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Fintech Services in Mauritius

Fintech Services in Mauritius

Foreign investors coming to Mauritius have various operations to choose from if they want to open companies. Among these, financial technology represents one of the economic sectors that are in full development at the moment. Fintech is currently one of the most appreciated industries in the world, including in Mauritius.

Mauritius is working on becoming a fintech hub in the African region and its main strengths are the financial legislation that is well-regulated and the stable economy which recommends it for starting a business.

If you are interested in company formation in Mauritius and decide on a fintech-related activity, our local consultants can help you with various services.

The main fintech services provided by our agents in Mauritius

Fintech implies offering various financial services with the use of new technology. With a vast experience in the corporate field, our specialists can offer the following fintech services in Mauritius:

  1. legal advice on the financial and information technology legislation in Mauritius;
  2. assistance in setting up a business which operates in fintech in Mauritius;
  3. guidance in obtaining the necessary licenses for completing fintech activities in the insular state;
  4. assistance in obtaining financing for the operation of fintech companies in Mauritius.

If you are interested in business registration in Mauritius, you can rely on our local consultants who can also advise on how to choose the best structure for your fintech company.

When it comes to the kinds of assets they can trade and the advice they can give their clients, Mauritius Forex license holders are essentially unrestricted, which can give their businesses a lot of freedom. Contact us if you want to apply for a financial permit for this type of activity.

The most developed fintech operations in Mauritius

Financial technology can be used in almost every industry in a country and Mauritius makes no exception.

In 2019, the Mauritius Africa FinTech Hub was created with the support of the Mauritius government with the purpose of offering access to single entrepreneurs, companies, universities, financial service providers and even foreign investors who want to contribute to the development of this sector in the African region.

There are various industries that can rely on fintech in Mauritius and among these, we can mention agriculture, tourism, fishing and even manufacturing, without naming the obvious financial and telecommunications sectors. In other words, fintech can be used as a base for the development of many innovative companies in Mauritius.

It is also possible to set up an offshore company in Mauritius with a focus on fintech. However, this entity is often used for forex trading activities. In order to obtain a Mauritius Forex License, you need to consider certain documents. It is crucial to provide copies of the organization’s founding members’ passports, verify the business’s address, and get the bank to vouch for its credibility. You need to provide evidence of good standing if the company has been in operation for at least a year. A 3-year business plan should also be created.

You will find some of the biggest and most reputable international banks in Mauritius. The majority of banks here offer online banking and mobile payment options so that clients may monitor their accounts, conduct transactions, and make purchases online using their cellphones. So, if you want to open a bank account in Mauritius, you can choose any type of bank.

Assistance in setting up a business in fintech in Mauritius

We offer several fintech services in Mauritius, and among these, company formation is the most sought by foreign investors. Our officers can help with the incorporation of any business form that can be used for undertaking fintech activities.

We can also help with obtaining the necessary licenses for such activities. In most cases, a fintech company will need a license from the Financial Services Commission in Mauritius. Depending on the operations it will undertake, it can also require a license from Information and Communication Technologies Authority.

We can assist with the preparation of the documents required for obtaining the necessary licenses and permits for conducting fintech activities in Mauritius.

Our accountants in Mauritius can also provide suitable services for such businesses.

The Mauritius Africa FinTech Hub

The main supporter of fintech in Mauritius is the Mauritius Africa FinTech Hub which is an ecosystem meant to gather interested parties in developing the operations of financial service providers on the entire African continent.

Among the types of businesses supported by the FinTech Hub are crowdfunding companies, innovative startups, financial services providers and many others interested in entering the African market.

If you are interested in Mauritius company formation in any of the industries mentioned above, you can rely on our business incorporation solutions. You can also watch our video below:

Digital assets as part of the fintech sector in Mauritius

In 2018, the Mauritius Financial Services Commission issued an official document through which digital assets were recognized as assets non-retail investors setting up investment funds can invest in.

A digital asset can take the form of an electronic or binary form that can be used to acquire various ownership rights. It can also be regarded as a virtual representation of:

  • a means of exchange, store value, account unit, however it cannot take the form of a legal tender;
  • debt or equity;
  • a blockchain application, product, or service.

Digital assets cannot take the form of transactions between businesses, or reward program that cannot be exchanged for a bank loan or legal tender.

In fintech in Mauritius, digital assets can also be used for online gaming platforms. By far, cryptocurrencies are the most employed types of virtual assets.

One of the main advantages of Mauritius is that it enables the creation of cryptocurrency investment funds thanks to the government’s futuristic vision and modernization of the legislation.

