IFWG Innovation Hub

The IFWG Innovation Hub is a collaborative effort of South African financial sector regulators to promote responsible fintech innovation.

[SA Reserve Bank @SAReserveBank]

[THREAD]
Meet Lyle Horsley – Head of SARB's Fintech Unit. She will be explaining the recently launched Project Khokha2, completed in collaboration with @FintechHubSA

[SA Reserve Bank @SAReserveBank]

To follow the launch of #ProjectKhoka2 go to https://t.co/DH3I89ZrtF.

[SA Reserve Bank @SAReserveBank]

Governor @KganyagoLesetja will today launch the #ProjectKhokha2 report that explores the policy & regulatory implications of tokenisation in financial markets. It tested the practical proof of concept (PoC) of distributed ledger technology (DLT) to settle debentures.

[IFWG Innovation Hub @FintechHubSA]

#ProjectKhokha2

[IFWG Innovation Hub @FintechHubSA]

Project Dunbar and the SARB’s feasibility study into a retail CBDC are designed to allow for deeper insights, better policy alignment, and overall coordination on our response to CBDCs.

[IFWG Innovation Hub @FintechHubSA]

The SARB in collaboration with the IFWG is launching #ProjectKhokha2 report, which explores the policy and regulatory implications of tokenization in financial markets. It tested the practical proof of concept (PoC) of distributed ledger technology (DLT) to settle debentures.

[IFWG Innovation Hub @FintechHubSA]

#Projectkhokha2 The SARB’s participation in various CBDC-related projects is explorative, with no decisions being made to issue a CBDC. Project Khokha,

[IFWG Innovation Hub @FintechHubSA]

@LesetjaMogoba Noted. Thanks for sharing!

[IFWG Innovation Hub @FintechHubSA]

Digital payments - The payment industry is comprehensively regulated in South Africa. Bank and non-bank participants must have formal authorization from SARB or the Payment Association of South Africa (PASA).

[IFWG Innovation Hub @FintechHubSA]

greater accessibility of financial products and services leading to increased inclusivity in the banking and financial services sector and improved product and service quality.

[IFWG Innovation Hub @FintechHubSA]

financial inclusion, and fair lending practices. In turn, South African consumers may benefit from these innovations through a more competitive market that potentially drives down the prices of financial products and services,

[IFWG Innovation Hub @FintechHubSA]

How does the Hub benefit South African consumers?
The Innovation Hub is intended to support the financial sector in introducing innovations that complement the core mandates of regulators, including financial stability and soundness, consumer protection,

[IFWG Innovation Hub @FintechHubSA]

Fintech providers that facilitate digital payments involving legal tender are considered systems operators or third-party service providers, depending on their business activities, and must have PASA authorization.

[IFWG Innovation Hub @FintechHubSA]

Would you like to know more about the IFWG’s Innovation Hub and some of the cool initiatives happening in the #fintech space? Visit our website at https://t.co/3xEwj8nqJg or pop us a question at [email protected]
IFWG #InnovationHub #Fintech

[IFWG Innovation Hub @FintechHubSA]

Financial sector policies and regulations are complex. The Regulatory Guidance Unit exists to help market innovators resolve specific questions regarding the policy landscape and regulatory requirements. Learn more here:
https://t.co/ShsVcqCKhZ