Inclusion central to SA’s financial technology policies, say regulators
Government policy on financial technologies (fintech) should facilitate financial inclusion as a key objective, Treasury director of market conduct Kershia Singh said in parliament on Wednesday. Singh, Treasury chief director of financial-sector policy Olaotse Matshane and Prudential Authority divisional head of policy Janet Terblanche briefed the finance committee on the approach being adopted by regulators to fintech and financial inclusion. Singh noted that an intergovernmental fintech working group consisting of representatives of Treasury, the Reserve Bank, the Financial Sector Conduct Authority, the Financial Intelligence Centre and others was considering a co-ordinated and harmonised policy response to innovation in the financial sector. The outcomes of the inaugural workshop of the working group, held in April, would feed into a final policy position on fintech for SA. Singh stressed the need for policymakers to balance the risks and benefits innovations can bring and ensure...
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