FinTech being the portmanteau of the term “finance” and “technology”, is the use of technology to magnify the financial services and processes of any business. In fact, FinTech is not a new industry, but simply one which has evolved rapidly. This evolution has brought products such as Digital Assets, Artificial Intelligence, Blockchain and many others.
As per the Act, ‘virtual asset’ is a digital representation of value which may be digitally traded or transferred and can serve as a mean for payment or investment, but does not include a digital representation of currencies, securities and any other financial assets that fall under the scope of the Securities Act 2005.
As a dynamic International Financial Centre, Mauritius knows the importance to offer a safe and favourable platform for all stakeholders in the FinTech Industry. In 2018, a FinTech and Innovation-driven Financial Services Regulatory Committee was held at the seat of the FSC of Mauritius. From the discussion, keeping track of the best technological innovations, and ensuring Mauritius is up to date with any advancement in the FinTech ecosystem was the core initiative.
In a nutshell, Mauritius positions itself as a regional hub and has all the framework necessary for anyone seeking to do business in this fast evolving and highly promising industry. As a matter of fact, Mauritius is gaining ground concerning regulatory innovations, to portray itself as an aspiring leader in the FinTech sector.