It gives me great pleasure to welcome you to the first Payments Innovation Conference organised by the South African Reserve Bank (SARB), which we are hosting in collaboration with domestic and international payments stakeholders. This conference takes place at an appropriate time as innovation and technology have the potential to spur growth and development.
The proposal provides a framework for fair value measurement objectives, and it is just the initial phase of a long-term fair value project. The initial phase is generally intended to apply to financial and nonfinancial assets and liabilities that are currently subject to fair value measurement and disclosure.