Showcasing the burgeoning Fintech space of Mauritius and the latest regulatory developments enabling Fintech preneurs to connect with Africa

In the margins of the Dubai Expo 2020, The Fintech Business Forum was held on the 9th December 2021 at the DIFC Waldorf Astoria, Dubai International Financial Centre during the Mauritius Finance & Investment Week. The event was graced by the presence of the Hon. Mahen Kumar Seeruttun, Minister of Financial Services and Good Governance and other eminent personalities.

In recent years, Mauritius has gained a growing global reputation as the preferred gateway for investment into (and out of) Africa. The Government of Mauritius has also recognised that the digital revolution presents an opportunity for smaller economies, like that of Mauritius, to leapfrog traditional industrial development. Accordingly, the aim of the Forum was to promote Mauritius as a jurisdiction of choice as a Fintech Hub for Africa.

A Panel discussion was also part of the Forum followed by networking session. The discussion revolved around the ecosystem and services offered by the Government and operators in the Fintech space in Mauritius.

In his opening address, the Hon. Mahen Kumar Seeruttun spelt out that COVID-19 has undoubtedly accelerated the digitisation of the financial services industry. It has clearly cemented our reliance on Financial technology (Fintech). With the unexpected shift to online working, shopping and entertaining, digital solutions have largely been the only means to overcome disruptions to our daily routines. Against this backdrop, Mauritius stands out as an attractive jurisdiction, which has implemented Fintech-friendly conceptual and regulatory frameworks within Africa.

He further added that the Mauritius IFC provides an ideal and flexible ecosystem which can be tapped by international investors and global technology firms / financial institutions willing to expand and diversify their portfolio of activities (into Fintech ventures across Africa).

In addition, the Hon. Minister stated that the various competent authorities in Mauritius, including the regulator for the non-banking financial services sector (i.e the Financial Services Commission), have inter-alia played critical roles in setting out new regulatory frameworks to support the growth of Fintech business activities in Mauritius. In the same breadth, several key regulatory milestones have been

1. Guidance notes for the Recognition of ‘digital assets’ as an investible class of assets for sophisticated investors and expert funds, inter-alia;
2. Licensing framework for the custody of digital assets;
3. Registration requirements of securities token offerings (STO) and licensing framework of STO trading platforms;
4. Rules for Robotic and Artificial Intelligence Enabled Advisory Services; and
5. Rules for Peer to Peer Lending and Crowdfunding (Investment-Based) respectively.

The organization of the Fintech Business Forum, bears testimony to the commitment of the Mauritian government to promote the visibility of Mauritius as a Fintech Hub for Africa, to attract investors and propel the sector to the next level of its development.