of you are winners. to the winners of today, congratulations for a well deserved victory to what must be an exhaustive yet creative venture. this experience could be life changing. to the others, the materials you have created and presented here will likely put our life insurance companies on notice, in terms of new ideas on what motivates and excites the generation, and as they respond to them over time, you are also winners of the future. closing in closing, i would like to repeat my 3 dares today. to our youth, dare to be financially prepared for the future and dare to be financially protected. to our industry, dare to be an exciting workplace for the future generations. i shall leave you with this thought from winston churchill, and i quote – ‘ success is not final, failure is not fatal, it is the courage to continue that counts ’. 2 / 3 bis central bankers'speeches 3 / 3 bis central bankers'speeches

activities, irrespective of the entity providing such activities, and will thus aim to better achieve level playing fields. continuing collaboration between local and global authorities i would now like to turn to the importance of continued collaboration by regulatory authorities. given the fast pace of change and the global nature of these innovations, collaboration between regulators is important. on 6 may 2010, a ‘ flash crash ’ occurred in the us markets. hft allows firms to submit orders and execute trades ( using algorithms ) and to interact with markets in unpredictable ways, causing price pressure and dislocation of financial markets ( albeit momentarily ). page 7 of 11 at the domestic level, the sarb ’ s involvement in monitoring fintech innovation started in 2013 when it joined an informal intergovernmental working group ( iwg ) in our jurisdiction. this work group was established to better understand virtual currencies such as bitcoin and their regulatory implications. the iwg consisted of national treasury, the financial intelligence centre, the south african revenue services, and the sarb. in 2014, the working group issued a user alert on virtual currencies through national treasury. the sarb in turn, through its national payment system department, furthermore issued a position paper on virtual currencies later that same year. in 2016, the sarb established an internal virtual currencies and dlt working group. in recognising the growing evolution of cryptocurrencies, the sarb tasked this cross - disciplinary working group to research and analyse the evolution of user cases of emerging technologies, including blockchain and dlt. the main objective was to gain a better understanding of underlying dlt and smart contracts that leverage these emerging technologies. further, by focusing on financial services activities, the sarb has accepted that fintech extends beyond virtual currencies and dlt. for this reason, the sarb has recently decided to establish a broader fintech programme, with three dedicated full - time staff members that report directly to me. although it is at an early stage, this programme will be required to strategically review the emergence of fintech and assess the related user cases. the primary responsibilities are expected to include the facilitation of the development of refreshed policy stances for the sarb across the fintech domain. this will be done by robustly analysing both the pros and the cons of emerging fintech innovations as well as the appropriate regulatory responses to these developments. a critical success