To continue the development of the Fintech sector, the following measures have been announced in the budget:
- The establishment of a regime by the Financial Services Commission (FSC) to cover Robotis and AI enabled financial advisory services;
- The introduction of a new licence for Fintech Service providers to encourage self-regulation for Fintech activities;
- The introduction of e-signatures and e-licences on a pilot basis; and
- The creation of Crowd Funding as a new licensable activity.
The Financial Services Act foresees changes in order to allow the FSC to regulate crowd funding, Fintech Service Providers and Robotic Advisory Services. In order to mitigate risks in the above sector, the FSC shall develop a code of conduct with the aim to address cyber risks.
On the academic side the budget provides for an extension of the eligible sectors for work to Fintech for international students on a Post-Study Work Visa. A Mauritian university will collaborate with Université de Limoges and Université de Nice to offer a Masters in Artificial Intelligence and Robotics.
On the local front, the Human Resources Development Council will set up a 6-month Artificial Intelligence Skills Development Programme for 100 students with the support of the local universities and international experts in view of creating well equipped professionals for the fintech sector.