back Back

CFTC and South African Reserve Bank join hands to promote FinTech innovation

By Pavithra R

November 03, 2020

  • Cftc
  • South Africa
Share

The Commodity Futures Trading Commission (CFTC) and the South African Reserve Bank (SARB) has announced signing a Statement of Intent to cooperate and support innovation through each authority’s respective financial technology (FinTech) initiatives: CFTC’s LabCFTC and SARB’s FinTech Unit.

Collaboration efforts amongst authorities are increasingly becoming a critical component to understanding approaches to FinTech innovation. Such efforts are expected to promote ongoing joint knowledge sharing on complex FinTech matters.

“We welcome the opportunity for enhanced cooperation with our South African colleagues to promote responsible FinTech innovation. This arrangement builds on recent efforts by the CFTC to strengthen international collaboration in this realm. Coordinating with our international partners has many benefits, including helping us keep up with the rapid pace of technological changes in our markets,” said CFTC Chairman Heath P. Tarbert.

The Statement of Intent on Cooperation and the Exchange of Information on FinTech Innovation focuses on information-sharing regarding market trends and developments. It also facilitates referrals of FinTech businesses and the sharing of information and insights derived from each authority’s experiences and relevant events, proofs of concept, trials, or innovation competitions. The arrangement will support both authorities’ efforts to facilitate market-enhancing FinTech innovations and ensure international cooperation on emerging regulatory best practices.

The South African Reserve Bank (SARB) is the central bank of the Republic of South Africa. SARB’s FinTech Unit was founded in 2017, to further the SARB’s efforts to embrace FinTech innovation whilst ensuring appropriate alignment to policies, regulations, and supervisory regimes.

Previous Article

November 03, 2020

Top 4 FinTech M&A deals in the Americas: October 2020

Read More
Next Article

November 03, 2020

Amex survey finds payment flexibility to be critical for SMB owners & financial decision makers

Read More








IBSi Daily News Analysis

Cybersecurity, financial services

May 17, 2024

Cftc

Most of KSA organizations uses AI in their cybersecurity strategies, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 14, 2024

Presidents Choice Financial® selects Temenos to expand banking business

Read More

May 13, 2024

PayNearMe taps Trustly to enhance Open Banking technology

Read More

May 13, 2024

UK AI-led FinTech Abound raises fresh funding

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023