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FSC Mauritius accueille IOSCO/AMERC Public Conference

Le 21 février 2024, la Financial Service Commission a organisé Westin Turtle Bay Resort & Spa, Balaclava, la conférence Internationale de Organisation of Securities Commissions Africa/Middle-East Regional Public Conference.

Durant la cérémonie protocolaire, Sunil Bholah, ministre des Services Financier a loué l’effort de la FSC dans l’organisation de la conférence et a félicité la nomination de l’organisation mauricienne en tant que représentant de l’AMERC auprès du conseil d’administration de l’iOSCO pour le 2022-2024.

Parlant du thème de la conférence, “Navigating Tomorrow’s Financial Landscape: Innovation and Inclusion and Sustainability”, le ministre a souligné l’importance de se concentrer sur l’évolution de l’écosystème et de l’environnement dans le secteur des services financiers, tout en soulignant l’importance de l’innovation, de l’inclusion et la durabilité, en particulier après la pandémie covid-19.

Quelques mintes plus tot, le Secrétaire général adjoint d’Iosco, M. Tajinder Singh, dit avoir observé que le FSC Maurice et IOSCO partagent des objectifs et des priorités communs qui se concentrent sur la promotion de l’innovation, de l’inclusion et de la durabilité à travers la fintech, les actifs cryptographiques et l’intelligence artificielle.


Sunil Bholah

Allow me to extend a warm welcome to the participants and speakers who have travelled from afar to be amongst us this morning on the occasion of the International Organization of Securities Commissions (“IOSCO”) Africa/Middle-East Regional Committee (“AMERC”) Plenary Meeting and AMERC Public Conference

It is with a strong sense of mission and purpose that I stand before you today to say a few words on this very noble and most timely event.

Ladies and Gentlemen,

Let me take a few minutes to talk about the Mauritius International Financial Centre.

The Mauritius IFC, encompasses the banking and non-banking financial services sector of the jurisdiction. It is the second pillar of our economy and contributes to around 13.6% to our GDP. Furthermore, the IFC employs around 17,000 persons as at December 2022.

As you may be aware, as per the Vision 2030 of our Government, the financial services sector is expected to grow by two fold by 2030, that is growing from a contribution of USD 1.0Bn to around USD2.0Bn.

Ladies and Gentlemen,

The financial services sector whilst being a sector in itself, is also an enabler to the other sectors in Mauritius by providing the necessary vehicles and structures for investment such as funds , global headquarters and even capital markets.

Ladies and Gentlemen,
Whilst, IOSCO is the international body that brings together the world’s securities regulators and is recognized as the global standard setter for the securities sector, you will all agree with me that this event is particularly timely, not only for the capital markets sector in Mauritius but for the whole economy and the jurisdiction.

The growing internationalisation of markets combined with changes in the regulatory landscape in the current post-crisis environment mean that, in practice, there is a need to review key policies and regulatory and supervisory strategies.

Ladies and Gentlemen,

A purely national response is no longer adequate and policy response in all key areas must have both a domestic and international dimension. Policy makers are being called upon to engage in a series of reforms.
Further, in light of the pandemic, the focus of governments and policymakers are to reshape the financial landscape and ensure financial markets are more resilient.

Regulators are continuously re-strengthening their respective frameworks with new policies to meet the challenges posed recently by the Covid-19 pandemic and attract investments. Many jurisdictions are reorienting towards new products and services.

Ladies and Gentlemen,

This is the reason for which I am glad to note that The Financial Services Commission which is the regulator for the non-banking financial services sector in Mauritius is an Ordinary Member of the IOSCO and has been recognised amongst the largest users of the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU) for the AMERC region for 2015, 2017 and 2020.

I also understand that FSC Mauritius held a seat on the IOSCO MG-SC as a representative of AMERC’s largest user of the MMoU since 18 September 2018, and has been re-elected to hold the seat for the term 2021-2022.

Ladies and Gentlemen,

It is timely for the country to partner with new stakeholders and bring innovation in the financial markets. It is with much pride that I underscore that the FSC is also appointed as the Africa/Middle-East Regional Committee (“AMERC”) Representative to the IOSCO Board for the term 2022-2024. These are the essential ingredients to reaffirm the position of our jurisdiction as a serious International Financial Centre.

