The US Commodity Futures Trading Commission (CFTC) and the South African Reserve Bank (SARB) have signed a Statement of Intent to cooperate and support innovation through each authority’s respective financial technology (Fintech) initiative. More specifically, the CFTC’s LabCFTC and SARB’s Fintech Unit.
LabCFTC’s mission is to be the “FACE” of innovation within the Commission in promoting responsible innovation among financial industry, stakeholders, and policymakers.
SARB was established in 2017 to support Fintech innovation while ensuring appropriate alignment to policies, regulations, and supervisory regimes.
Referencing the CFTC’s 2018 arrangements with authorities in the United Kingdom, Singapore, and Australia, and the joining of the Global Financial Innovation Network (GFIN), CFTC Chairman Heath P. Tarbert, stated:
“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,” said “Coordinating with our international partners has many benefits, including helping us keep up with the rapid pace of technological changes in our markets.”
The CFTC explains that such collaborative efforts will promote ongoing joint knowledge sharing on complex fintech matters.
The Statement of Intent on Cooperation and the Exchange of Information on Financial Technology Innovation focuses on information-sharing regarding Fintech market trends and developments. It is also designed to facilitate 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.