application to virtual currencies / crypto - assets and promote a more consistent regulatory approach, taking into account the results of fatf ’ s stocktake exercise of the different national regulatory approaches. we must therefore follow progress made on this matter and adapt our legislation accordingly. conclusion fintech is definitely here to stay. regulators must therefore brace themselves to accept new technologies as forming an integral part of the financial landscape. in the process, the bank of mauritius is ensuring that it has specialized and trained resources to assist it in fulfilling its mandate and better understand innovative and disruptive technologies. i must nonetheless emphasise that fintech must be encouraged specially where, rather than disrupting the whole system, it adds value and facilitates certain processes or activities such as transaction monitoring, client on - boarding process, regulatory reporting. it can also enhance supervisory capabilities. the use of innovative technology in financial supervision can indeed assist in this endeavour. supervisory technology ( suptech ) can help to digitise reporting and regulatory processes, resulting in more efficient and proactive monitoring of risk and compliance at financial institutions. the bank of mauritius and the financial services commission are collaborating in ascertaining that any potential regulatory gaps are addressed and regulatory arbitrage eliminated. i am confident that the financial services sector has a bright future ahead and together with fintech firms, regulators, services providers and customers can embark on this transformational journey and design a new regulatory landscape and financial ecosystem for mauritius. thank you for your kind attention. 4 / 4 bis central bankers'speeches

made in the investment promotion act for the board of investment ( now the economic development board ) 1 / 4 bis central bankers'speeches to grant regulatory sandbox licences. applications for regulatory sandbox licences in a variety of fields, such as crowdfunding, peerto - peer lending, cryptocurrency, initial coin offering, amongst others, were received. regulatory sandbox licences, however, are granted for a specific period of time, usually not exceeding one year, pending which either the bank of mauritius or the financial services commission, depending on the activity, would propose the appropriate regulatory framework to regulate the fintech company. this, however, was not a simple task as the bank of mauritius is not only the regulator of the banking sector, but also the guardian of the safety and soundness of the financial sector. the regulatory framework cannot be amended nor overhauled in a haphazard manner as it must ensure that the stability and soundness of our financial system nor the reputation of our jurisdiction is not jeopardized in the process. this is why we are following closely the works and guidance offered by international standard setters such as the basel committee on banking supervision, the financial stability board, the international monetary fund, the financial action task force, to name but a few, which have realized that fintech must be properly regulated to maintain the stability and soundness of the financial systems. most, if not all, international standard setters have underscored that fintech have resulted in new business models, applications, processes, or products. these changes have, in turn, had an effect on financial markets and institutions which may have a potential impact on the monetary and financial stability. it is therefore crucial for the mauritius international financial centre that its enabling framework for fintech be in line with the latest discussions taking place at the level of these organisations to ensure that, in setting up the fintech regulatory framework, the mauritius international financial centre provides the proper biosphere for the fintech ecosystem while affording appropriate safeguards to investors. in a paper issued in february 2018, the basel committee on banking supervision considered that while bank supervisors must remain focused on ensuring the safety and soundness of the banking system, they should be vigilant for opportunities to enhance both safety and soundness and financial stability while monitoring for current practices that might unduly or unintentionally hamper beneficial innovation in the financial industry. this consideration, in my view, is applicable to the non