rundheersing bheenick : bank of mauritius – brief review of activities in speech by professor rundheersing bheenick, governor of the bank of mauritius, at the launching ceremony of new notes and coins, port louis, 6 december 2007. * * * i welcome you all to this finale of the celebratory events of our 40th anniversary year. over the last four months, on a more serious theme in our festivities, we have had a series of lectures on banking, money and finance. professor bishnodat persaud addressed us from the west and spoke on trade, finance and currency. this was preceded by two reviews of monetary policy from sweden by professor stefan gerlach from the bank for international settlements, which is the central bank of central banks. then, from switzerland, we had professor philippe bacchetta on financial market development and economic growth. this week, we had a fascinating review of the changing axis of global finance and the rise of india and china by dr y. venugopal reddy, the governor of the reserve bank of india. finally, only yesterday, we had a special address at the bank from my good friend dr paul acquah, governor of the central bank of ghana who covered the raging debate on the performance of the imf over the past decades. the heart of our job, or rather what we formally call our corporate responsibility, is to contribute to and i quote from the bank of mauritius act 2004 : “ the orderly and balanced economic development of mauritius ”. as part of this, we are giving special attention to the importance of being a good corporate citizen. one special moment for me was in laying the foundation stone of our new building in rodrigues to better serve the large community of our sister island. but the corporate function probably works best when it is done with a lighter heart and a looser step than was the practice of bankers of the distant past with their bowler hats and their pin stripe suits. let me mention now some of our other activities in this anniversary year. • we have launched what we called originally a “ financial literacy and outreach programme ”. now, if you mull over the acronym of a “ financial literacy and outreach programme ”, “ flop ”, you will understand why we changed this name to “ consumer outreach programme ”, for “ cop ” sounds better than “ flop ”. • we have opened our doors to over - the - counter sales of security bills and bonds. • we

standardization of the regulation across countries and facilitate cross - border regulation of digital assets. obviously, cross border regulation implies cooperation and collaboration between regulators. it is common practice for financial services regulators to sign memorandum of understanding ( mou ) with their counterparts for cooperation and exchange of information in the field of conventional financial services. these mou may now have to be extended to collaboration in fintech and financial innovation. it may be foreseen that such collaboration will improve the cross - border regulation of fintech and digital assets through : a. harmonised / equivalent fintech regulatory frameworks across jurisdictions which is an effective tool against regulatory arbitrage and will enable licensed fintech business to have access to other markets ; b. bridging the expertise gap between jurisdictions for efficient framework development ; and c. capacity building and knowledge sharing in the field of fintech supervision for financial services regulators. concluding remarks 4 / 5 bis central bankers'speeches the launch, in january 2019, of the global financial innovation network1 aims at acting as a network of regulators to promote information and knowledge sharing on emerging innovation trends as well as promoting joint policy work and regulatory trials by enhancing collaboration between regulators on key policy questions with the view to support the work of standard setting bodies, amongst others. all of us in this room who have a keen interest in promoting financial innovation should collaborate and support this initiative in the hope that a standardized and agreed sets of principles and practices for fintech and digital assets may unfold soon for the benefit of the market participants and regulators alike. summits, similar to this one, acts as incubators for sharing our thoughts and vision for this innovative sector. i am confident that this summit will foster cooperation and collaboration between regulators, investors and international organisations. i wish us all success in this area. gfin has been established by an international group of financial regulators and related organizations is an indication of the willingness of the global community to promote financial innovation in an efficient and orderly manner 5 / 5 bis central bankers'speeches