Body
FinTechs belonging to this category offer asset and portfolio management services via an internet platform or software programs and usually manage and dispose of the assets of their customers long or short term according to their specifications without actually holding the property or the possession of those assets. FinTechs, which provide information about and access to overnight or time deposit accounts at national and foreign banks and which execute the transactions to these accounts, also belong to this category. Some FinTechs however only act on request of the customer.
Aside from that some FinTechs offer software or internet solutions enabling users to manage and plan their personal finances on their own by providing graphics, overviews and compilations of their financial data and sometimes indicating financial risks or opportunities, but without actually managing the assets.
Introduction
Attitude of the country towards modern asset and portfolio management services
Asset and portfolio management in Tanzania is still a niche market. Currently the only active form of asset management is in a Collective Investment Scheme which is done by a Unit Trust Fund (“UTT”). However, the law does not prohibit the establishment of asset management or hedging funds.
Legal affairs
Obligations and requirements to provide asset and portfolio management, or ancillary services described above
The policy is still underway. So, obligations and requirements are not yet well established.
Additional comments regarding the legal situation for asset and portfolio management services or what FinTech’s must be aware of in this business area
N/A.
Economic conditions
Market size for asset and portfolio management services and biggest companies in this business area
Since this area is not fully developed, there are many opportunities that can be utilised. This can be through educating the general public to be aware of asset and portfolio managed services.
Additional comments regarding the economic situation for asset and portfolio management services or what FinTech’s must be aware of in this business area
The economy is characterized by a high number of SMEs and a few concentration of high-net-worth individuals. Hence, opportunities for asset and portfolio management are still limited.