Budget 2018-19: Measures laying the foundation for new economic pillars: Artificial Intelligence and Fintech

Measures to support the Fintech sector

• The Government will set up a National Regulatory Sandbox Licence Committee for activities relating to Sandbox licensing for FinTech activities.

• The Financial Services Commission (FSC) will create new licenses to provide investors with a regulated environment for the safe custody of digital assets and to enable digital assets exchange

• Custodian of Digital Assets Licence
• Digital Asset Marketplace Licence

• The FSC will implement guidelines on investment in crypto currency as a digital asset.

• The FSC will ensure that applicants for FinTech activities have appropriate cyber-security and cyber-resilience policies and capacities.

MITCO COMMENTS

Development of the FinTech is one of the main priorities of the Government as it is  a highly emerging sector with huge potential which other jurisdictions are already tapping.

It is therefore important to create an innovation-friendly environment which facilitates the activities of FinTech companies – that’s the only way it could have been possible to position Mauritius as a regional FinTech hub for Africa.