Pending the remaining Section 17 regulatory conditions, OM Bank from Old Mutual will launch in Q1 2025.
OM Bank, a new bank from Old Mutual , is set to launch Q1 pending the remaining Section 17 regulatory conditions. Picture: Karen Sandison/IndependentNewspapersis set to launch in Q1 2025, pending the remaining Section 17 regulatory conditions, according to the Old Mutual Group’s interim results for the six months ended June 30, 2024
Williamson said that technical and operation progress of the OM Bank is ahead of schedule due to the completion of successful industry testing and integration into the National Payments System already completed.According to Williamson, the anticipate the public launch of OM Bank to take place in 2025, pending the remaining Section 17 regulatory conditions which is not related to technical readiness, we anticipate the public launch in Q1 2025.
The Prudential Authority is responsible for regulating banks within the South African Reserve Bank .
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