The Bank of Mauritius, as the regulator for the Banking Sector and also having been mandated to ensure the stability and soundness of the financial sector, has been following closely the evolution of Fintech. I must, nonetheless, highlight that the application of technologies in financial services is not new.
The banking sector, for example, has been subject to gradual transformation through technological advent over the past decades – the advent of ATMs, credit cards, cheque truncation, internet banking, cross border transfer of funds, amongst others are just a few examples. Technological evolution of the financial services sector therefore is a natural phenomenon which happened in a phased and orderly manner.