##ll s. c., deputy solicitor general at the attorney general ’ s office, mauritius, the chief executive of the financial services commission, other eminent experts from in fintech regulation, blockchain as well as artificial intelligence industry and myself. the regulatory committee was tasked to advise on the development of a regulatory framework for fintech in mauritius. the regulatory committee identified priority areas in the fintech space to be considered for regulation in mauritius and recommended the approach to be adopted in regulating this emerging sector of activities. further to the report of the regulatory committee, the financial services commission, mauritius, which is the integrated regulator for the non - bank financial services sector and global business in mauritius, was identified as the most appropriate authority in mauritius to promote the regulatory framework for digital assets in mauritius. in september 2018, the financial services commission issued guidance note on the 3 / 5 bis central bankers'speeches recognition of digital assets as an asset - class for investment by sophisticated and expert investors. subsequently, on 05 november 2018, the financial services commission issued a consultation paper seeking feedback from stakeholders and the public on the proposed regulatory framework for the custodian services ( digital asset ) licence, which allows its holder to provide custody services for digital assets. the consultation paper has now been translated in a set of rules which became effective as from 01 march 2019, thereby positioning the mauritius ifc as the first jurisdiction globally to offer a regulated landscape for the custody of digital assets. the financial services commission has ensured that the distinct regulatory frameworks are in line with international standards set by institutions like the organisation for economic cooperation and development and the fatf. mauritius has participated fully in discussions at the level of the oecd on the governance and regulation of digital financial assets and the regulatory framework for this activity segment has been developed in reference to these international consultations and the fatf recommendations have been fully considered in the regulatory approach taken by mauritius to regulate the custody of digital assets as a business activity. as technology is a constantly evolving affair, we need to be at the forefront of the latest development. this requires specialized skillsets which might not be available in all regulatory bodies, thereby heightening the need for continued upskilling and capacity building. 6. cross - border regulation with the globalisation of financial services, collaboration has always been a requirement for financial services regulators across the globe. the need for cross border cooperation between financial services regulators is becoming even more crucial in relation to fintech. adherence to a common set of standards will foster

will only enhance the fine reputation that hsbc has so well established in the world of banking. • a bank, safe as houses ; qui ne presente, a nous, aucun risque. we look to banks, such as yours, to save us from the contagious risks of the growing, global, credit delinquency of the past decade. this, previously subterranean, force erupted in 2007, sweeping like a terrifying tsunami, across the oceans of the banking and finance world. and we, as bankers, were, frankly, as ill - prepared, as were the tourists and hoteliers, faced with the indian ocean tsunami, at this festive season, just three years ago. and now as a climate change is approaching, i look to you and all our colleagues in banking, to find the courage and leadership to adapt our early warning systems and take corrective action. there are few white knights left to come to our rescue. our destiny is in our own hands. we must never forget, that, despite our splendid buildings, and may i say your kind festive hospitality, despite these smart new surroundings, each bright new dawn, that you will see rising here over the beauties of grand bay, is not the herald of paradise to come, but merely a fresh light on the cold realities of the banking world. banks are fragile institutions. banking is a delicate business. for banks are like pretty girls and roses ; they last, while they last! in the global business sector, hsbc is a market leader. we are all looking to such global leadership to help to move us from the tidal waves of 2007 into calmer waters in 2008. mauritius is at a critical phase in its economic development. the country is undergoing significant reforms. inflation is coming down into single digit, the currency is stronger, tourism and investment are growing. banks, like yours, have a vital role to play with their potential to promote the principles of sustainable development through sounder lending and wiser investment. i trust you will continue to play your undisputable role in promoting the continued social and economic welfare of this country. in mauritius, bank branching, remains an indispensable strategy for banks. customers view nearness to a branch as a determining factor in the choice of their banks. hsbc has thus extended its network and now has 11 branches and 13 atms across the country. today, this new branch is for us, and for the people of mauritius, a