Akhtar, Mohammad Naeem2025-01-202025-01-202023Akhtar, Mohammad Naeem . (2023). An assessment of the adequacy of South African fintech regulation: comparative analysis and proposals for reform [Master’s dissertation, University of the Witwatersrand, Johannesburg].WireDSpace.https://hdl.handle.net/10539/43538A Research Report Submitted in partial fulfillment of the requirements for the degree of Master of Laws by Coursework and Research Report School of Law, University of the Witwatersrand, Johannesburg 2023The past few years have been characterised by unprecedented developments in financial technology (fintech) including rapid innovation in mobile payment systems, peer-to-peer lending, virtual currencies and blockchain technology. A sizeable portion of innovative fintech has arisen outside of the traditional financial and banking system largely driven by venture capital-backed fintech start-ups. This disruption and evolution in banking and financial services caused by fintech innovation has heightened the need for new policies and rules regarding the regulation of fintech to be both thorough and forward thinking. This is because the effective regulation of fintech is crucial to innovation and the future success and stability of the financial services industry as a whole. This paper assesses the adequacy South Africa’s current regulatory framework in relation to fintech, with a primary focus on the emergence of specific fintech in South Africa such as payment systems, lending and cryptocurrencies and their respective regulatory frameworks. A review of the risks posed by fintech usage and inadequate regulation is carried out – of which cybercrime and data privacy were identified as emerging risks. This is followed by an analysis of the strengths and challenges of South Africa’s regulatory framework which indicates that South Africa boasts a robust and well-regulated financial sector. The focus is then turned to a comparative analysis of foreign jurisdictions, particularly Australia, Nigeria, and Kenya with the aim of identifying measures that could be adopted to further strengthen fintech regulation. The paper ends off with a list of proposed recommendations to be adopted to improve South Africa’s fintech regulation, including inter alia the adoption of open banking and the creation of a harmonised system of regulation in the regionen© 2023 University of the Witwatersrand, Johannesburg. All rights reserved. The copyright in this work vests in the University of the Witwatersrand, Johannesburg. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of University of the Witwatersrand, Johannesburg.Fintech regulationSouth AfricaUCTDSDG-8: Decent work and economic growthDissertationUniversity of the Witwatersrand, Johannesburg