Cryptocurrencies, such as Bitcoin and Ethereum, have become well known for their volatile value. In contrast to this, 'stablecoins' are cryptocurrencies that have been specifically designed to have a stable value.
The Financial Advisory and Intermediary Services Act (FAIS) is designed to create a professional code of conduct with specific outcomes and measurements which Financial Services Providers (FSPs) must comply with.
The digitisation of payments is accelerating rapidly, which may mean that the days of plastic cards may be over. Using this digitisation trend to justify a belief that credit cards, as such, will not be around for much longer is a somewhat misguided approach. One that demonstrates a misunderstanding of what credit cards are, and why they remain one of the most popular ways of transacting across the world.
South African residential property prices are experiencing continued downward pressure while the average cost of building new property continues to increase year on year with rising costs of materials and labour. The 2018-2019 Lightstone Property Forecast showed that the market ended close to 2.9% as opposed to the forecasted 3.8% in 2018.
As exponential, digital-driven technologies transform the 4th Industrial Revolution (4IR) from a buzzword into reality, the financial services sector - and insurance in particular - face massive disruption, it starts with a radical reimagining of the very model insurance has been built on since its origins in the 14th Century, and Africa is no exception.
The Financial Sector Conduct Authority (FSCA) has published a Draft Conduct Standard for Banks, under section 106(2)(b) of the Financial Sector Regulation Act 2017 (FSRA). The draft Conduct Standard applies to banks, mutual banks, co-operative banks, branches of foreign banks and representative offices of foreign banks (banks) and will apply in addition to any other requirement already imposed on banks by other financial sector laws.
It is not uncommon for life insurers to outright refuse cover if the use of cannabis is disclosed during the application process, as is policy for illegal drug usage. However, with South Africa’s recent decriminalisation of the private use and cultivation of cannabis, many industries will need to reassess existing business practices which may be impacted by the changing legislation.
Focused on meeting the financial needs of the most vulnerable citizens in society, financial inclusion is recognised across the globe as a critical component to economic development and advancement.