Blog series | South Africa

The pandemic affected the global FinTech community in various ways. Some of the new emerging markets, such as Latin America saw a capital decline, while Africa raised more capital. Africa’s FinTech market is growing and developing and, therefore, significant to talk about.

FinTech industry’s development

The South African Reserve Bank (SARB), in collaboration with several other government agencies, has created a base — support mechanism for South African FinTech by establishing a new FinTech innovation hub in 2020. The FinTech ecosystem is well-diverse — InvestTech and InsurTech startups take up a large part of the market. The industry also sees an increasing number of initial coins and brand-new locally incorporated cryptocurrency exchanges.

South Africa’s CBDC

At the same time, Project Khokha is focusing on the settlement of high-value transactions at the wholesale level. The SARB expects that the two studies will result in better policy alignment and cooperation.

Who regulates the industry?

Sources:
SARB Press Release
SARB at the World FinTech Festival
Bloomberg
The FinTech Times
Adorsys blog

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