The SA Reserve Bank (SARB) has established a three-person fintech unit with the aim of evaluating emerging technologies. This is according to a Moneyweb report, which adds that the unit will report directly to the deputy governor of the Reserve Bank, Francois Groepe.
“Its primary responsibilities are expected to include the facilitation of the development of appropriate policy frameworks for the SARB across the fintech domain.
“This will be done by robustly analysing both the pros and the cons of emerging fintech innovations as well as the appropriate regulatory responses to these developments,” the Reserve Bank’s Groepe said in the report.
The setting up of the unit is in reaction to the country’s fast growing fintech industry. This includes the recent introduction of three independent banks expected to shake up financial services in the country – Discovery Bank, Bank Zero and Tyme, the growing popularity of bitcoin and a number of alternative stock exchanges that are also emerging – such as ZAR X and 4 Africa Exchange.