Mauritius has always projected itself as a bridge between Africa and Asia. Of late, it has started efforts to diversify its economy to achieve better economic growth, by shifting the focus from an economy mostly focused on sugar, textiles and tourism towards offshore banking, business outsourcing and luxury real estate. Currently, the Mauritian economy is expected to grow by 3.9 percent this year. Continuing its efforts to expand its economy, Mauritius has strengthened it’s efforts to project the island as an international financial center. The series of measures announced by the country include an umbrella license for the wealth management providers and boosting the fintech environment. The other steps being considered by the Mauritian government include introduction of a regime of robotics and artificial intelligence-enabled financial advisory services, new license for fintech service providers and crowdfunding as a new licensable activity. A new scheme for the head quartering of e-commerce activities will be set up to promote the carrying out of such activities from Mauritius.
The Mauritius Financial Services Commission also plans to sign an agreement with the Gujarat International Finance Tec City in India. The agreement will enable Mauritian licensed funds and management companies to be qualified to operate in the Gujarat jurisdiction.