Ladies and Gentlemen,

Let us now talk about the upcoming Conference today. I see a line up of prominent speakers who will be discussing about 3 main topics; Fintech, Artificial Intelligence and Sustainability.

It is no coincidence that these 3 are the three main drivers of growth for the financial services sector.

Ladies and Gentlemen,

Fintech is significantly reshaping the landscape of the financial industry, including the respective roles of financial intermediaries and regulators. Fintech enables direct interactions between consumers and financial service providers, reducing the need for traditional intermediaries.

Today fintech startups often specialise in niche services are challenging traditional financial institutions by offering innovative, user-friendly solutions. This competition can lead to improved services, lower costs, and more tailored products for consumers for example , peer-to-peer lending platforms and crowdfunding directly connect borrowers with lenders, bypassing traditional channels.

Ladies and Gentlemen,

This rapid pace is challenging for regulators . They need to adapt regulations to accommodate new technologies while ensuring consumer protection, market integrity, and financial stability. The increased use of digital technologies in Fintech raises concerns about data security and privacy. Regulators play a crucial role in establishing and enforcing standards to safeguard customer information and maintain trust in the financial system.

Ladies and Gentlemen,

The second important theme of this conference is Artificial Intelligence and Robotics.

In the realm of artificial intelligence, machine learning algorithms play a crucial role in capital markets. Market players can analyse historical market data, identify patterns, and make predictions about future market movements. This predictive capability aids investors and traders in making more informed decisions.

On the robotics side, automation can streamline various operational processes within financial institutions. For instance, robotic process automation (RPA) can be applied to tasks like data entry, reconciliation, and report generation, reducing the risk of errors and increasing operational efficiency.

Ladies and Gentlemen, today the Mauritius IFC is one of the few IFCs which are compliant/largely compliant with all 40 Financial Action Task Force [FATF] recommendations on AML -CFT. It is paramount for us to sustain this standard. In terms of compliance, AI can assist in navigating the complex regulatory landscape. By automating compliance checks and documentation processes, financial institutions can ensure adherence to regulations while minimising the administrative burden.

Overall, the synergy between artificial intelligence and robotics can lead to a more agile, efficient, and resilient capital market ecosystem.

Ladies and Gentlemen,

I observed that the last topic which will be discussed today is around Environment Social and Governance standards and its Evolution in Africa.

There is without any doubt today that the concept of ESG is part and parcel of every jurisdiction concerns and so is Africa. We cannot, therefore, dissociate Africa as one of the most resource-rich continents of the World since Africa is a pillar in the numerous industries that depend on natural resources such as mining, agriculture and energy. In turn, this has an impact on the environment and the communities. It is, therefore, of utmost importance that we recognize the importance of adopting sustainable business practices – ESG principles to mitigate environmental risks and social challenges.

Ladies and Gentlemen,
Mauritius has already embarked on our country’s Sustainability Agenda as we move decisively from Talk to Action. We are today sketching a roadmap on the sustainability trajectory and I look forward to a rewarding journey together with all of you.

During the World Leaders Summit at the COP26 in November 2021, the Hon. Pravind Kumar Jugnauth, Prime Minister of Mauritius stated that for small island countries like Mauritius, global warming and rising sea levels represent a challenge which will cause tremendous damage. He stated (and I quote): “Concrete action accompanied by adequate and predictable funding is, therefore, absolutely essential.” (Unquote)

Ladies and Gentlemen,
Indeed, a Green Economy calls for a capital-intensive transition with investments in new skills and technologies to name a few. While public funds are important, they can only provide a small share of what is required. Private capital will have to meet most of these investment needs. And raising capital to finance green purposes, Ladies and gentlemen, is everyone’s business.

The World Bank issued approximately USD 18 billion equivalent in Green Bonds through over 200 bonds in 28 currencies. It is only through concerted efforts of Government and the Private Sector that we will be able to pursue this Agenda.

Ladies and Gentlemen,

Mauritius has set out on a sustainable pathway of growth, to become a leader in Africa as a green and sustainable International Financial Centre.

I know that you have a line up of eminent speakers who will be discussing about these interesting themes today. I am sure that some interesting ideas and proposals will crop us for these panel discussions.

I have the honour to declare this conference open and I seize the opportunity to wish you all a fruitful session and deliberation.

Thank you.

Dhanesswurnath Thakoor

A lire



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