yandraduth googoolye : the need for banking and finance to evolve through technology and innovation speech by mr yandraduth googoolye, governor of the bank of mauritius, on the occasion of the celebration of the centenary of the presence of barclays in mauritius, port louis, 15 november 2019. * * * the chairman and board members of barclays bank mauritius limited mr ravin dajee, managing director distinguished guests ladies and gentlemen good evening i wish to thank barclays mauritius, which is now part of absa, for inviting me on this auspicious occasion which is the celebration of the hundred years of presence of barclays in mauritius. soon to be renamed absa, barclays bank mauritius limited has itself been through a series of changes of name such as barclays dominion, colonial & overseas, barclays bank international, etc. this event underlines the rich history of our banking industry. barclays is the second oldest bank in the country, though mauritius has been an international trade and financial centre as far back as the 17th century. if you want to know more about our financial history, there is very interesting book entitled “ from piastre to polymer ” which was issued in 2018 in the context of the golden jubilee of the bank of mauritius. some of the banknotes and coins used in those days are in our currency museum, which i invite you to visit. ladies and gentlemen, history shows how players succeed when they know how to adapt to evolution and when they respond adequately to the needs of customers and clients. institutions also thrive in a competitive environment when they do not fear to embrace change and when they come forward with innovative products and services. barclays bank has an enviable track record in mauritius, which goes much beyond the anecdotal dimension. it is a bank that can pride itself of having narrowly missed the first world war, of having gone through the second world war, and sailed through economic crises. barclays is now fighting on all fronts across the global banking sector. ladies and gentlemen, over and above being the owner of the building with the first lift in mauritius, barclays has a rich history filled with many firsts. i would like to highlight some milestones : first foreign bank to start operations in mauritius that is still going strong … first bank to employ ladies in mauritius … with the ratio of female employees currently standing at 56 per cent first bank to employ people with disabilities … first bank to obtain an offshore banking licence …

currency. notwithstanding the encouraging developments over the past years, the capacity of the regional bond markets is still limited compared with the huge infrastructure and other financing needs of the region, resulting in heavy reliance on bank financing. much work still needs to be done, including but not limited to expanding the issuer and investor types, gradual liberalisation of barriers to entry of non - resident investors, promoting financial infrastructure linkages, improving corporate disclosure and transparency, more standardisation in legal and governance terms, to name a few. policymakers will have a key role to play in facilitating market developments and removing market impediments in the process. and we hope to see adb, the region ’ s long - standing partner in promoting bond market development, to further its efforts and cooperation with governments in the region on this front. thank you. bis central bankers ’ speeches