Mauritius is hoping to set itself up as a FinTech hub and is eyeing the launch of a sovereign fund to support FinTechs in the area.
During a Financial Services Commission Mauritius meeting, the regulatory committee discussed how it could become a hub in the region. One of the points discussed was building incentives to attract FinTech activity to the island and using a sovereign fund to supply seed capital to the companies.
The committee held talks about building an open and transparent regulatory ecosystem for FinTechs, and exchanging information with other regulatory authorities to support the development. It also outlined plans to identify the best technology innovations and ensuring Mauritius kept up with them.
The committee focused heavily on blockchain technology including regulating blockchain-related solutions, using the technology for the prevention of hacking and fraud and recognising the benefits the solutions can have on its economy and society.
Following the meeting, the committee will asses the current regulatory set up in Mauritius and make recommendations to build new regulations for FinTech and innovation.
Last month, blockchain-based identity system SelfKey received a Mauritius’ Regulatory Sandbox License. This will enable the company to develop its self-sovereign digital identity wallet with a better regulatory certainty.
The Sandbox was launched by the Mauritius Board of Investment in 2016, and offers businesses to develop solutions where there is no legal framework or existing legislation in Mauritius, according to the company.
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