Mauritius reaffirms its position as a Secure & Innovative FinTech Hub

To further foster a strong and conducive ecosystem for FinTech related activities in Mauritius, the Economic Development Board (EDB) has signed a Memorandum of Understanding (MOU) with the United Nations Office on Drugs and Crime (UNODC), on the 18th of September 2019, in the presence of the Honourable Nandcoomar Bodha, Minister of Foreign Affairs, Regional Integration and International Trade of the Republic of Mauritius at the New Treasury Building in Port-Louis.

A new FinTech ecosystem is being developed in Mauritius with the technical expertise of the UNODC, in partnership with the UNODC Executive Advisers in FinTech matters.  The EDB in consultation with the Financial Services Commission (FSC), the Ministry of Finance and Economic Development and the Bank of Mauritius (BoM) has facilitated the implementation of this new framework.

The collaboration with the UNODC testifies the shared commitment between the two organisations to work together with a view to develop a conducive, secure and transparent ecosystem in Mauritius to spearhead fintech innovations and position Mauritius as an innovative fintech hub.

The new framework will cater for activities in the fields of self-regulation organization, electronic money institutions, tokens exchanges and marketplace.

In this regard, this MoU is geared towards facilitating projects by foreign companies endorsed by the UNODC, exchanging of letters between the Government of Mauritius (Ministry of Foreign Affairs) and the UNODC regarding the setting up of a UNODC Project Office in Mauritius and finally, exchanging of letters between the FSC and the UNODC to revisit the framework on Self-Regulatory Organisations.

As the Government has embarked on an ambitious journey to transform Mauritius into a Smart Digital economy while focusing on attracting investment in the FinTech space, it is pivotal to be in conformity with the international high norms and standards.

In this perspective, the MOU with UNODC harnesses the powerful advantages of the FinTech revolution, coupled with the innovative measures introduced by the Government which further consolidate the right foundations for FinTech firms and FinTechpreneurs to flourish. This new wave of FinTech innovation in the country will undoubtedly spur efficiency gains in the financial sector, offer better and more targeted products and services, improve productivity, and deepen financial inclusion.