the home and host regulators. as an example : a banking group in the home country might find it beneficial to sell off one of its banking subsidiaries in a host country as it will relieve the liquidity stress of the banking group within the home country, but the banking subsidiary might be significant in the host country [UNK] s financial sector and can therefore have far - reaching effects on the host country [UNK] s financial stability. even though cross - jurisdictional information - sharing arrangements are in place, in times of crises it is likely that jurisdictions will first act in their own best interest before considering wider regional repercussions. a regional crisis resolution simulation would therefore assist in testing the available resolution tools, the communication plans in place, and the possible knock - on crossborder effects, thus allowing regulators to be better prepared in a real - life situation by ensuring that the most appropriate solution with the most desirable intended consequences is exercised. page 10 of 13 fintech given the rapid developments in financial technology ( fintech ), it is evident that we are potentially facing one of the most severe innovation - and technology - driven disruptions to products and services, particularly in the financial sector space. regulators across the globe are grappling with understanding these technological developments and assessing the regulatory implications. we as the sarb favour a „ back to basics [UNK] approach. regulators should focus on regulatory principles that are risk - based rather than creating excessive rules - based regulations aimed at these technologies or products. for example, financial regulators do not regulate the internet, biometric technology, or mobile devices. regulatory intervention should be appropriate and should be applied to the underlying economic function. in the case of most central banks, the regulated activities should fall within the ambit of their regulatory mandate and would typically include deposit taking, payments, lending, insurance, and investments. the sarb has recently decided to establish a fintech unit, with three dedicated full - time staff members that report directly to me. this unit is required to strategically review the emergence of fintech and assess the related user cases. its primary responsibilities are expected to include the facilitation of the development of appropriate policy frameworks 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. besides collaborating locally, the sarb actively participates in international regulatory and standard - setting bodies. work undertaken by the various working groups at

east coast of southern africa, raised the question of who the first real non - african explorers of southern africa could have been? with portuguese, dutch, british, spanish, french and even eastern interests in the sea route around the cape, many coins of foreign origin came into circulation in southern africa. the dutch riksdaalder and the british guinea and pound perhaps played the major role for many years in the early history of south africa. it was during the time of the second british occupation of the cape after 1806 that a british governor found it necessary to fix “ exchange ” rates between the various currencies that circulated in the cape at that time. it is interesting what currencies were included in this list : spanish daalders, venetian sequins, a ducat, a gold ropy ( rupee ), an english shilling, and the dutch riksdaalder and half - guilder. [UNK] during a long period of british rule, british money circulated freely in south africa, which included the farthing, ha ’ penny, thruppence ( tickey ), sixpence, shilling, florin, half - crown, and crown ( 5 shillings ). the situation changed again with the establishment of the independent republics of the orange free state and the transvaal ( zar ). the free state reverted to the riksdaalder ( = 1 shilling and sixpence ). in the zar, riksdaalder notes were also issued to serve as currency, although the riksdaalder was supplemented by periodic issues of zar pound notes in various denominations. in 1874, the zar issued its first coins, the burgers pounds. as not many of these coins were issued, they became very valuable collectors ’ pieces. it was only in 1890, however, that final legislation was passed for the establishment of a state mint, and for the minting of zar coins in pennies, shillings, and pound denominations. these coins, commonly referred to as kruger coins, were first minted in 1892 in a building situated on church square in pretoria. after the anglo boer war, british money was again used predominantly in the new british south africa ( to become the union of south africa in 1910 ). the history of south african coinage took a last major step when a branch of the british royal mint was established in pretoria and started to issue south african minted ( sterling ) coins in 1923. this association with the royal