Africa-Press – Mauritius. Artificial Intelligence (AI), Cybersecurity, Big Data Analytics, and Augmented Reality are among the key trends shaping the banking sector’s future and are driven by the needs of the citizens.
This statement was made by the Minister of Technology, Communication, and Innovation (ICT), Mr Darsanand Balgobin, on 15 September 2023, at the United Docks in Port Louis.
He was participating in the celebrations marking the 15 years of presence and operation of the International Card Processing Services (ICPS) and HPS Group, the leading global provider of payment solutions, in Mauritius.
The Minister noted that ICPS is a well-known leader in the card payments industry and has evolved as a key player in the regional and international markets with clients including banks and mobile network operators.
He lauded them for continuously investing in research and development geared towards technological innovation. “This dedication will certainly lead to cutting-edge technology solutions that will shape the future of payment systems,” the Minister added.
Furthermore, Mr Balgobin underlined that from mobile payments to AI-powered chatbots, the latest innovations in digital technology are transforming the banking industry.
These new technologies, he pointed out, are revolutionising the banking sector by enhancing customer experiences, streamlining operations, and offering personalised financial services through intelligent algorithms and immersive interfaces.
Speaking about regulatory frameworks, the Minister underlined that Government believes that the positioning of our International Financial Centre in the region is a key part of our strategy for economic development and has undertaken significant efforts to enhance our legal and regulatory frameworks to align with international norms.
In addition, he observed that Government also aspires to position the country as a regional hub for Technology and Innovation and is continuously strengthening our cyber defences by implementing robust security measures to prevent cyberattacks and minimise the damage caused by any attack.
“My Ministry is relentlessly working together with local and international regulatory bodies to develop new legislation and policies that would enforce strict cybersecurity frameworks on organisations in both the public and private sectors,” Mr Balgobin reiterated.
Minister Balgobin further remarked that in this ever-evolving landscape of technological advancements, the Metaverse which is a virtual, interconnected space where individuals can interact, transact, and engage in a multitude of activities, is becoming an integral part of the digital world.
“Over the past year, investments in Metaverse-related technologies and platforms have surged by more than 300% globally, with major players in the financial industry recognising its transformative potential,” he pointed out.
On that score, the Minister emphasised that the Metaverse represents an exciting journey as its potential implications for the banking sector cannot be ignored. The Metaverse, he added, challenges us to explore innovative ways to enhance customer engagement and improve security measures.
Finally, Minister Balgobin indicated that through public and private collaboration and innovation, the full potential of technology to create a more secure, accessible, and customer-centric banking experience for all can be harnessed.
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