Tagged: south africa

South Africa Drafts New Rules for Cryptocurrencies That Shore Up Currency Controls

South Africa’s Reserve Bank (Sarb) is drafting new rules to prevent cryptocurrencies from undermining currency controls in the country, IOL reports. The rules will come into effect in the first quarter of 2020, Sarb deputy governor Kuben Naidoo told journalists last week. South Africa’s financial… Read More

Report: Major South African Bank FNB Closes Cryptocurrency Business Accounts

As of March 2020, “Top Four” South African Bank FNB will no longer provide business banking to, “(cryptocurrency) trading platforms and intermediaries that trade in digital money,” City Press reports. Affected entities include crypto exchanges Luno, VALR, ICE3X and their intermediaries. “Our decision was made after… Read More

FirstRand Bank in South Africa Shutting Down Accounts Linked to Crypto Exchanges

FirstRand Bank (FRB) in South Africa is shuttering accounts affiliated with cryptocurrency exchanges, according to a report in MyBroadband. Quoting a letter seen by the publication, the justification is due to associated risk regarding these exchanges: FirstRand Bank has been considering its risk appetite in… Read More

Karatbars International GmbH is “Not Authorized to Render Any Financial Advice and Intermediary Services”, South Africa’s Financial Regulator Warns

South Africa’s financial regulator, the Financial Sector Conduct Authority (FSCA), has issued a warning against Karatbars International GmbH, a German company that has been promoting a digital currency, called KaratGold Coin, which is allegedly backed by gold. According to FSCA’s release: “Karatbars International GmbH is… Read More

Two Arrested for Kidnapping and Attempted Kidnapping of Two Children in South Africa, Bitcoin Ransom Demanded

Police in South Africa have arrested suspects believed to be behind the kidnapping of a 13-year-old boy from Witbank and the attempted kidnapping of a 13-year-old girl from Middelburg, Times Live reports. The boy was reportedly kidnapped “in broad daylight” close to his home on… Read More

South African Authorities Urge Regulation of Crypto Sector, Aim to Do So By End of Q1 2019

Authorities responsible for regulating finance, banking and taxation in South Africa have issued a consultation paper stating that regulation of the cryptocurrency/digital token sector should be enacted forthwith and adjusted to accommodate innovation later: “The IFWG and Crypto Assets Regulatory Working Group is of the… Read More

Bitcoin Trader Abducted, Tortured, Robbed in South Africa

Gun Hold Up Crime Arrest Mug

A South African Bitcoin trader is recovering in intensive care following his abduction and torture by bandits who allegedly robbed him of almost $66 000 USD in Bitcoin and cash. According to Soweto Urban, the man agreed to do a talk on cryptocurrency for a… Read More

Kidnappers in South African Case May Have Demanded Bitcoin Ransom

A South African businessperson kidnapped two months ago was returned safely to his family this week amid rumours that captors demanded a ransom of 50 Bitcoins for his release. According to The South African, Liyaqat Parker, 65, was kidnapped from the parking garage under his workplace… Read More

Commissioner: South African Crypto Traders Under Tax Authority’s Radar

The commissioner of the South African Revenue Service (SARS) told attendees at an auditors’ conference in Sandton this week that SARS is stepping up efforts to identify crypto traders and collect related taxes, FIN24 reports. “The key thing is identifying people who are trading because… Read More

African Banking Group Absa Forms Partnership With Samsung South Africa to Offer Customers Early Access to Samsung Pay

Absa, a South Africa-based financial services group, announced this week it has teamed up with Samsung South Africa to offer customers early access to Samsung Pay before the service is commercially launched in South Africa.  Arrie Rautenbach, CE of Absa Retail and Business Banking stated that… Read More

Wirecard Debuts Fully Digital Payment Product in South Africa

Wirecard, a Germany-based global provider of digital payments and commerce solutions, announced on Wednesday it has launched of its digital payment product, secureEFT, in South Africa. According to Wirecard, secureEFT is an instant electronic funds transfer payment service that allows customers to make secure online… Read More

South African Fintech Vio Digital Launches Blockchain-Based Money Transfer App

Vio Digital, a South Africa-based fintech startup, announced on Thursday it is launching a new blockchain-based money transfer app to make it easier for customers to transfer money from person to person anywhere in the world. The company reports that across Africa, remittance solutions are typically… Read More

Startupbootcamp Participant Fo-Sho Plans to Expand Insurtech Products in South Africa

Fo-Sho, a South Africa-based insurance company and Startupbootcamp accelerator participant, announced this week it is planning to expand its insurtech product services in the region. Founded in 2016, Fo-sho describes itself as a South African insurtech startup that is powered by “cool” technology and using innovative… Read More

UK Mobile-First Fintech Solutions Company Entersekt Debuts Digital Payments Enablement Product

Entersekt, a South African-based fintech, announced this week it is launching a digital payments enablement product, Connekt, which will add new payment services to banking apps notably quickly and easily. According to the company, Connekt helps financial institutions resolve this quandary. It puts at their disposal… Read More

South African Crowdfunding Platform BackaBuddy Hits R50 Million Milestone

South African crowdfunding platform BackaBuddy recently announced its campaign has successfully raised a total of R50 million since its launch from more than 70,000 donors. Founded in 2007, BackaBuddy revealed that its online fundraising functionality is designed to help individuals raise funds for causes they… Read More

China: WeiyangX Fintech Review

Regulators in China are Said to Plan a Blanket Ban on Initial Coin Offerings In response of the ICO craze, regulators in China including PBC, CSRC and NIFA have held several internal meetings to discuss the best approach to regulate this emerging token creation events…. Read More

Envestnet|Yodlee Partners with South African NextGen Fintech AlphaCode

Envestnet | Yodlee (NYSE: ENV), the data aggregation and data analytics platform powering cloud-based innovation for digital financial services, today announced a strategic partnership with AlphaCode, a collaborative club for next generation financial services entrepreneurs in South Africa. “The fintech landscape, combined with Africa’s entrepreneurial spirit,… Read More

Brief: Deloitte Digital Acquires South African Fintech Business, Jinga Interactive & its Robo Advisory Services

Deloitte Digital (Africa) acquired the fintech services business Jinja Interactive, according to IT Online. The acquisition of Cape Town-based Jinja Interactive will boost Deloitte Digital’s growing value chain of digital expertise, particularly in digital financial services and fintech innovation.   “We’re very happy to have the… Read More

Brief: Bondora Opens European Personal Loan Marketplace Platform to U.S. Accredited Investors

Bondora, a pan-European marketplace lender, opens to accredited investors from the United States, Canada, Mexico, Brazil, South Africa, India, Hong Kong, Singapore, Japan and Australia. The platform now allows global accredited investors to invest directly into personal unsecured loans across three European markets including Spain,… Read More

Global Real Estate Crowdfunding Site Wealth Migrate Looks to Asia for Rapid Expansion

Scott Picken is based in South Africa but he clearly thinks big when considering the addressable market for his real estate crowdfunding platform Wealth Migrate. It is his opinion that banking, insurance, real estate – basically all aspects of finance –  will be revolutionized by… Read More

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