Africa-Press – Mauritius. Cybernaptics and the Mauritius Institute of Directors (MIoD) organised, today, their latest Innovation Forum to explore the link between emerging technologies and good corporate governance, at the Hennessy Park Hotel, in Ebène.
The forum on the theme ‘Elevate, Automate, Innovate: Revolutionise the way businesses operate in today’s digital landscape’ was launched in the presence of the Minister of Technology, Communication, and Innovation, Mr Darsanand Balgobin. A Regulatory Technology (RegTech) Platform, ‘Algorythmics’, was also launched on the same occasion.
The Chief Executive of the MiOD, Mrs Sheila Ujoodha; the Managing Director of Cybernaptics and Chairman of the National Cybersecurity Committee, Dr Viv Padayatchy; the Chief Executive of the Financial Services Commission, Mr Dhanesswurnath Thakoor; the Chairperson at Mauritius Finance & Managing Director at Trident Trust, Mrs Shamima Mallam-Hassam, and other personalities were present on the occasion.
In his address, Minister Balgobin highlighted that today’s forum will be focusing on the role of RegTech in revolutionising Business Compliance which is crucial to bring together the strengths of the public and private sectors, accelerate technological progress, and; ensure that innovation adoption promotes economic growth and global competitiveness.
As regards the Regulatory Platform, the Minister underscored that it is tailored to cater to specialised industries and provides customised strategies for productivity, efficiency, growth, and regulatory compliance.
Minister Balgobin indicated that today, technology is reshaping every economic activity both globally and locally. “Artificial intelligence, Machine Learning, Blockchain, and Data Analytics are some of the technologies critical to streamline and automate regulatory compliance processes within the Financial Sector,” he noted.
Speaking of public-private partnerships (PPP), the Minister emphasised that PPPs play a crucial role in driving technological advancements and fostering an environment conducive to innovation.
On that note, he commended the MIoD for consistently promoting the dialogue between the public and private sectors as these collaborations bring together the strengths of both sectors, leveraging their resources, expertise, and networks to achieve shared goals.
In addition, Minister Balgobin stressed that as we move forward into an increasingly complex and dynamic financial landscape, embracing regulatory technologies is imperative.
On this score, he congratulated Cybernaptics for pioneering this technology in Mauritius which, according to him, will undoubtedly revolutionise compliance and usher in a new era of efficiency and transparency.
To build a financial jurisdiction that is not only trustworthy but also adaptable and resilient, we must harness the potential of RegTech and continue to innovate in this field, he added.
The Minister also remarked that as financial markets become increasingly interconnected, Regtech can help harmonise regulatory compliance efforts across borders.
“By doing so, we can create a financial ecosystem that not only meets today’s standards but also anticipates and addresses the challenges of tomorrow,” he said.
For her part, Mrs Ujoodha observed that RegTech can prove to be a crucial tool for organisations navigating the maze of compliance and offers an intelligent and efficient way to remain compliant as well as become more competitive in a landscape that’s constantly shifting.
“By offering real-time insights and automating tedious tasks, RegTech can revolutionise risk management by helping businesses become more agile in adapting to regulatory changes swiftly making it more than just an option and rather an imperative,” she noted.
She further underpinned that it is paramount for Mauritius to bolster its position not just as an innovative nation but as a trusted International Financial Centre as well as a pivotal gateway to both Asia and Africa.
“By proactively embracing revolutionary technologies such as RegTech, we not only reinforce our nation’s competitive edge on the global stage, but also solidify the confidence and comfort of investors in choosing Mauritius as their preferred destination for investments,” the Chief Executive added.
As for Dr Padayatchy, he indicated that with Algorythmics, Mauritius is at the forefront of implementing a new era of compliance solutions. “Our platform, supported by cutting-edge technologies and local expertise, will enable companies to navigate the complexities of regulatory compliance with ease, explained the Managing Director.
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