South Africa’s Inter-governmental Fintech Working Group (IFWG) recently accepted Mercury FX, a UK-based e-money firm, into the first cohort of its regulatory sandbox. The firm, which harnesses the Ripplenet blockchain, says it wants to demonstrate its technology’s ability “to shorten the money transfer window to only minutes.”
Fast and Low Remittances
Further, Mercury FX, which claims to have piloted the use of this technology in the Philippines and Mexico, says its solution, aided by the XRP token, will enable low-cost cross-border remittances. In addition to Ripple, the firm also reveals it will be partnering with Valr (a local crypto exchange) towards this objective.
However, according to a statement issued by IFWG, Mercury FX’s acceptance into “sandbox does not indicate a change in a firm’s licensing status or signal tacit or implicit approval of the product or service under consideration.” This, therefore, means Mercury’s test run of its service will still be “subject to certain limits prescribed by the