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

    Featured Experts
    Related Articles
    News

    BIS Examines Use of Big Data and Machine Learning at Central Banks

    BIS published a paper that provides an overview on the use of big data and machine learning in the central bank community.

    March 04, 2021 WebPage Regulatory News
    News

    APRA Finalizes Reporting Standard for Operational Risk Requirements

    APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.

    March 03, 2021 WebPage Regulatory News
    News

    ECB Publishes Guide for Determining Penalties for Regulatory Breaches

    ECB published a guide that outlines the principles and methods for calculating the penalties for regulatory breaches of prudential requirements by banks.

    March 02, 2021 WebPage Regulatory News
    News

    MAS Sets Out Good Practices to Manage Operational Risks Amid COVID

    MAS and The Association of Banks in Singapore (ABS) jointly issued a paper that sets out good practices for the management of operational and other risks stemming from new work arrangements adopted by financial institutions amid the COVID-19 pandemic.

    March 02, 2021 WebPage Regulatory News
    News

    ACPR Announces New Data Collection Application for Banks and Insurers

    ACPR announced that a new data collection application, called DLPP (Datalake for Prudential), for collecting banking and insurance prudential data will go into production on April 12, 2021.

    March 02, 2021 WebPage Regulatory News
    News

    BCB Maintains CCyB at 0%, Initiates First Cycle of Regulatory Sandbox

    BCB announced that the Financial Stability Committee decided to maintain the countercyclical capital buffer (CCyB) for Brazil at 0%, at least until the end of 2021.

    March 02, 2021 WebPage Regulatory News
    News

    EIOPA Launches Study on Non-Life Underwriting Risk in Internal Models

    EIOPA has launched a European-wide comparative study on non-life underwriting risk in internal models, also kicking-off of the data collection phase.

    March 01, 2021 WebPage Regulatory News
    News

    SRB Publishes Overview of Resolution Tools Available in Banking Union

    SRB published an overview of the resolution tools available in the Banking Union and their impact on a bank’s ability to maintain continuity of access to financial market infrastructure services in resolution.

    March 01, 2021 WebPage Regulatory News
    News

    EBA Consults on Pillar 3 Disclosure Standards for ESG Risks Under CRR

    EBA is consulting on the implementing technical standards for Pillar 3 disclosures on environmental, social, and governance (ESG) risks, as set out in requirements under Article 449a of the Capital Requirements Regulation (CRR).

    March 01, 2021 WebPage Regulatory News
    News

    ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting

    ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting

    March 01, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6655