Abstract

This paper focuses on the evolutionary nature and milestones of digitalisation and financial technology - within a global context and more specifically related to the Financial Corporation’s sector of the South African economy. Focus is placed on the monetary sector and the operating models of commercial banks. Thereafter it highlights the interconnectedness of fintech, digitalization, and the compilation of macroeconomic statistics, shedding light on how technological advancements are reshaping understanding of economic activity and the effect it has had on the operating model of commercial banks. It furthermore elaborates on the impact and structural adjustments this is introducing into the suite of monetary statistics and through that into the South African Integrated Economic Accounts. Parallel to this assessment, the paper examines the G20 DGI III theme relating to Fintech and financial inclusion, describing the work currently being done by South Africa in this regard and how this will impact the suite of financial statistics. Lastly the paper proposes a way forward for South Africa to integrate Fintech and broader digitalisation into the Financial Corporations’ macroeconomic statistics and emphasises a phased implementation approach into the country’s statistical deliverables.