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Mauritius wants to Become Africa’s Fintech Hub with new Budget, Eyes Regulatory Framework for Peer-to-Peer Crowdfunding Platforms

NIP

The Mauritius government latest budget is focusing on the promotion of fintech services as the island looks to establish itself as a leading fintech hub in Africa.

The number of startups and companies that have been granted regulatory sandbox licenses by Mauritius’s Economic Development Board (EDB) has grown to nine in the first eight months of the year.

This, after the EDB announced in a statement in January that it had granted five sandbox regulatory licensees.

The Mauritian Financial Services Commission (FSC) has also established a regulatory framework for digital asset custodian services.

The new regulation requires custodian services “to comply with the applicable framework for [Anti-Money Laundering] AML/CFT [combat financing terrorism] in line with international best practices.” Harvesh Seegolam, the chief executive of the FSC said.

According to the statement, the framework was developed following consultations with the Organisation for Economic Cooperation and Development (OECD) on the governance and regulation of digital financial assets such as cryptocurrencies.

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Mauritius’s Financial Service Commission is currently in the process of drafting regulations to oversee peer-to-peer crowdfunding platforms.

Also, in October 2017, the State Bank of Mauritius (SMB) announced that it would partner with Fintech firm SALT (Secured Automated Lending Technology) in order to use blockchain assets as collateral for loans.