Port-Louis, December 4: In the context of the last podcast of the MCB Talk, ‘Behind the billions’, CEO Jean Michel Ng Tseung spoke on the vision and catalyst role played by the banking institution to stymie sustainable growth on the island. He emphasised the importance of the public and private partnership, in particular the banking sector, playing a key role in socio-economic development. He hopes to see in the coming years the emergence of a new cycle of significant growth, similar to the years 1990 and 2000, for sustainable and inclusive development.
Call to renew economic dynamism
He argues that the public-private partnership is essential to renew economic dynamism on the island and help develop emerging opportunities. This model has contributed towards the first wave of Independent Power Producers (IPPs) and has stimulated the deployment of strategic projects pertaining to renewable energy, circular economy, and digital infrastructure for the country, among others.
Jean Michel Ng Tseung also hinted at the new blueprint with emphasis on the blue economy, underlining the huge potential offered, such as sustainable fishing, maritime infrastructure, and biomarine technology. On the digital plan, he believes that Mauritius can aspire to become a regional payments hub for digital assets.
Client experience at centre of priorities
Incepted since 187 years and socially anchored on the island, the MCB Group has created huge expectations among clients while at the same time creating the perception that it is a public utility bank. Jean Michel Ng Tseung sheds light on the financial performance of the bank and profitability source, underlying that 74 percent of it hails from abroad. However, he remains attentive to customer feedback based on their experience.
Strengthening the teams, intensifying training, and helping to improve operational efficiency remain priorities for the banking institution. On the other hand, technology remains a mammoth challenge with a new generation increasingly turning to digital solutions, in particular Juice, hence the continuous investment made to help improve the mobile application.
Consolidating teams, intensifying training, and improving operational efficiency remain priorities for the banking institution. Technology, he continues, remains the nerve of the war, with a new generation that is turning more to digital solutions, in particular Juice – hence the continuous investments to improve the mobile application.
Sustainable development as continuous commitment
The MCB Group is also capitalizing on a direct collaboration with all stakeholders to help address national challenges, in particular, climate change, impacting the ecosystems and economic activities. The impact of the flash floods, drought period, or erosion of the beach is non-negligible. Despite the trend witnessed in other financial institutions abroad putting into question their sustainable development strategy, Jean Michel Ng Tseung remains convinced about the commitments heralded by MCB and recalls, “What we are doing is fine and is aligned with our identity and values.”
At the local level, the MCB has stopped the funding of projects using coal, compensates its direct footprints through carbon credit, and has facilitated the access of a Sustainable Loan of Rs 10 billion to the intention of companies, while in Africa, it is a question of supporting a fair transition.
A context laden with uncertainties
The MCB CEO has also emphasised the economic context, both the country and the MCB Group are evolving-between international external factors and geopolitical tensions-while lauding the resilience of the African continent. Cautiousness is recommended to ensure effective risk management.
Maintaining the country’s investment grade and that of the bank remains a crucial imperative, while at the same time, the jurisdiction needs to remain on the White List of the FATF. Despite the headwinds such as higher taxes and lower interest rates that will impact profitability, the MCB Group remains focused on its 2030 vision, while continuing to contribute actively in the strong positioning of Mauritius as a reputable international financial centre and fostering its economic development.
