Old Mutual has received regulatory approval from the South African Prudential Authority to establish itself as a bank, subject to specific licensing conditions.
The Sandton-based financial institution has announced its transition from “bank build mode” to initiating a “strict and rigorous industry testing phase” with selected bank partners.
Pending a successful testing period without errors, the group aims to seamlessly integrate its new offering into South Africa’s National Payments System.
Iain Williamson, CEO of Old Mutual, views the recent approval as a significant milestone in the group’s strategic journey.
“This approval acts as a material catalyst in our strategic delivery journey,” Williamson remarks. “It accelerates the fulfillment of our strategic choice to build an Integrated Financial Services business.”
Established in 1845, Old Mutual provides financial solutions for retail and corporate customers across 14 countries.
This development closely follows the group’s announcement in February, revealing its partnership with UK-based vendor 10x Banking to utilize its Software-as-a-Service (SaaS) core banking system.
Source: fintechfutures.com
