“ delivered ”. how are we doing then as far as the economy is concerned? how has globalisation affected the south african economy and society? as we know, the south african economy was primarily dependent on gold and diamond mining together with agriculture for many years. many african people were driven from the land where they lived as peasants and pastoralists to the mines, emerging factories, agriculture and domestic service through the combination of political repression, land dispossession and yes, taxation. in the 1960s, the south african economy increasingly became industrialised and services oriented. of course the scourge of the colour bar in our society and the workplace was used as a major instrument to racialise everything. agriculture and mining together contributed about 20. 4 % to gross domestic product ( gdp ). in the 1990s this declined to 11. 3 %. today mining contributes about 7. 8 % and agriculture 3. 6 %. this is a major change in the structural make up of the economy. the secondary sector contributed about 27. 8 % to gdp in the 1960s. although this has declined somewhat to 24 % currently, this is nevertheless testimony that our economy remains highly industrialised. another major change in our economy occurred in the services sector. in the 1960s, this sector contributed about 51. 8 % to gdp and today it accounts for 64 %. again this is a major structural change in our economy. clearly, mining and agriculture have been the major “ losers ” in these developments. but let us not make the mistake of abandoning these sectors for we still have two - thirds of our gold in the ground and there are still many viable mineral deposits in this country and we still have to feed ourselves from agricultural activities. oh by the way : food does not come from pick ‘ n pay but from agriculture! sometimes people forget this. the structural change from mining, agriculture and some extent manufacturing to an economy heavily dominated by the services sector has major implications for the jobs market. it means that the skills required for the services sector are much higher than was the case previously. many people have made the observation that the consequences of the bantu education system are being more severely felt now than at any time in the past. there is no doubt that one of the most critical areas of focus in south africa at the moment and for the foreseeable future is education and broadly human resources development. this has to be strategic in nature. we have to focus and provide resources for training people in those areas of extreme need side

an opening address by rashad cassim, a deputy governor of the south african reserve bank, at the world fintech festival 8 december 2020 challenges facing fintechs and opportunities to respond good day to our south african financial technology ( fintech ) community and to all our fintech colleagues connecting to the world fintech festival in south africa. the intergovernmental fintech working group ( ifwg ) is honoured to be part of this year ’ s singapore fintech festival. we would like to commend the monetary authority of singapore for organising a virtual festival which is testament to the immense possibilities that are unlocked when we embrace technology in the way we work and interact. my understanding is that we are likely over 100 000 people connected to this event. before we begin today ’ s programme, i would like to talk, very briefly, about the significance of fintech, particularly in the context of covid - 191, and reflect on some of the challenges that fintech continues to face. for fintech to continue making inroads into financial services, it may be important for the ecosystem to overcome some of these challenges. many of these reflections will be explored further by esteemed expert speakers in the panel discussions. i realise that any discussion of fintech raises a dilemma for many of us, given that it is a complex and multifaceted subject involving topics as diverse as, among others, regulatory barriers, the nature and use of technology, and its social and economic impact, be it economic efficiency or financial inclusion. covid - 19 has also opened up a whole new set of issues and challenges for fintech firms. 1 coronavirus disease 2019 page 1 of 9 while i would like to focus my talk specifically on four challenges facing the fintech industry – drawing, in part, from the south african experience – let me say a few things about what covid - 19 means for fintech firms. although the pandemic has placed significant stress on all businesses, including fintech firms, many of them, specifically those with established consumer bases, have managed to pivot. there are growing examples of fintech firms helping small, micro and medium enterprises ( smmes ) in ‘ going online and digital ’. the ‘ going online and digital ’ phenomenon is propelled by the pandemic. this is not only as a result of waning demand during periods of lockdown, but also because of shifting consumer behaviour. heightened consciousness of social distancing and avoidance of physical interaction has thrust fin