The Economic Development Board (EDB) has on 18th September 2019 signed a Memorandum of Understanding (MoU) with the United Nations Office on Drugs and Crime (UNODC) with the view of fostering a strong and conductive ecosystem for Fintech related activities in Mauritius.
What is UNODC?
UNODC is a global leader in the fight against illicit drugs and international crime. Established in 1997 through a merger between the United Nations Drug Control Programme and the Centre for International Crime Prevention, UNODC operates in all regions of the world through an extensive network of field offices and is mandated to assist member states in their struggle against illicit drugs, crime and terrorism.
UNODC & Mauritius
UNODC, in collaboration with the UNODC Executive Advisers in Fintech matters is providing its technical expertise to Mauritius to develop a new Fintech ecosystem. This collaboration demonstrates the shared commitment between UNODC and Mauritius to work together to develop a conducive, secure and transparent ecosystem in the island to lead Fintech innovations and position Mauritius as an innovative Fintech hub. The framework being developed is set to cater for activities in the fields of self-regulation organization, electronic money institutions, tokens exchanges and marketplace.
The MoU has been drafted to facilitate projects by foreign companies endorsed by the UNODC, enhance communication between the Mauritian Government and the UNODC regarding the creation of the UNODC Project Office in Mauritius and also between the Financial Services Commission and the UNODC to revisit the framework on Self-Regulatory Organisations.
The signing of the MoU between UNODC and Mauritius is set to unleash advantages to the Mauritian Fintech ecosystem and allow Fintech entrepreneurs to further grow. This new wave of Fintech innovation in Mauritius will undoubtedly spur efficiency gains in the financial sector, offer better and more targeted products and services, improve productivity, and deepen financial inclusion.