If you are interested in setting up an investment fund with the purpose of trading digital assets, our company registration consultants in Mauritius can provide you the necessary legal assistance.

You can also rely on us if you are interested in relocating to Mauritius. By being married, you can obtain Mauritius citizenship if you are wed to a Mauritius national and if you have spent 4 years or longer residing in Mauritius with your spouse. Please mind that additional requirements may apply, which is why it is recommended to seek legal advice on the conditions associated with obtaining a passport for Mauritius.

You may apply for Mauritanian citizenship if you are a citizen of a Commonwealth nation provided that you have been a resident of for at least 5 years. you are fluent in either English or any other regional language (French, Kreol, etc.), and if you demonstrate that you are aware of your obligations as a citizen.

The Digital Asset Custodian License in Mauritius

In order to regulate as much as possible fintech in Mauritius, the FSC also enabled the possibility for those who want to operate in this sector to obtain a license that will recognize them.

The Digital Asset Custodian License is issued by the FSC and implies the recognition of a platform that ensures the protection of digital assets entrusted by clients to the custodian. The license can be obtained in accordance with the Custodian Services (Digital Asset) Regulation of 2019.

Considering Mauritius already issues custodian licenses as part of its investment fund regulatory system, the Digital Assets Custodian license covers the activities offered by those providing services related to holding digital assets.

In order to obtain such a license, a person or company is required to:

  • create and maintain a disaster recovery record that must be based on regional separation;
  • create a custody system that will be tested on a quarterly basis in order to ensure its correct functioning;
  • undergo periodical transaction audits.

With respect to the disaster recovery record, the custodian must have a primary place of business alongside a secondary one which ensures the continuation of its activity in case of damage brough to the first one.

With respect to the audit requirements, the company or person offering custodian services is required to appoint an independent auditor to verify its systems, procedures policies, and internal regulations on a yearly basis.

Setting up an investment fund in order to trade cryptocurrencies or other digital assets is not complicated and you can obtain the support of our specialists if you want to operate in fintech in Mauritius.

Securities Tokens in Mauritius

Another fintech instrument available for investors in Mauritius is the Securities Token which can be compared to shares, debentures, and derivatives. It can be issued as a digital asset and can be traded as the previously mentioned financial instruments, or as units in a fund.

Alongside the Custodian Services (Digital Asset) Regulations, the FSC also implemented the Securities Token Offering (STO) in 2019 as a means of raising money from investors in exchange for ownership of assets. These tokens will respect the Securities Law and those who want to create a Mauritius fintech investment fund for issuing such instruments must also draft a prospectus that will be filed for authorization with the FSC.

As a general rule, STOs can be traded to non-retails and professional investors. The FSC has enabled the following types of funds to issue such electronic tokens:

  • expert funds;
  • professional collective investment funds.

In June 2020, the FSC has also provided for the creation of Securities Token Trading Systems (STTS) for which specific licenses will be required.

The Regulatory Sandbox license in Mauritius

In order to recognize the importance of fintech in Mauritius, the FSC has enabled the Regulatory Sandbox license through which investors who want to engage in innovative activities will be able to obtain special licenses. Until now, this sector was not recognized, however, as Mauritius is diverting its economy from an offshore financial investment one to a multi-industry oriented one, this was a natural step in this direction.

If you are interested in investing in the fintech sector, our Mauritius company formation agents can help you.

 Fintech numbers in Mauritius

There are various factors that recommend Mauritius as the next fintech destination for local and foreign investors from all over the world. In the following years, fintech is expected to become one of the most important economic sectors in Mauritius.

According to the Mauritius Africa FinTech Hub, at the moment:

  • 90% of agricultural workers live in low-income communities in Africa;
  • 80% of the African population does not have bank accounts;
  • 52% of the mobile transactions are completed from Africa;
  • only 0.4% of fintech investments reach Africa;
  • nearly 58% of mobile bank accounts are registered in Sub-Saharan Africa.

Foreign currency current accounts are accessible to both residents and non-residents, but they can only receive money through domestic and international bank transfers. Additionally, fixed- or variable-interest foreign currency accounts are offered. If you decide to open a bank account in Mauritius, you can rely on our local specialists.

Fintech has a great chance of developing in Africa and Mauritius in the next few years, as the African population is expected to surpass that of China by 2025 and consumer spending is expected to reach 1.3 trillion USD by 2030 in 18 of the largest cities in Africa.

If you are interested in fintech in Mauritius and starting a business in this sector, please contact our specialists in company formation in Mauritius.