One of the major challenges facing the financial services industry is trying to keep up to date with the requirements of a plethora of regulators. This contains the very real threat of stifling innovation, particularly in the field of fintech, which is the one area in which the movers and shakers can get an edge on their opposition.
Unfortunately, this is also an area where fraudsters are very likely to ply their trade.
The Intergovernmental Fintech Working Group (IFWG), was established in 2016 to understand the growing role of fintechs and innovation in the South African financial sector and explore how regulators can more proactively assess emerging risks and opportunities in the market. It works together as South African financial sector regulators to demystify the regulatory landscape, provide a space for safe experimentation and actively advance innovation.
The Innovation Hub is a collaborative effort of the IFWG, which includes participation from National Treasury, the Financial Intelligence Centre, the Financial Sector Conduct Authority, the National Credit Regulator, the South African Reserve Bank, the South African Revenue Service and the Competition Commission.
But who are these regulators, what are their roles and jurisdiction? A recently published IFWG table summarises these responsibilities and indicates their most recent activity related to innovation. Click here to view.
Visit their website for regular updates as well as access to various video interviews.