banks in mauritius have had a longer journey than the other banks and even the central bank, there is still a very long way to go! though barclays is licensed primarily by the bank of mauritius, it is also regulated by the financial services commission for some of its activities. its business is thriving and its contribution to the financial sector is expected to grow further over time. banks should invest to tap the local as well as the regional market further to expand the contribution of the financial sector to gdp, from its current level of around 12 per cent. ladies and gentlemen, the bank of mauritius makes forecasts but it can ’ t predict the future. yet, the only certainty which can shape our steps is that there is an urgent need for the banking and finance industry to reinvent itself if it wants to stay relevant in an increasingly competitive global environment and with rapid digitalisation of banking business. in this regard, the bank of mauritius wants to give an even greater dimension to our competitiveness and resilience through technology, discipline and innovation. barclays, from what i understand, has been very busy lately in the area of fintech and blockchain. barclays has a tech forum consisting of leading fintech and it professionals. last year, it has filed two patents on secure digital data operations and data validation and storage system with the u. s. patent and trademark office. i therefore invite the management of barclays mauritius to support the bank of mauritius ’ vision for the banking industry by contributing in terms of expertise and technology. the bank of mauritius has focused on modernising the banking infrastructure. just a few months ago, we launched maucas, our mauritius central automated switch. barclays will be joining the instant payment system next month and the card payment system early next year. maucas is a game changer that will open up new possibilities for banks, businesses and entrepreneurs. the new payments ecosystem will also allow for the participation of banks and non - bank operators. 2 / 3 bis central bankers'speeches i am pleased to share that we are working on several ground - breaking projects that will propel our financial jurisdiction in a new era. i shall be sharing the details in two weeks ’ time at our annual dinner with major economic stakeholders. do bear with me as i want to keep some surprises in store for that day … ladies and gentlemen, the celebration of the 100 years of presence of barclays in mauritius is an opportunity for me to congratulate barclays for its journey and

rundheersing bheenick : all change now address by mr rundheersing bheenick, governor of the bank of mauritius, on the occasion of the re - branding of south east asian bank ltd as bramer banking corporation ltd, port louis, 29 august 2008. * * * a very good evening to all of you. i always like to open a new bank – • it is good for aspiring staff • it encourages others to do better • it is good for competition in the high street • it is good for customers • and it is good for the country there is much goodness in new banks. let ’ s have more of them. competition is at the heart of good governance. a new bank forces us all to re - examine our credentials, our levels of service, our standards, and our performance in this highly competitive and unforgiving world. i heard recently of a case where someone wanted to open a new account with a large sum of money – one established bank proposed one week to complete the procedures to do so while a new bank, just a couple of yards up the road, did it on the spot within five minutes. such is the nature of the market – continued renewal. an upstart can take on a giant … … ….. and win! a new bank is like “ the gentle rain from heaven upon the place beneath ” – “ it brings fresh showers to the thirsting flowers from the seas and the streams ”. it is a refreshing breeze. so, i am delighted to be here on the occasion of the refreshing of south east asian bank ltd as bramer banking corporation ltd. it is indeed becoming quite a refreshing season, especially as this event today signals the entry into the domestic banking scene of the british american investment group – a mauritian conglomerate with a well - established presence in other segments of the financial sector, both locally and overseas and, which, based on total assets, ranked 9th in the local business league in 2007. 1 so, on this new breeze, we have insurance, foreign exchange, leasing, and much else. i therefore see this event having more far - reaching consequences going well beyond the domestic financial sector and reflecting the broader economic ambitions of the country. for we need banks, not just in the business of money lending, but at the heart of sustained economic and social development. in this specific case, the brand change brings with it the promise of a fresh focus for its business and the type of customers it will