harvesh seegolam : development of financial markets and digital transformation in mauritius keynote speech by mr harvesh seegolam, governor of the bank of mauritius, at the bloomberg financial forum for the mauritius discovery series, port louis, 27 september 2023. * * * mr giuseppe netti, regional head for the middle east and africa, bloomberg members of the press ladies and gentlemen good afternoon it is a pleasure to be with you today at the bloomberg financial forum for the mauritius discovery series. at the outset, i would like to thank bloomberg for inviting me to share a few thoughts on development of financial markets and digital transformation in mauritius. this event is very timely as mauritius pursues several initiatives for the development of its financial market. digitalisation is ostensibly a game changer in a world characterised by datafication and increased connectivity. it entails a fundamental paradigm and cultural shift in the modus operandi of financial markets. the mauritian financial market has undergone a series of transformational changes over the years and is on par with modern financial markets in more advanced jurisdictions on numerous fronts : financial market legislations, instruments, institutions, and stakeholders. as you are aware, mauritius was ranked second place in subsaharan africa in the latest omfif absa financial market index. this index evaluates financial market development of 26 countries over six key pillars namely : market depth, access to foreign exchange, market transparency, tax and regulatory environment, capacity of local investors, macroeconomic stability and legal standards and enforceability. mauritius scored highly in each of these areas. this bears ample testimony to the success of all efforts spearheaded by the authorities. but we cannot rest on our laurels. more still remains to be done. we need to think outside the box. and to think big! most importantly, we need to be ready to leverage on the plethora of opportunities that digitalisation throws at us so that we may catapult ourselves in the vanguard of avant garde countries with sophisticated financial markets. as an international financial centre of repute, our jurisdiction subscribes to best practices and standards. mauritius joined the african bond indices ( ababi ) in january 2021. as you all know, the ababi is calculated by bloomberg and is administered by the african development bank. the inclusion of mauritius in the ababi index has helped to improve the overall credit quality of the ababi, the more so as mauritius is one of the only two investment grade sovereigns in africa. as

digital currency for retail and wholesale payments in mauritius. we are determined to make our country a leader in the region, where a well - regulated central bank - issued digital currency becomes a reality. i am pleased to announce that, as part of its financial literacy strategy, and to contribute to the emergence of a new breed of mauritian tech entrepreneurs, the bank will launch early next year a fintech competition. this competition will target college and university students and will serve as an incubator hub to develop apps that will benefit consumers of financial products and services. cybersecurity remains paramount for the bank. we are living in a world where cyberattacks on the banking industry are increasing and are being committed with more sophisticated tools. the bank is already monitoring the sw ift customer security programme. it is conscious that additional tools and precautions must be taken by the industry as a whole. the bank wishes to have an industry approach to this problem and proposes to come up with an enhanced cybersecurity framework for the banking industry. this framework will be based on the latest bank for international settlements and the financial stability institute standards and principles. my vision is a banking landscape where technology will redefine bank - customer interaction. i want a dynamic banking landscape without impediments for mobility, flexibility, accessibility, and security. let the future of the banking industry show the truth in the statement uttered by the great charles darwin. i quote : “ it is not the strongest of the species that survives, nor the most intelligent that survives. it is the one that is the most adaptable to change! ” end of quote. ladies and gentlemen, we need to own the change process of our country. whether you are from the business community or from the media, you all have a determining role to play in sketching this new economic and financial landscape. i hope that you are as eager as i am to dive into the future! on that note, i take this opportunity to convey to you, on behalf of the board of directors, staff members of the bank and in my own name, our warmest regards and best wishes for the upcoming festive period. i thank you for your attention. 5 / 5 bis central bankers'speeches