Mauritius to build regulatory ecosystem for FinTechs

Mauritius is hoping to set itself up as a FinTech hub and is eyeing the launch of a sovereign fund to support FinTechs in the area.

During a Financial Services Commission Mauritius meeting, the regulatory committee discussed how it could become a hub in the region. One of the points discussed was building incentives to attract FinTech activity to the island and using a sovereign fund to supply seed capital to the companies.

To position Mauritius as a regional hub of ‘sound repute’ in the field of Fintech Regulations, it plans to building an open and transparent regulatory regime for Fintech in Mauritius which encourages innovation., along with exchanging information with other recognised regulatory authorities to contain any kind of illegitimate activities. In regulating blockchain-related activities, it will take into account the use of latest technology that will prevent hacking and other kind of frauds.

Following the meeting, the committee will assess the current regulatory set up in Mauritius and make recommendations to build new regulations for FinTech and innovation.

The committee said it will assess the current regulatory set up with respect to Fintech and Innovation-driven Financial Services Regulations in Mauritius, and make recommendations on the need to introduce new sets of regulations for Fintech and lnnovation. It will also identify priority areas within the regulatory space of Fintech activities.

Last month, blockchain-based identity system SelfKey received a Mauritius’ Regulatory Sandbox License. This will enable the company to develop its self-sovereign digital identity wallet with a better regulatory certainty.

The Sandbox was launched by the Mauritius Board of Investment in 2016, and offers businesses to develop solutions where there is no legal framework or existing legislation in Mauritius, according to the company.

Copyright © 2018 FinTech Global

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