Positioning Mauritius as a Regional Fintech Hub
In line with the 2017-2018 budgetary measure announcing the creation of an association for the Fintech industry, the Board of Investment in collaboration with the Financial Services Promotion Agency organized a one-day consultative workshop themed “Shaping the Fintech Landscape” this morning, 20th September 2017 at Le Meridien Hotel. The objective of the workshop is to prepare an action plan for the sector and establish the goals and functions of the association. It sets the stage for the creation of a new economic pillar and provides a new dynamism to the ICT and financial services sectors.
In his speech, Honourable Dharmendar Sesungkur, Minister of Financial Services, Good Governance and Institutional Reforms underlined that the workshop is in line with the Government’s vision to upgrade our offerings, for it is designed to transform a treaty-based development model into a substance-based framework to create opportunities for new activities.
The minister also commended BOI for its role to develop and formulate new measures to boost the economy. Accordingly, Fintech is seen as a driver for the expansion of the financial sector. The business community has been reassured that Government will create a conducive ecosystem to tap into this trillion-dollar industry. The minister concluded that Fintech is part of a Fourth Industrial Revolution which will unlock the full potential of financial services by applying new technologies and, concurrently, blurring the frontiers between the possible and the impossible.
On the other hand, Mr. Ken Poonoosamy, the Managing Director of the Board of Investment, reiterated BOI`s commitment to engage with stakeholders to create a Regional Fintech Association that will act as a think-tank, advise on required regulatory amendments to create a network of international institutions. He further added that since the introduction of the Regulatory Sandbox Licence in 2016, BOI has received expressions of interest for projects in the Fintech space ranging from blockchain-based platforms for AML/KYC and title deeds registration, peer-to-peer lending solutions, completion bonds, initial coin offerings or even crypto currencies and exchanges.
This workshop emphasizes the role of the organization in bridging the gap between aspirations and innovative ideas and their materialisation into concrete projects which will enhance our economic climate. The workshop also served as a platform for stakeholders to interact with Ms. Nicole Anderson, CEO of FinTech Circle Innovate, and Ian Dillon, founder of Now Money. These two FinTech experts are collaborating with BOI to develop this new services segment.
21 September 2017