Policy Paper on Fintech on the Horizon

National Treasury

A policy paper setting out the South African policy position on Fintech and innovation in the financial sector is in the pipeline.

National treasury revealed this in a statement on the recent inaugural Intergovernmental Fintech Working Group (IFWG) workshop.

A report on the workshop has been released.

“The workshop gave a platform for regulators and policymakers to engage with industry, and to identify key considerations, working toward developing a harmonised approach to FinTech-driven innovations for the benefit of all South Africans.”

The IFWG was set up to develop a coordinated approach to Fintech policy making in South Africa and identify risks and benefits associated with technology-driven financial services innovation.

Participants include the Financial Intelligence Centre, Financial Sector Conduct Authority, the South African Reserve Bank and National Treasury.

Issues discussed at the workshop include private crypto-currencies, financial inclusion, innovation facilitation and regulatory and policy responses.

The policy position on Fintech is likely to be released in 2019.

Meanwhile, the finance minister, Nhlanhla Nene, speaking at the launch of the 2018 Tax Season, declared that “there can be no mission more important than stabilizing and restoring SARS into an institution that is credible in the eyes of the South African public.”

The minister also added that SARS is key to socioeconomic development and had to do its “work without fear, favour or prejudice”.

Sabinet Cape Town Office