the covid - 19 crisis. in july 2020, in the us, the office of the comptroller of currency provided guidance that federally chartered banks may provide crypto custodial services for fintech using crypto assets and stablecoins. in mauritius, the regulatory committee on fintech and innovation - driven financial services was set up in 2018 to facilitate the adoption of fintech and other innovative services. the committee identified different priority areas within the fintech space. the recommendations of this committee provided the foundation for the virtual asset and initial token offering services act ( vaitos ) 2021 which was brought into force in february 2022. the vaitos provides for a regulatory framework for new and developing activities regarding virtual assets ( vas ) and initial token offerings ( itos ) in mauritius, as well as to safeguard against money laundering and financing of terrorism associated with vas. with the coming in force of the vaitos, mauritius is one of the few countries to be in compliance with all 40 recommendations of the fatf. also, cognisant of the challenges associated with the opening of accounts by new fintech players, the bank has set up a committee comprising different stakeholders to specifically look into these issues. the bank is also updating its regulatory and supervisory toolkit with respect to virtual assets. ladies and gentlemen, banking is no more just a brick and mortar affair. it has become a hotbed for innovation and technological prowess. as an international financial centre of repute, our jurisdiction has to follow the latest developments and customize them to its requirements. in that regard, the bank is supportive of new ideas and recognises that those changes can drive improvements in how the industry meets customers'needs. at the recent governors'meet held in the context of the 55th anniversary celebrations of the bank, i emphasized the importance of innovation in central banking. i ensured that a panel consisting of governors and other eminent participants discussed specifically on this issue. the " future of banking report " for mauritius was also officially unveiled. the report charts out the roadmap for our banking sector in the next decade and it has extensively covered digitalisation. i would advise the audience to refer to the bank's website for a copy of the report. let me now take you through the various initiatives on the digital front at the level of the bank. we have constantly invested in the evolution of the country's payment infrastructure and can today boast of a modern eco - system. one of the hallmarks

harvesh seegolam : digitalisation as a transformative force in banking keynote speech by mr harvesh seegolam, governor of the bank of mauritius, at the infosys finacle mauritius banking connect 2022, turtle bay, 4 october 2022. * * * first deputy governor and chairperson of the financial services commission chief executive of the financial services commission chairperson of the economic development board vice chairperson of the economic development board ceos and representatives of banks representatives of infosys distinguished guests joining us from mauritius & abroad ladies and gentlemen good afternoon. it is a pleasure for me to be in your midst for this infosys finacle mauritius banking connect 2022. today's session is highly pertinent due to its special focus on digitalisation in the banking world. i seize this opportunity to commend infosys for such an initiative at a time when going digital is gaining traction in all corners of the globe. some time back, the pandemic was at the forefront of discussion in all spheres, including banking. while it unfortunately resulted in millions of casualties and brought down the world economy to its knees, it, nonetheless, resulted in a fundamental rethink in the way we operate. one of its offshoots has been an acceleration in the pace of digitalisation. digital transformation is now a prerequisite for banks'survival. changing customer demands together with pressure to reduce costs and increase efficiency are leaving banks with no option but to use modern technology. banks must adapt to this change if they want to be successful. this automatically implies a constant review of the business models. more importantly, the skill set of the board must be regularly diversified to include members with expertise on the latest developments. board membership should never be viewed as lifelong positions as it might stymie the adoption of new ideas. digital transformation has made inroads faster than anticipated. incumbent banks are poised to re - invent themselves and embrace new technologies such as cloud computing, machine learning, artificial intelligence and blockchain. in this digital revolution, barriers to entry are being eased. fintech companies are viewing it as an 1 / 5 bis - central bankers'speeches opportunity to penetrate new markets and use their technological acumen to entice customers with easy to use digital applications. examples of digital transformation abound. digital adoption concertinaed from years to months. in europe, for instance, the digital adoption rate jumped from 81 percent to 95 percent in the aftermath of