Recently appointed chairman of the International Monetary Fund Committee (IMFC) and South Africa’s Central Bank Governor Lesetja Kganyago breaks the traditionalist mold of central bankers. The central bank governor joined a panel discussion on what fintech means for central banking during the IMF/World Bank Annual Meeting in Washington.
“Banks” he says “.. need to embrace fintech or they will disappear”. The opportunities that financial technology offers increase responsibility of central authorities to ensure the integrity of the financial system. Kganyago says that if people have trust in the physical bank notes, there is no reason why a central bank couldn’t start thinking about issuing a digital currency. Further, technology is having a positive impact in fighting corruption.