The Republic of Mauritius wants to grow its FinTech sector. Now it has granted even more regulatory sandbox licenses to accomplish this.
With these new licenses, the number of companies having regulatory sandbox licenses has grown to nine, up from five, Ventureburn reported. Those five ones were given in January 2019.
Mauritius’s Economic Development Board announced the new licenses and said the companies granted theses certificates need to follow the board’s guidelines to a tee.
The companies granted licenses are online peer-to-peer lending platform Fundkiss, digital identity Self-Key, loan company Salt, WealtTech company Xentechnologies, crypto-exchange developer Fusion X, digital wallet company Be Mobile, crowdfunding platform CrowdInvest, crypto company PIRL and P2P borrowing platform FinClub.
FinTech Global reported about Mauritius’ aspirations to become a FinTech hub back in February 2018. This included the prospect of creating more transparent and open regulations.
The country is not alone in venturing down this route. For instance, Singapore unveiled a new sandbox option to boost FinTech innovation in the beginning of August 2019 and in the same month the Reserve Bank of India released its final framework for its regulatory sandbox.
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