{"title":"Regulatory sandbox for FinTech regulation: Do the conditions for effective adoption exist in South Africa?","authors":"W. McCallum, M. Aziakpono","doi":"10.1080/0376835X.2023.2182759","DOIUrl":null,"url":null,"abstract":"ABSTRACT A regulatory sandbox is an emerging approach used by financial sector regulators worldwide to respond to the rapid emergence of financial technologies (FinTech). In South Africa, the Intergovernmental FinTech Working Group launched its regulatory sandbox in 2020 and at the time of writing in 2021, seven firms had been permitted entry. While a regulatory sandbox may offer several promises, it may have adverse outcomes if the necessary conditions for successful implementation do not exist. Against this backdrop, this study seeks to determine if South Africa was ready to adopt a regulatory sandbox by exploring whether the necessary conditions for its implementation exist. The study triangulated results of interviews with individuals with secondary data to reach conclusions. The results show that a regulatory sandbox is an appropriate approach to FinTech regulation in South Africa, as most necessary conditions do exist. However, conditions that are not in place require remediation through appropriate interventions.","PeriodicalId":51523,"journal":{"name":"Development Southern Africa","volume":"40 1","pages":"1100 - 1116"},"PeriodicalIF":1.3000,"publicationDate":"2023-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Development Southern Africa","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1080/0376835X.2023.2182759","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"DEVELOPMENT STUDIES","Score":null,"Total":0}
引用次数: 1
Abstract
ABSTRACT A regulatory sandbox is an emerging approach used by financial sector regulators worldwide to respond to the rapid emergence of financial technologies (FinTech). In South Africa, the Intergovernmental FinTech Working Group launched its regulatory sandbox in 2020 and at the time of writing in 2021, seven firms had been permitted entry. While a regulatory sandbox may offer several promises, it may have adverse outcomes if the necessary conditions for successful implementation do not exist. Against this backdrop, this study seeks to determine if South Africa was ready to adopt a regulatory sandbox by exploring whether the necessary conditions for its implementation exist. The study triangulated results of interviews with individuals with secondary data to reach conclusions. The results show that a regulatory sandbox is an appropriate approach to FinTech regulation in South Africa, as most necessary conditions do exist. However, conditions that are not in place require remediation through appropriate interventions.
期刊介绍：
The Development Southern Africa editorial team are pleased to announce that the journal has been accepted into the Thomson Reuters (formerly ISI) Social Science Citation Index. The journal will receive its first Impact Factor in 2010. Development Southern Africa offers a platform for expressing views and encouraging debate among development specialists, policy decision makers, scholars and students in the wider professional fraternity and especially in southern Africa. The journal publishes articles that reflect innovative thinking on key development challenges and policy issues facing South Africa and other countries in the southern African region.
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