The Bank of Mauritius (BoM) has inked a Memorandum of Understanding (MoU) with the Reserve Bank of India Innovation Hub (RBIH) on February 27. This collaboration demonstrates the BoM’s sustained commitment to fostering innovation, advancing digital capabilities within the financial sector, and supporting financial inclusion.
The MoU provides a structured framework for cooperation between the BoM and the RBIH. The agreement defines areas for partnership, including knowledge sharing, technical assistance, and joint initiatives designed to foster innovation and strengthen resilience across the financial sector through the use of emerging technologies for the provision of banking and payment solutions, as well as other financial services.
By partnering with the RBIH, the central bank aims to accelerate the adoption of emerging technologies, enhance regulatory frameworks, and bolster the resilience of the country’s financial system. In the wake of the MoU, the BoM and the RBIH will establish working groups to identify key priorities and formulate joint work plans.
CEO of the RBIH, Mr. Sahil Kini, commented: “Our partnership with the Bank of Mauritius reflects a mutual ambition to accelerate responsible fintech innovation. By aligning expertise and insight, we aim to drive meaningful and measurable progress.”
Following the MoU, the Second Deputy Governor of the Bank of Mauritius, Ramsamy Chinniah, stated: “The signature of this MoU highlights the focus of the Bank on strengthening its cooperation with its foreign counterparts. This cooperation between the Bank of Mauritius and the Reserve Bank Innovation Hub will undoubtedly benefit both institutions in their goal of fostering innovation while safeguarding financial stability. The timing of this signature could not be more fitting as the financial sector is currently undergoing an unprecedented technology and innovation-driven transformation.”
