South Africa’s financial regulators urged to adopt tiered licensing regime
New regime would help lower the barriers for fintechs, working group says
South Africa’s intergovernmental working group for fintech has urged the country’s financial regulators to consider implementing a tiered licensing regime.
In a comprehensive set of recommendations, the working group said such a regime would “reduce barriers” to entry for fintech firms, especially for those in the retail banking, insurance, investment and capital-raising sectors.
“These licences have clear restrictions and limits to protect market stability,” the working group said in its
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