Financial Innovation

Financial Innovation was one of the thematic areas identified. Financial Innovation is the act of creating new financial instruments as well as new financial technologies, institutions and markets. The Financial Services Sector represents an important pillar of our economy. Financial innovation has come via advances in financial instruments, technology and payment systems.

A technical committee consisting of different stakeholders in the financial sector was brought together and consisted of the following members:

Mr Vinod Bussawah, Mauritius Finance

Mr Geetesh Gungah, Economic Development Board
Mr Rajnish Hawabhay, Ministry of Information and Communication Technology
Mr Jamsheed Khadaroo, Financial Services Commission
Mr Kailass Koonjal, Independent Commission Against Corruption
Mr Ashwin Jankee, Mauritius Bankers Association Ltd

Ms Tilotma Gobin Jhurry, Bank of Mauritius
Dr Bhavish Jugurnath, University of Mauritius
Mrs Varsha Mooneeram–Chadee, University of Mauritius
Mr Avinash Nemchand, Financial Services Commission
Mr Roshan Oree, Mauritius Revenue Authority

Mrs Dovinassy Pillay-Naiken, Ministry of Financial Services and Good Governance
Mr Faraz Rojid, Economic Development Board

The panel discussion was held during Les Assises on 28th April 2022 and was made up of:

Ms Nousrath Bhugeloo, Nexus Global Financial Services Ltd

Mr Vinod Bussawah, Mauritius Finance
Mr Rajnish Hawabhay, Ministry of Information Technology, Communication and Innovation
Ms Tilotma Jhurry, Bank of Mauritius
Dr Bhavish Jugurnath, University of Mauritius
Mr Naushad Khadun, Financial Services Institute

Mr Jamsheed Ali Khadaroo, Financial Services Commission
Mr Michal Szymanski, Mauritius Africa Fintech Hub

Poll questions were asked during the presentation which included the following:

The following recommendations came out of the working group sessions and the panel discussion:

Have a national concerted approach
Need to communicate extensively on existing products, i.e. Open Banking/MoKloud/Maupass
Financial literacy and Financial Inclusion
Setting up of a Financial Innovation Fund and find alternate means of funding

Create schemes for start-ups to access funding
Training and skills in digital finance – Review the courses to reduce cost of compliance
Creation of digital ID for legal and natural persons
Digitalisation of KYC documents and digital KYC process for onboarding of clients
Technology should be mapped with strong legal framework. i.e. Cybersecurity to give trust

Risk Assessment and Digital Governance literacy
Set up a sovereign fund which can be used to foster fintech for the African Region
Set up an Africa Regulatory Sandbox in Mauritius to attract start-ups.

By: Dr N Gopaul, Ms H Keenoo,

Ms K Lakheearam