Establish an Inter-Departmental Working Group (IDWG)
The Inter-Departmental Working Group (IDWG) was launched following the release of the digital transformation infrastructure roadmap in May 2025. It is chaired by the director-general of the Presidency and co-chaired by the directors-general of the Department of Communications and Digital Technologies and National Treasury.
read more >>Establish universal biometric enrolment & introduce a foundational digital ID system
The digital ID system is one of the four pillars of the digital transformation infrastructure roadmap and is spearheaded by the Department of Home Affairs. It is a comprehensive programme that involves multiple stages and components to establish, manage and use digital identities securely and efficiently, while lowering administrative costs, reducing manual administrative workload and…
read more >>National Treasury and Stats SA are implementing new data collection protocols, digital platforms and legislative reforms to modernise the national statistics system
The reform includes new digital platforms, improved data frames, legislative updates and international collaboration for better data quality and compliance.
read more >>Include AI governance principles in the Joint Standard on Culture and Governance with a financial sector focus.
The reform establishes high-level governance, ethical and risk management principles for AI, with a draft national policy framework and sector-specific standards in development. The Department of Communications & Digital Technologies (DCDT) released a draft National AI Policy Framework in August 2024.
read more >>Implementation of regulatory reporting requirements for margin on non-centrally cleared OTC derivatives, using the Umoja platform to submit returns
The Umoja platform enables automated, integrated regulatory reporting for margin requirements, replacing interim systems and supporting compliance with G20/BCBS standards.
read more >>Transitioning cash market products (loans, bonds, money market instruments) from JIBAR to ZARONIA by defining a fallback methodology: compounded ZARONIA + credit adjustment spread (CAS)
The reform adopts a compounded ZARONIA plus credit adjustment spread (CAS) fallback, with ISDA protocols and cash market conventions to guide the transition.
read more >>Develop a national green finance classification system
The taxonomy framework was piloted in Q1 2025 with key institutions. A broader rollout is planned to align South Africa with global sustainability standards.
read more >>Extension of market abuse rules to new asset classes as part of market integrity reforms.
The reform enhances penalties, executive accountability, surveillance and regulatory guidance, with expansion under the COFI Bill.
read more >>Comprehensive upgrade and rollout of South Africa’s digital identity verification system. Verification for both public and private sector services, including banks, insurers and telcos.
The reform includes a national smart ID rollout, biometric verification, digital onboarding and integration with banks and government services.
read more >>New requirements for cybersecurity resilience, eg, all financial institutions to adopt robust cybersecurity, risk management and incident response frameworks
The Joint Standard on Cybersecurity and Cyber Resilience (effective June 2025) sets minimum requirements for governance, incident response, employee training, and third-party risk.
read more >>