BY MBONO MDLULI
MBABANE – In an effort to combat financial crimes happening through online platforms, Eswatini Communications Commission (ESCCOM) and the Financial Services Regulatory Authority (FSRA) have decided to join forces.
The two organisations today signed a Memorandum of Understanding (MoU) at Hilton Garden Inn, Mbabane. ESCCOM Chief Executive Officer (CEO) Mvilawemphi Dlamini and FSRA CEO Ncamiso Ntshalintshali signed the MoU on behalf of their organisations.
ESSCOM CEO Mvilawemphi Dlamini and FSRA CEO Ncamiso Ntshalintshali shaking hands after signing the MoU.
Speaking during the event, Dlamini said the MoU placed an emphasis on the collaboration of both parties towards regulation pertinent to non-bank financial services delivered through electronic communications, regulation and oversight, to facilitate a more efficient and effective delivery of regulation.
“The two authorities will foster open dialogue on operational and technology risk supervision, anti-money laundering, combating the financing of terrorism and proliferation, and cybersecurity,” Dlamini said.
Further, the agreement between the two authorities, according to Dlamini, established a framework for capacity building in areas of common interest. “As regulators, it is imperative that we are share our experiences and expertise to further advance the development of the economy and safeguard the health of non-bank financial systems,” he said.
Sharing Dlamini’s sentiments, Ntshalintshali stated that the MoU was to facilitate mutual assistance, information sharing, and enhance cooperation in regulating and supervising financial services offered through electronic communication platforms.
“In an increasingly digital world, where financial services are evolving at a rapid pace, it is imperative that regulatory bodies adapt and collaborate to ensure effective risk management, equitable affordable access to financial services, and the protection of the interests of our stakeholders,” Ntshalintshali said.
“By joining forces, we aim to uphold the integrity of our financial markets, safeguard the financial viability of efficient suppliers, and promote the availability of regulated services to all consumers, regardless of their background of circumstances.”
Furthermore, the FSRA CEO said this collaboration would play a crucial role in enhancing public knowledge, awareness, and understanding of regulated sectors, thereby empowering consumers to make informed decisions and contributing to the overall stability and resilience of the country’s financial system.
“As we embark on this journey together, let us reaffirm our commitment to compliance with legislative and regulatory requirements, uphold the highest standards of integrity and professionalism, and work hand-in-hand to build a financial ecosystem that is inclusive, transparent, and sustainable,” Ntshalintshali said.
In conclusion, the CEO expressed his gratitude to all those involved in making this partnership a reality. “Your dedication, vision and collective efforts have laid the foundation for a brighter future for our financial services industry and the communities we serve,” he concluded.
