TheBlockchain category in the Banker Technology Project of the Year 2017 Award has gone to a local collaboration by major South African banks and financial services players.
The South African Financial Blockchain Consortium (SAFBC) was recognised by the Banker, a global publication which recognises performance and achievements in the banking and financial services industry.
BankservAfrica, South Africa’s national payments system operator and financial markets infrastructure partner to the South African banking industry, welcomed the award.
“To meet the future payment needs of our community and our economy, businesses need to approach payment system modernisation empirically, inclusively, holistically but above all, collaboratively,” said BankservAfrica chief executive Chris Hamilton. “The South African Financial Blockchain Consortium came together with the aim to demonstrate the transformative potential of blockchain technology and redefine the South African financial system to improve transaction speeds and reduce costs, which will help address financial exclusion issues.
“Partnerships such as the SAFBC are engines in realising the benefits of collaboration to reclaim South Africa’s position as a global centre of excellence in national payments infrastructure. This award is a significant achievement for the industry.”
The SAFBC represents members from 24 banks, financial markets infrastructure providers and other institutions involved in the financial services industry – many of which have traditionally been fierce competitors. Crucially, it includes regulators, who attend in an observer capacity, to address any regulatory issues.
The SAFBC aims to demonstrate the transformative potential of blockchain technology. The consortium came together in 2016 with the intention of redefining the South African financial system based on a technology that has tremendous promise to improve transaction speeds and reduce costs, which will help address financial exclusion issues.
Members include ABSA, Alexander Forbes, BankservAfrica, Bowmans, Capitec, Curo Fund Services, Citadel Wealth Management, Finswitch, FirstRand, FNB, Ince, Investec, JSE, Nedbank, PASA, Rand Merchant Bank, Sanlam, Silica, Standard Bank, Standard Chartered, Strate, ZarX, FSB (observer), SARB(observer)