1. Could you introduce the Financial Services Commission and explain its role in regulating and developing Mauritius’ financial services sector?
To understand the importance of our role, let us look at the broader context. When people think of Mauritius, they often think of beaches and tourism, which are indeed important, but the largest contributor to GDP today is financial services. Financial services contribute around 13.8 per cent of Mauritius’ GDP.
This sector cannot operate effectively without a strong and credible regulator. In Mauritius, financial services are overseen by two institutions: the Bank of Mauritius, which regulates banking activities, and the Financial Services Commission (FSC), which regulates all non-banking financial services. These include global business, insurance, investment funds, capital markets, pensions, and several other segments.
Over the past 20 to 30 years, as global business expanded, the FSC played a critical role in structuring the sector in a way that preserves the country’s reputation. Today, we still work in this direction while also focusing on innovation, whether through family offices, new fund structures such as Variable Capital Companies, or developments in the insurance sector.
We see ourselves as a compliant but enabling regulator. Compliance is non-negotiable, but at the same time, regulation must enable growth. This balanced approach supports Mauritius’ positioning as a leading International Financial Centre.
2. How does the FSC ensure that Mauritius remains a safe, transparent, and attractive hub for international investors?
In 2025, Mauritius was ranked first in Africa by the Global Financial Centres Index, which is a significant achievement. In addition, following a competitive process, the African Union selected Mauritius to host the African Credit Rating Agency. These developments reflect the strength of our regulatory framework, infrastructure, legislation, and human capital.
At the FSC, investor protection starts at the licensing stage. Every application is rigorously assessed to ensure that licensed entities are fit-for-purpose. But licensing is only the beginning. Supervision is equally important.
Mauritius was grey listed a few years ago, but we take pride in the fact that we exited the grey list faster than almost any other jurisdiction. The FSC devotes significant resources to combating money laundering and the financing of terrorism, ensuring that the integrity and reputation of the jurisdiction are preserved.
We innovate, but we never compromise on regulation, compliance, or AML/CFT standards.
3. How is the FSC supporting innovation in financial services, particularly in fintech, digital assets, and capital markets, while maintaining robust regulatory standards?
One of our key tools is the regulatory sandbox. This allows innovative projects, whether in green finance, fintech, or new fund structures, to operate within a controlled regulatory environment.
Applicants work closely with a dedicated FSC team to develop their business models. Once the activity matures, it can transition from the sandbox to a full licence. This approach has proven very effective.
Beyond that, we have built a supportive ecosystem for emerging business lines such as family offices and investment funds. Mauritius’ Strategy Report for the Financial Services Sector (2025–2030) approved last year, positions the country as a hub for Africa, while maintaining our strong ties with India, China, Europe and the Americas.
Variable Capital Companies are a good example of this success. The number of licences has grown fast from the first issuances just two years ago to over 100 today.
Once again, our approach is clear: enabling innovation without ever compromising on compliance or AML/CFT requirements.
4. Sustainability and ESG considerations are increasingly important globally. What initiatives have the FSC introduced to encourage responsible and green financing?
The FSC Mauritius, as a responsible regulator, is guided by the shared global goals for sustainable development and has embedded environmental, social and governance (‘ESG’) consideration as one of the main pillars in the Commission’s Strategic Plan.
Investment funds are a key focus area for us when it comes to ESG. We have developed specific standards and supervisory approaches for funds with ESG components, and we pay close attention to how these products are structured and marketed.
As interest in ESG related investment products has gained prominence, there is a growing need for quality and comparable information on ESG matters to supplement investors’ investment decisions.
To this end, the Commission has issued the Disclosure and Reporting Guidelines for ESG Funds. The Guidelines provide for the general principles, in line with international norms, to be adopted by Investment Funds which pursue ESG objectives. The aim is to prevent greenwashing and enable investors to make more informed decisions.
As at date, the Commission has registered seven ESG Funds.
Our objective is to position Mauritius as a credible platform for ESG-focused investments, particularly in funds targeting sustainable development.
5. Mauritius seeks to enhance cross-border investment and trade. How does the FSC facilitate international partnerships, including with Gulf and UAE investors?
From a regulatory perspective, our cooperation with international counterparts is formalised through memoranda of understanding.
More broadly, Mauritius positions itself as a natural bridge in a win-win partnership with Gulf countries. There is significant capital available in the Gulf, and strong interest in Africa and Asia, regions where Mauritius also has deep expertise.
Africa’s population stands at around 1.4 billion today and is expected to more than double by 2050. By leveraging Mauritius’ comparative advantages as a platform, Gulf capital can be channeled efficiently into African opportunities.
6. Security, data protection, and operational resilience are critical for the financial sector. How is the FSC addressing emerging risks?
Transparency and accountability are essential, especially when identifying the ultimate beneficial owners behind transactions. At the same time, information sharing must be properly governed.
We operate under strict disclosure rules that define what information is confidential and when it can be shared. We cooperate fully with legitimate requests from other regulators, but always within clearly defined legal boundaries.
Our framework aligns with IOSCO principles, ensuring the best international practices in supervision, cooperation, and data protection.
7. Financial inclusion and SME financing are key drivers of economic growth. How is the FSC promoting access to financial services for local businesses and entrepreneurs?
We have a two-tier approach which is: education and regulation.
On the education side, the Financial Services Fund (FSF), a dedicated unit within the FSC to promote the education of consumer of financial services, conducts financial literacy programmes across Mauritius. These initiatives focus on helping people understand basic financial services, access financing, and make informed decisions. Particular attention is given to groups that are traditionally underserved, including women, to ensure gender equity.
On the regulatory side, our day-to-day supervision also supports inclusion. A recent example is the launch of the National Insurance Claims Database, Mauritius an innovative digital platform that accelerates insurance claim settlements. This improves efficiency, transparency, and consumer confidence.
8. Mauritius faces increasing competition from other international financial centres such as Dubai and Singapore. How does Mauritius maintain its competitiveness and global relevance?
We welcome competition, it keeps us sharp.
Historically, Mauritius built its financial services sector on global business and an extensive network of tax treaties and IPPAs. While that remains important, the sector has diversified significantly into innovative areas such as funds, family offices, and fintech.
Mauritius also offers advantages that are difficult to replicate. Our legal system combines civil law and common law traditions, drawing from both the Napoleonic Code and British law. Our judiciary is independent and highly respected, and regulators operate without political interference.
These fundamentals create a strong environment of trust and predictability, placing Mauritius in a very favourable position globally.
9. Looking ahead, what are the FSC’s priorities over the next five years?
We have our eyes on the 2027 mutual evaluation. There is solid Mauritius-wide plan, where the FSC has a very important role, to pass the evaluation with flying colours. Artificial intelligence and digital assets are at the top of our agenda. The AI revolution affects everyone, and the FSC has already begun integrating AI into its regulatory and supervisory processes to improve efficiency and effectiveness.
On the innovation side, we are paying close attention to tokenization of physical assets and the development of stablecoins. These are areas where you will see significant traction in the near future.
I would encourage readers to closely watch the FSC space over the coming year.
10. Finally, what message would you like to share with Khaleej Times readers about Mauritius’ financial services ecosystem and the FSC’s role in fostering investor confidence and sustainable development?
I would simply say: look at the facts and let them speak for themselves. Mauritius is ranked number one in Africa, operates transparently, and offers one of the most competitive costs of doing business globally.
The fundamentals are strong, and investor confidence is well-deserved.
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