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

    CFPB Finalizes Rule on Small Business Lending Data Collection

    The Consumer Financial Protection Bureau (CFPB) published a final rule that sets out data collection requirements on small business lending, under section 1071 of the Dodd-Frank Act.

    March 30, 2023 WebPage Regulatory News

    BCBS to Consult on Pillar 3 Climate Risk Disclosures by End of 2023

    The Bank for International Settlements (BIS) published a summary of the recent Basel Committee (BCBS) meetings.

    March 23, 2023 WebPage Regulatory News

    FINMA Approves Merger of Credit Suisse and UBS

    The Swiss Financial Market Supervisory Authority (FINMA) has approved the takeover of Credit Suisse by UBS.

    March 21, 2023 WebPage Regulatory News

    BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks

    The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.

    March 13, 2023 WebPage Regulatory News

    US Congress Report Examines Data Privacy and Cybersecurity Regulations

    The U.S. Congressional Research Service published a report on banking, data privacy, and cybersecurity regulation.

    March 13, 2023 WebPage Regulatory News

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News

    EU to Conduct One-Off Scenario Analysis to Assess Transition Risk

    The European authorities recently made multiple announcements that impact the banking sector.

    March 10, 2023 WebPage Regulatory News

    APRA Assesses Macro-Prudential Policy Settings, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) published an information paper that assesses its macro-prudential policy settings aimed at promoting stability at a systemic level.

    March 07, 2023 WebPage Regulatory News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8810