The development of the FinTech sector in Mauritius
This breakthrough was the next logical move following the introduction of 2 new licenses by the FSC, namely:
- The Custodian Services (Digital Asset) License; and
- The Digital Asset Marketplace License.
Mauritius could not have remained insensitive to an environment which is evolving into digital and cashless at a fast pace. It is critical for Mauritius to position itself as a forward thinking International Financial Centre in this age of digitisation. This will undoubtedly unearth exciting opportunities given the fact that the Fintech sector is soaring on the African continent and this move will reinforce the value proposition from Mauritius as a natural gateway to Africa.
On the 5th September 2018, the FSC and the “Autorité des marches financiers” France have signed a Cooperation Agreement in the field of FinTech. The main objective of this agreement is to promote innovation in the financial services in both markets.
To reinforce its interest for the development of the FinTech, the Government has put in place a National Regulatory Sandbox Licence (RSL) Committee where the main roles are to operate as an independent committee to coordinate the processing of all RSL applications made to the Economic Development Board in relation to fintech as well as to be the main point to assess all fintech related RSL application and measures mentioned in the Mauritian budget 2018/2019.
Further regulatory developments are expected in the Fintech space to address challenges and risks associated with digital assets.