Spring 2020 Issue
Kee Chong LI KWONG WING, G.O.S.K. (K.C. LI) SBM
Financial Services, a sister company of Alibaba Group. The objective was to facilitate payments by merchants and Chinese tourists visiting the island — and to maintain good relationships with Asia. SBM’s strategies have been enhanced by continuous investment in the research and development. SBM is aware that the growth of a business depends on its ability to adapt to new technologies. The world is converging on digitalisation, and people are getting connected at an impressive rate. In line with the technological developments around the world, the government of Mauritius implemented a digital transformation strategy — and so did SBM Group. As a reliable financial services provider, SBM deepens its technological research and investment to find the best talent and to transform its services to digital. Back in 2015, SBM implemented a plan to allow its customers to do their banking online, and at their convenience. There was no longer a need to physically visit a branch. The digitalisation plan began with the deployment of online services via internet banking and mobile apps on customers’ mobile phones and tablets. SBM offers customers easy access to their accounts, and has extended CFI.co | Capital Finance International
this same service to other countries where it operates, including India, Kenya, Madagascar and the Seychelles. SBM’s digitalisation and innovation initiatives also consider the environment. SBM has set up an electronic signature system which allows the digitalisation of documents and forms, reducing paper consumption. By partnering with giants from Silicon Valley — notably Consensys — SBM has been at the forefront in provoking debate on the introduction of blockchain in the banking and administrative systems, mainly as a tool to facilitate the KYC (know your customer). The SBM Academy, launched two years ago, will be used for high-level training — including potential courses on the use of blockchain technology to improve efficiency and service in the financial sector. SBM Group has evolved from being a retail domestic bank in Mauritius — capitalising on its strengths and experience and making use of the advantages that Mauritius offers as a financial hub — to become a financial institution with investment banking capabilities in the Indian Ocean rim. It facilitates trade and investment in the booming Asia-Africa corridor — in the interest and needs of its customers. i 177