21 September 2017

Mauritius: Government Aims to Transform Mauritius Into a Viable Fintech Platform, Says Minister Sesungkur

press release

Government's vision to upgrade the financial services will mark a significant shift in the paradigm for the sector. The diversification and upscaling of the financial services with technologies to spur a regional Fintech industry is the next big strand and Government is deploying all means and ways to create the adequate conducive environment to tap into this trillion-dollar industry.

This statement was made by the Minister of Financial Services and Good Governance, Mr Dharmendar Sesungkur, yesterday at the opening of a one-day consultative workshop on Fintech around the theme "Shaping the Fintech Landscape" organised by the Board of Investment (BOI) in collaboration with the Financial Services Promotion Agency at Le Meridien Hotel, Pointe aux Piments.

Fintech which is called upon to change drastically the face of businesses around the world provides a pathway to position Mauritius for the digital economy, fostering new business ventures, both in the financial services and technology industries as well as creating benefits across the country, underlined the Minister.

Moreover, he highlighted that as the BOI evolves into the Economic Development Board, their capacities and unparalleled expertise will certainly prove to be invaluable in re-engineering our financial services sector and the economy in general. With regards to the financial services sector, Mr. Sesungkur stated that his Ministry is currently engaged in the elaboration of a Blueprint for this sector.

The Minister expressed optimism that the workshop will bring together the insights, experience and endeavors of participants present into a focused, meaningful and, most importantly, realisable vision. He also recalled that the workshop comprised of panel discussions and will pave the way towards the establishment of a Fintech Association in Mauritius. The association will, inter alia, comprise industry leaders, start-ups, academia and Government to ensure coherence in the overarching strategy.

According to Mr. Sesungkur, through Fintech, Government will further diversify the base of opportunities by going full-throttle on an innovation-led growth model that will position Mauritius on the global and regional scene as an intelligent and forward looking economy. Fintech will also reduce costs through platform-based and decentralised technologies and the role of intermediaries, and provide faster services, he further outlined.

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