future ready. it has become imperative to enhance its resilience, whilst also be more innovative. conscious of the significance of this task, i initiated a deep industry - wide reflection to devise a strategy for the banking sector in mauritius going forward. i have to express my appreciation to the mauritius bankers association and the ceos of banks and other stakeholders for their unflinching support in developing the roadmap. this roadmap translates the vision and strategic objectives for the banking sector into an actionable plan. the key initiatives in the roadmap focus on the domestic market, the global business strategy as well as products and services. the fundamental factors 3 / 4 bis - central bankers'speeches that will support the sustained expansion of the banking industry – such as the regulatory framework, esg, and capacity development – are also at the forefront of the strategy. i thank the oliver wyman team present here with us today which has relentlessly engaged with stakeholders locally and globally in crafting this report. going forward, the bank will ensure the execution of this roadmap in close collaboration with the banking industry and other stakeholders. in a few moments, we will have the privilege to see the honourable prime minister launch the report on the future of banking in mauritius. ladies and gentlemen i have set the scene for what the bank has in store for the coming years. these strides will contribute to boost confidence in the banking and financial system as well as unleash greater opportunities for the mauritian economy. over the next two days, we will have the opportunity to discuss many of these themes in greater depth and listen to expert views. before i conclude, i wish to express my gratitude to the honourable prime minister and also to the honourable minister of finance, economic planning and development for being among our midst today to mark the bank's emerald jubilee. last but not least, i thank all governors and representatives of central banks who have joined us to mark this momentous occasion. we look forward to working closely to adapt ourselves for our future. on behalf of the bank of mauritius team, i wish to thank you all for your presence today. thank you for your attention. 4 / 4 bis - central bankers'speeches

the global fmi. it connects over 9, 000 financial institutions in more than 200 countries and territories. we learn from swift ’ s 2009 annual review that 3. 76 billion fin messages – fin is swift core store - and - forward messaging service – were exchanged in that year. that means 15 million messages everyday. swift has experienced exponential growth since it sent its first message in 1977. and it is extremely reliable. with 99. 99 per cent availability of fin and swiftnet, swift truly lives up to its motto : “ failure is not an option ”. the use of swift allows fmis to support near real - time payment services using a single standard messaging platform within a private, secure and reliable environment. this leads to lower costs, lower operational risks and less operational inefficiencies. because fmis facilitate the clearing and settlement of monetary and financial transactions, safe and efficient fmis are particularly important for maintaining financial stability. their critical role comes to the fore in times of crisis when, given the interconnectedness and interlinkages of the global financial system, systemic risk is at its peak. if fmis are not properly managed, they can pose significant risks to the financial system and be a potential source of contagion. an efficient cross - border clearing and settlement process is a sine qua non for global markets to operate seamlessly and efficiently. cross - border credit transfer services are a legitimate concern of regulators. they must be rapid, efficient, reliable, cheap, and able to cope with a rapidly - changing financial landscape. by transporting financial messages, swift is at the heart of the global clearing and settlement system. if swift didn ’ t exist, something looking like it would have had to be invented. bis central bankers ’ speeches swift is part of the plumbing of the international financial system. plumbing plays a vital role in our homes ; but it is normally hidden away, tiled over, and taken for granted. it is certainly not the subject of polite dinner table talk. until, that is, when it springs a leak, malfunctions, or clogs up – when fixing it becomes the utmost priority, on pain of having no dinner, never mind the talk. so it is with swift. and it is because of this systemic importance that the central banks of the g - 10 countries agreed in 1998 that swift should be under cooperative oversight by central banks. as swift is established under belgian law, the national bank of belgium functions as the lead overseer.