Tag: Intergovernmental Fintech Working Group (IFWG)

The Intergovernmental Fintech Working Group (IFWG) has published a new blog on Open Finance, noting that South African regulatory authorities have started looking at open finance as it relates to their respective mandates.

Last month, two reputable South African virtual asset service providers in South Africa made history by issuing first-of-its-kind proof of reserve reports, a move that will assist to combat fraud, protect crypto holders and industry stakeholders, and help cultivate credibility for the local cryptocurrency market.

Keep up to date on the most important Financial Services Regulation developments in South Africa in June 2021.

The new regulations proposed by the South African Government will lead to greater regulatory oversight and control in the crypto asset sector and will spell bad news for non-compliant operators. It has long been clear that regulation in South Africa was inevitable, regardless of this being contradictory to the philosophy of most of those involved in the crypto asset sector.

The concept of open banking is forcing banks to reconsider the way they think about financial services and is poised to reshape banking as it’s understood today. Realising that this is the new frontier of banking, we are far advanced in our research into open banking, including its challenges and the opportunities it presents.