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The Financial Sector Regulation Bill was signed into law by President Zuma on 21 August 2017. The commencement dates for the new Financial Sector Regulation Act (FSR Act) are not yet known. The act provides the architecture for the new ‘twin peaks’ method of regulation to be adopted across the South African financial services industry, and is the first step toward the commencement of a complete regulatory overhaul of the South African financial services sector.…
The Financial Sector Regulation Bill was signed into law by President Zuma on 21 August 2017. The commencement dates for the new Financial Sector Regulation Act (FSR Act) are not yet known. The act provides the architecture for the new ‘twin peaks’ method of regulation to be adopted across the South African financial services industry, and is the first step toward the commencement of a complete regulatory overhaul of the South African financial services sector.…
The Financial Sector Regulation Bill was passed by Parliament and sent to the President for assent on 22 June 2017. The Bill provides the architecture for the new twin peaks method of regulation to be adopted across the South African financial services industry. While the immediate effect of the passing of the Financial Sector Regulation Bill is not extensive, the passing of the Bill heralds the commencement of a complete regulatory overhaul of the South…
The virtual debit card is fast becoming a reality for many consumers around the world who do not have access to online shopping sites that require payment by a credit card or who are simply afraid to use their credit card details while shopping online. Payment systems are constantly being developed around the world to combat this problem by offering prepaid virtual debit cards which are neither debit cards, credit cards nor a physical card.…
The virtual debit card is fast becoming a reality for many consumers around the world who do not have access to online shopping sites that require payment by a credit card or who are simply afraid to use their credit card details while shopping online. Payment systems are constantly being developed around the world to combat this problem by offering prepaid virtual debit cards which are neither debit cards, credit cards nor a physical card.…
Despite the increase in mobile payment services globally, the terms “mobile money” and/or “mobile payment services” are not specifically regulated in any piece of South African legislation. However, the acceptance of deposits from the general public by a person (natural or juristic) is regulated by the Banks Act Section 11 provides that only a registered bank may conduct the business of a bank. The business of a bank includes the acceptance of deposits as well…
Mobile payment services are typically the transfer of funds or payments using mobile devices that do not rely on traditional banking or payment services. Customers use an “open-loop” system to spend the value they have deposited into their mobile money account at service providers, transfer it to someone else or withdraw the value as cash using their mobile device not linked to a current bank account or credit card. Despite the increase in mobile payment…