News - The blueprint of the Mauritius International Financial Centre (IFC): Innovation and transforming the Mauritius IFC of 2030
As highlighted in our January edition, the future path of the Mauritius IFC will be guided by the outcome of the Blueprint for the financial services sector.
The Financial Services Commission (FSC) of Mauritius had engaged a reputed consultancy firm to make a SWOT analysis of the Mauritius jurisdiction and to propose a sustainable strategy. The report has been published in June 2018 and is entitled “Innovation and transforming the Mauritius IFC of 2030:
A. The Mauritius IFC today
The IFC today is built upon three core pillars:
- Cross-border investment;
- Cross-border corporate banking and private banking; and
- Wealth management.
In line with the Mauritian Government’s Vision 2030 following the national budget speech 2017-18, the Mauritius IFC aspires to grow its contribution to GDP, to USD 1.9 billion (currently, the IFC contributes almost USD 1 billion to GDP).
However, the Mauritius IFC faces lots of challenges such as growing international pressure, adverse press coverage and the changing international economic landscape.
B. The Future of Mauritius IFC
To achieve its full potential as an IFC, the blueprint highlighted 6 factors which would have to be developed :
1. Business Environment
- Future-proof Mauritius’s regulatory and tax regimes
- Create simple, user-friendly processes to serve financial institutions, corporates and HNWIs
2. Human Capital
- Attract, develop and retain world-class global talent
3. Financial Sector Development
- Attract high-calibre corporates and financial institutions to create real depth and breadth in the IFC
- Enhance living and transport options for expatriate and locals
5. Reputation and other
- Improve the nature and reach of Mauritius’ reputation by building and communicating its image
The blueprint also carves out several opportunities within its three core pillars mentioned above and that there are also additional opportunities in international capital markets, captive insurance in Africa, cross-border asset management and African fintech.
In order to overcome the challenges that the Mauritius IFC will face, the IFC Core Working Group is currently working on an implementation plan.
For more information on Blueprint, please read: