The 2018 Financial Services Zug (IFZ) Fintech rankings currently reveal Singapore as the leading country worldwide, while Cape Town (South Africa) leads the way for Africa ranking in the top 30 globally. With this in mind, Mauritius has set its sights on becoming Africa’s ‘Fintech’ hub as the Government’s budget has made provisions to focus on the promotion of these unique and in-demand services.
‘Fintech’ is an abbreviated word for financial technology. This technology, through innovation and advancement in the digital space, challenges traditional financial methods and delivers new applications, processes, products, and business models to improve financial activities.
As it stands, Mauritius is already heading key financial changes with international ‘best practices’ in mind. It has been reported that the Mauritian Financial Services Commission (FSC) is setting out a regulation for digital asset custodian services to align with frameworks that aid in combatting money laundering and financial terrorism. This proposed rule will also aid in regulating and governing digital finance assets.
Mauritius is already ranked first in Africa for 2018 in Global Competitiveness, the Social Progress Index, and the Mo Ibrahim Index of Africa. In 2016, Mauritius ranked at the top in Africa on the Global Information Technology report. There is no doubt that Mauritius will achieve what it sets out to do to claim the leading hub for fintech services.
