Wealth Migrate has been approved by the Financial Sector Conduct Authority as a category 1 Financial Service Provider.
This will enable the company provide crowdfunding services to investors on an intermediary basis, using shares as a financial product category.
The Chief Executive Officer, Scott Picken, said, “With the approval, Wealth Migrate is the leader in obtaining the relevant financial product category approval from the South African financial services industry regulator. We now have the required approval and licensing from the FSCA that allows us to offer our crowdfunding business model to investors.
“Our Category I licence approval also provides investors, who are used to dealing with regulated companies and financial services providers, with a greater sense of security and peace of mind.”
He stated that the company had worked with the FSCA for 10 years, including creating the African Crowdfunding Association in 2015 to make the approval happen.
The ACfA Head, Elizabeth Howard, in her reaction said, “You are not only the first in Africa to be officially regulated, but you also have the only platform which is purpose-built with our own IP and integrated into a European PSP (payment service provider) with European regulation.”
Get real time update about this post categories directly on your device, subscribe now.