The South African Reserve Bank (SARB) is developing new prudential standards for deposit-taking institutions to enhance financial supervision. The Prudential Authority (PA), part of the SARB, aims to upgrade regulations and supervision for mutual banks and cooperative banks in eight key areas, including governance, risk management, credit risk, and capital. The proposed changes will be published for public consultation in the upcoming financial year. The SARB is also monitoring developments in the global banking space, especially concerning technological innovations like distributed ledger technology (DLT), cloud computing, artificial intelligence (AI), and machine learning (ML), to ensure the safety and stability of the financial system.
