The Mauritius Artificial Intelligence (AI) landscape, the future of banking and financial services as well as Fintech in the Republic of Mauritius were the topics discussed, on Thursday, at the AI Summit Day Two in the context of the Mauritius Emerging Tech Exhibition (METX) 2024 being held from 08 to 12 May 2024 at Le Meridien Ile Maurice, in Pointe aux Piments.
The Minister of Financial Services and Good Governance, Mr Soomilduth Bholah; the Minister of Information Technology, Communication, and Innovation, Mr Darsanand Balgobin; and other personalities were present on the occasion.
In his keynote address, Minister Bholah, stressing on the amazing potential of the AI revolution in transforming industries and revolutionising economies, highlighted the need to explore ways in which every innovative breakthrough or application could enhance productivity and capabilities to progress as a nation.
The digitalisation of financial services, he underpinned, is at the top of Government’s agenda. On this note, he outlined a series of measures to foster innovative entrepreneurship, namely: the establishment of a new Mauritius Innovation and Entrepreneurship Framework for young inventors and entrepreneurs to push their ideas into the market and refine them; and the setting up of a High-Level Committee to consider all issues related to the Regulatory Sandbox Licensing (RSL) for Fintech activities and to guide stakeholders on the functioning of the RSL framework.
Moreover, the Minister put forward how AI is all set to reshape the financial services sector by driving innovation, improving efficiency, detecting fraud, and enhancing the customer experience. He thereby dwelt on the significant efforts made by the Financial Services Commission (FSC) in moving Mauritius on the AI and Fintech journey.
These include: the implementation of a full-fledged set of rules that allows for the conduct of robotic advisory services that are enabled by AI and will strengthen the WealthTech segment of financial services in Mauritius; and the launching of an AI-powered due diligence platform in collaboration with the Mauritius Research and Innovation Council to automate the due diligence process for licence applications, making it faster and more efficient.
Minister Bholah, moreover, gave an overview of blockchain technology which has emerged as a game-changer in the financial landscape and on one of its most significant applications, asset tokenization, where real-world assets such as real estate, art, commodities, and securities are represented digitally through tokens on a blockchain network; and cryptocurrencies which enable direct online payments between parties without the need for intermediary financial institutions.
Cryptocurrencies, he affirmed, are gaining recognition as an alternative investment asset, and, Mauritius, with its robust regulatory framework and dedication to innovation, is strategically positioned to capitalise on this emerging market segment. It is in this perspective that the Financial Services Commission has made it its topmost priority to review its financial legislative landscape to ensure that it remains future-proof and technology-agnostic, flexible, and resilient to enable the development of innovation-driven financial services, the Minister added.
On this score, the Minister asserted that these initiatives and advancements do not only showcase their commitment to innovation but also position the jurisdiction as a burgeoning Fintech hub on the global stage.
