As AI continues to revolutionize various sectors, it’s crucial to stay updated with its advancements. The pervasiveness of AI is undeniable and it carries immense potential. However, it also presents considerable challenges. This perspective was highlighted by officials at the African AI and Blockchain Policy Forum that took place in Mauritius this week.
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Why are governments worldwide are focusing on AI and blockchain policies? Acknowledging the diverse challenges faced by different nations, such as Japan’s aging population or India’s focus on healthcare, agriculture, and education – as highlighted by Kay Firth-Butterfield in a podcast for Mckinsey – the authorities are also stressing on the need for adaptable strategies that address local needs effectively. However, amidst the excitement, there is also a diplomatic call to consider the ethical and social consequences of AI. The Chairperson and the Chief Executive of the Financial Services Commission of Mauritius, as well as the Governor of the Bank of Mauritius, shared insightful observations – at the African AI and Blockchain Policy Forum, organized by the Regional Centre of Excellence of Mauritius, in collaboration with the OECD – on how the future of finance is intertwined with AI and blockchain.
Mr. Dhanesswurnath Thakoor, Chief Executive of the Financial Services Commission, framed the discussion within the context of the 4th Industrial Revolution (4IR), a transformative era driven by the fusion of physical, digital, and biological realms. AI and blockchain, as underlying technologies, stand poised to reshape various aspects of society, from healthcare and education to governance.
Dispelling the mystique surrounding AI, Mr. Thakoor encouraged transparency from service providers, urging them to disclose the algorithms behind their codes. Transitioning to blockchain, he highlighted the need for policies, particularly concerning smart contracts and token features, to mitigate ethical and security risks.
The role of regulators was a key focus, with Mr. Thakoor emphasizing the necessity of coordination across regulatory domains. He outlined the FSC’s proactive stance, participating in global initiatives such as the IOSCO Fintech Task Force and the Global Financial Innovation Network. The FSC has implemented enabling legislation, recognizing virtual assets as an investible asset class and introducing rules for peer-to-peer lending and AI-enabled advisory services. Further, the FSC has taken steps to monitor fintech activities, conducting risk-based supervision and issuing alerts to sensitize the public. The Commission’s commitment to fostering innovation is evident through the introduction of a Regulatory Sandbox, providing a controlled environment for fintech companies.
Mr. Thakoor emphasized that the effective use of AI requires a concerted effort to define problems and develop strategies. He underscored the importance of laws facilitating the exchange of data between institutions to harness the full potential of AI-driven initiatives.
Mr. Mardayah Kona Yerukunondu, the Chairperson of the Financial Services Commission, shed light on the revolutionary potential of AI and blockchain in reshaping human history, drawing parallels to the monumental impact of the Industrial Revolution. In a world where the definition of AI is as diverse as its applications, Mr. Yerukunondu provides a simple yet profound characterization: “technologies with the ability to perform tasks that would otherwise require human intelligence.”
The early acceptance of technology platforms for currency transactions and digital payments has made Africa a fertile ground for further adoption of blockchain and AI technologies. Mr Seegolam also pointed out that in many African and developing countries, blockchain could transform how governments and markets operate by promoting transparency, ethical behaviour, and good governance.
The Governor of the Bank of Mauritius affirmed, “Accountability – and here, as a regulator, I have in mind the specific notion of due diligence – can be bolstered by technology.”
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