Canada    FinTech Guide    Chapter 10    South Africa


10. Accounting
South Africa  South Africa

Investors are more likely to invest when independent accountants are appointed for transparency. Because of the slow economic growth and financial problems companies experience, accountants and auditors play a big role in advising and maintaining independence.



Legal Affairs


The Electronic Communications and Transactions Act regulates this online service and its functions must be in accordance with the relevant accounting regulator such as SAICA or SAIPA and the legislation applicable.



Economic Conditions


The Electronic Communications and Transactions Act regulates this online service and its functions must be in accordance with the relevant accounting regulator such as SAICA or SAIPA and the legislation applicable.


  • Xero
  • Quickbooks
  • Pastel
  • Taxware


Miscellaneous


It is a very specialised area with admin that can be automated/improved. This is also not a very vibrant industry and many people do not pay attention to the changes that can take place involving Fintech.

Fintechs must understand how important transparency is in this industry and must make sure their products make it very hard to “cook the books” but still allow for manual intervention where applicable.



Contributing Authors

Garlicke & Bousfield Inc

Brian Jennings
Durban, South Africa

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Chapter Index:


1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

Disclaimer:
The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018