA says that SIB will also communicate clients’ buy and sell order positions through a licensed online trading broker to meet clients’ investments goals.
“The money manager will conduct financial analysis and monitor foreign exchange portfolio on behalf of its clients,” added Muthaura.