The Economic Development Board has issued five (5) Regulatory Sandbox Licences to FinTech companies for their innovative projects in Mauritius, pursuant to its powers conferred by Section 24 of the Economic Development Board Act 2017.
The Regulatory Sandbox Licence allows the companies to carry out their fintech projects and activities through Mauritius, even if there are no adequate provisions under any statutory enactment in Mauritius.
The projects have been recommended by the National Regulatory Sandbox Licence (NRSL) Committee, set up by the Government of Mauritius in September 2018 with a view to address all matters pertaining to Sandbox licensing for fintech activities.
The NRSL Committee is chaired by Lord Desai, of the House of Lords, and comprise the following Members:
Mr. Francois Guibert, Chief Executive Officer of the Economic Development Board;
Dr. Renganaden Padayachy, First Deputy Governor of the Bank of Mauritius;
Mr. Harvesh Kumar Seegolam, Chief Executive of the Financial Services Commission;
Mr. Guillaume Ollivry, Director of the Financial Intelligence Unit;
Mr. Yvan Caril Jean Louis, Principal State Counsel at the State Law Office;
Mr. Dhanunjaye Gaoneadry, Permanent Secretary of the Ministry of Financial Services and Good Governance; and
Mr. Mahess Rawoteea, Lead Analyst at the Ministry of Finance and Economic Development.
Source: Board of Investment