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Financial Technology – FinTech

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Financial Technology - FinTech

Our FinTech practice team works in this fast paced, ever evolving and exciting area. What sets MWC apart is the passion that our practice area team has and the willingness to explore new frontiers to discuss emergent legal challenges.

We highlight below our experience in this area:

  • Advising FinTech institutions based in and outside Kenya in connection with existing Kenyan laws relevant to the FinTech practice area.
  • Representing FinTech institutions in commenting on and enriching sectoral laws including data protection legislation, consumer protection legislation and telecommunication laws.
  • Incorporating FinTech institutions, assisting with regulatory approvals and advising on continuing compliance obligations.
  • Helping FinTech institutions in monitoring regulatory and legislation changes in the region relating to new products such as blockchain and other distributed ledger technology,cryptocurrency, digital lending and similar technology based financial services.
  • Contributing to major international journals on the state of Kenya’s legal regime relevant to the FinTech practice area.
  • Providing general legal advice to FinTech entities operating in the digital lending, payment systems and money remittance areas.
  • Advising on the regulatory issues relating to provision of services in Kenya, establishment in Kenya, tax considerations, repatriation of funds and data protection.
  • Advising on the Kenyan laws relating to non-bank lenders including microfinance institutions, digital lenders, peer lenders, crowdfunding and community based lenders.

Some of the representative matters that ourteam members have been involved in in the FinTech practice area include:

  • Advising Inventure Mobile Limited trading as Tala in connection with provision of its digital financial products in Kenya and Tanzania including undertaking regulatory review, monitoring regulatory changes in the market and providing advice in connection with specific digital products.
  • Advising C-Labs Inc, US based not for profit foundation on the Kenyan laws applicable to the use of blockchain technology to create products that promote financial inclusion. Advising C-Labs on the regulatory requirements of undertaking a beta test of a blockchain protocol that can be used for transfer of stable coins from one person to another.
  • Advising a Kenyan e-commerce company in relation to the roll-out of an e-voucher program partnership between the e-commerce company and not for profit organisations which enables holders of the e-vouchers issued by the non-governmental organisations to purchase items from the e-commerce shops.
  • Advising the House of Technology Limited in connection with the provision of secured payment services on an e-commerce platform. The product seeks to provide a secure platform for vendors and buyers selling and buying products on an online e-commerce platform by offering an escrow payment services through a bank licenced by the Central Bank of Kenya wherein payments made by a buyer are sent into an escrow account maintained by the bank and are only released to the vendor upon successful delivery of purchased products.
  • Acting for a technology company that has developed an application that facilitates payment of utility bills by tenants and which enables a property owner to monitor payments of utility bills done by tenants and outstanding outgoings that have not been settled especially in large real estate developments.
  • Advising a reputable international money transfer services provider in respect to Kenyan legal and regulatory requirements relating to the provision of cross-border money transfer services;
  • Acting for a Norwegian FinTech entity seeking to provide a banking solution using blockchain technology including liaising with financial industry regulators in Kenya, review of relevant legislation, making presentations before the industry regulators and assisting the client with contacts for potential partners in the East African region;
  • Drafting new laws and proposing amendments to existing laws for the government of Somaliland in the financial sector including a new central bank, banking, anti-money laundering, money remittance and payment systems legislation;
  • Reviewing the Financial Markets Conduct Authority Bill and analyzing its positive and negative impacts on the nascent digital lending platforms and proposing amendments and improvements.

For more information on MWC Legal’s FinTech expertise, please contact Peter Mwaura at pmwaura@mwc.legal.