Featured Product

    SARB Launches Innovation Hub for the Financial Sector

    April 07, 2020

    SARB and other financial regulators in South Africa launched the Intergovernmental Fintech Working Group (IFWG) Innovation Hub to respond to the fintech-driven changes in the financial sector and to promote responsible innovation in the sector. As part of this, the three available avenues for assistance are the Regulatory Guidance Unit, the Regulatory Sandbox, and the Innovation Accelerator. SARB also published a set of frequently asked questions on the IFWG Innovation Hub.

    The Innovation Hub is a cross-regulator capability aiming to demystify the regulatory landscape, provide a space for safe testing of innovative ideas, and actively advance innovation in financial services. In addition to SARB, the other financial regulators include National Treasury, the Financial Intelligence Center, the Financial Sector Conduct Authority, the National Credit Regulator, and the South African Revenue Service. 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, financial inclusion, and fair lending practices. The Hub is open to all financial sector innovators, whether from a start-up, an established fintech firm, an incumbent financial service provider, or an adjacent industry entering the financial services market. Innovation Hub users have access to three avenues for assistance:

    • The Regulatory Guidance Unit exists to help market innovators resolve specific questions regarding the policy landscape and regulatory requirements. Regulators will continue to assist queries through digital and virtual means, however, due to the COVID-19 pandemic, response times may depend on the volume and complexity of queries and will be provided on a best effort basis.
    • The Regulatory Sandbox provides financial sector innovators with an opportunity to test new products and services that push the boundaries of existing regulation, all under the responsible supervision of relevant regulators. Participants must apply to the Regulatory Sandbox.
    • The Innovation Accelerator exists to provide a collaborative, exploratory environment for financial sector regulators to learn from and work with each other on emerging innovations in the industry. Outcomes of these coordinated efforts will be shared on the IFWG Innovation Hub website

    Through the Innovation Hub, the IFWG is committed to providing these resources to fintech firms and other financial-sector innovators to combat the pandemic. To help address the expected economic impact of the COVID-19 pandemic, IFWG believes innovation among fintech firms and other financial sector innovators is required now more than ever and, therefore, must be supported. 

     

    Related Links

    Keywords: Middle East and Africa, South Africa, Banking, Fintech, COVID-19, IFWG, Innovation Hub, Cyber Risk, Regulatory Sandbox, Regtech, Innovation Accelerator, SARB

    Related Articles
    News

    BCBS Amends Guidelines on Sound Management of AML/CFT Risks

    BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).

    July 02, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Swap Margin Rule

    US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.

    July 01, 2020 WebPage Regulatory News
    News

    PRA Letter Sets Expectations on Approach to Managing Climate Risks

    PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.

    July 01, 2020 WebPage Regulatory News
    News

    EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR

    EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).

    July 01, 2020 WebPage Regulatory News
    News

    FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform

    FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS Publishes List of Internationally Active Insurance Groups

    IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.

    July 01, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act

    FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).

    July 01, 2020 WebPage Regulatory News
    News

    EC Launches Consultation on Review of Solvency II Directive

    EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.

    July 01, 2020 WebPage Regulatory News
    News

    ECB Consults on Supervisory Approach to Consolidation in Banking

    ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS on Package for 2020 Data Collection on ICS and Aggregation Method

    IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.

    June 30, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5425