The International Organisation of Securities Commissions (IOSCO) Africa/Middle East Regional Committee (AMERC) Public Conference, hosted by the Financial Services Commission (FSC), was held, on Wednesday, at the Westin Turtle Bay Resort & Spa, Balaclava.
Were present, the Minister of Financial Services and Good Governance, Mr Soomilduth Bholah, the Chairperson of the FSC and the First Deputy Governor of the Bank of Mauritius, Mr Mardayah Kona Yerukunondu; the Chief Executive of the FSC, Mr Dhanesswurnath Thakoor; and the Deputy Secretary General of IOSCO, Mr Tajinder Singh.
Minister Bholah lauded FSC’s endeavour in orchestrating the conference and commended its appointment as the AMERC representative to the IOSCO Board for the 2022-2024 term.
Speaking about the theme of the conference, “Navigating Tomorrow’s Financial Landscape: Innovation and Inclusion and Sustainability”, the Minister underlined the importance of focusing on the evolution of the ecosystem and environment in the financial services sector, while underscoring the significance of innovation, inclusion, and sustainability, particularly post the COVID-19 pandemic.
As regards the importance of promoting innovation, Mr Bholah stressed on the need of incorporating Artificial Intelligence, Fintech, and Crypto in businesses for enhanced profitability. As he further delved into the inclusion aspect, he observed that it is essential to create new tools to democratise the financial industry.
Concerning sustainability, Mr Soomilduth Bholah asserted that the climate crisis is a pressing issue requiring collective efforts, not solely from the Government, but with the involvement of various stakeholders due to the substantial funds needed.
The Minister moreover reiterated the conference’s prominence, stating that discussions during the event will encompass critical relevant issues. As a member of the IOSCO, the FSC aims to act in the country’s best interest, added Minister Bholah.
As for Mr Singh, he observed that the FSC Mauritius and IOSCO share common objectives and priorities that focus on promoting innovation, inclusion, and sustainability through Fintech, Crypto assets, and Artificial Intelligence.
The Deputy Secretary General discussed the matter of crypto assets, acknowledging that it is an area of considerable interest among investors. He pointed out that these technology-driven platforms encounter some risks which, he added, led IOSCO to issue recommendations to address these. These recommendations, he informed, have been shared with FSC Mauritius as well since it forms part of the IOSCO ecosystem.
