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Financial Services: Launching Of Framework Governing The Use Of Digital Signature To Streamline Financial Processes

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A framework governing the use of Digital Signature in the financial sector aiming to streamline financial processes, and ensure a seamless blend of authority and efficiency, was launched, on Monday, at the Financial Services Commission (FSC) House in Ebene. A video clip on the use of Digital Signature was also presented on the occasion.

The Minister of Financial Services and Good Governance, Mr Mahen Kumar Seeruttun, the Minister of Information Technology, Communication and Innovation, Mr Darsanand Balgobin, the Chief Executive of the FSC, Mr Dhanesswurnath Thakoor, and other personalities were present.

In his keynote address, the Financial Services Minister highlighted that the use of digital signature will be a major addition for the Mauritius International Financial Centre and help in ease of doing business.

Launching Of Framework Governing The Use Of Digital Signature To Streamline Financial Processes

The Minister recalled that Digital Signature was first introduced through the Electronic Transactions Act in 2000 but was not commonly adopted. He remarked that during the COVID-19 pandemic, the financial services sector was able to operate as service providers and easily adapt to the digital world. The sector, he pointed out, recorded a growth of 1 % in 2020 followed by a growth of 4.6 % in 2021, adding that it has a major potential to become a pillar of the Mauritian economy.

He commended the FSC’s pioneering initiative to introduce guidelines for secure digital signature usage which aligns with global trends in financial digitisation. This tool will allow businesses to significantly reduce paper use, provide swifter services and process especially where customers need to sign multiple documents as well as a higher level of security, he said.

As per Statista, the global electronic signature market was valued at around USD 3.9 billion in 2022, and is projected to grow to USD 43.14 billion by 2030, he indicated. This clearly demonstrates the increasing need to adopt this new tool and Government’s commitment in ensuring that Mauritius remains the preferred choice for secure, reliable, and forward-thinking investments, emphasised the Minister. He called on stakeholders to continue to work in line with Government’s strategy to position Mauritius as an international financial centre of choice and an important player in the region.

Framework Governing The Use Of Digital Signature To Streamline Financial Processes

For his part, Minister Balgobin underscored the role of technology as a driving force behind the ongoing transformation of the financial sector. The adoption of latest technologies, he stressed, will ensure that the country remains at the forefront of global financial innovation. The FSC, he highlighted, with the launch of the framework, is spearheading a transformative era of secure, efficient and a regulated use of digital signatures in the financial sector. This signifies a strategic shift in how technology can be harnessed for broader national development, he observed.

Speaking on the guidelines, he indicated that they prioritise enhanced security, and are a set of key strategic objectives for the country’s digital ecosystem. They will help secure financial transactions and set a precedent for other sectors to follow in strengthening their digital security, he pointed out.

As for Mr Thakoor, he stated that the adoption of digital signature will represent a transformative leap in streamlining financial processes, reduce cost of overheads while positively help to improve the ranking of Mauritius in global financial index. He noted that the comprehensive guidelines will endorse the use of digital signatures, ensure their appropriate and secure application in compliance with international standards and good practices.

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