South Africa’s Reserve Bank today unveiled a fintech unit. The unit, which consists of only three members right now, will pay attention to developments in areas like payments, lending and insurance among other things.

The unit will report to Deputy Governor, Francoise Groepe.

Based on a Finextra report, Groepe said of the fintech unit:

Given the rapid developments in financial technology it is evident that we are potentially facing one of the most severe innovation and technology-driven disruptions to products and services, particularly in the financial sector space.

Read more on Finextra and Business Report.

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