Virgin Money South Africa is back with a new and improved app: Spot Money. While this is not the arrival of Spot Money in South Africa, it is a new vision of banking and money. Called "open bank", the cash is not aligned with any real bank. The company explains that this gives the user the freedom to interact with the financial products and providers of their choice for different aspects of their lives. In a standard banking situation, you are often pressured to use bank offerings because they are more integrated and easier. To open it, the application works from a blockchain ledger, making it truly decentralized. Since forex cannot be hosted on a blockchain ledger, this bank has its own cryptocurrency token that is pegged to the Rand. Like other digital banks, there are no physical banks or places of interaction. This keeps costs down, which is the goal of most of these new banks, which compete with long-standing institutions.