News - Budget 2018-19: Measures laying the foundation for new economic pillars: Artificial Intelligence and Fintech
Attracting and creating opportunities for private investment
- The Government will set up a Mauritius Artificial Intelligence Council (MAIC) for the development of Artificial Intelligence.
- The Government will also set up a Steering Committee to ensure greater coherence in the digitization of public sector services and the monitoring of its implementation in a timely manner.
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.
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.