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India-Mauritius Forge FinTech Future, Target African Markets Together

FinTech has become a central pillar of the economic partnership between Mauritius and India, with both nations accelerating collaboration. Mauritius is launching a National FinTech Strategy with UN support, aiming to become a premier African digital finance hub. Indian companies are already relocating to Mauritius to target African markets, facilitated by integrations like UPI into the MyT Money app. The partnership extends beyond finance to include renewable energy and infrastructure, building on a mature three-decade-long investment relationship.

Key Points: India-Mauritius FinTech Partnership Central to Economic Ties

  • FinTech as central economic pillar
  • UPI integration in Mauritius
  • Targeting African markets together
  • Strengthening regulatory coordination
  • Longstanding FDI relationship
2 min read

FinTech emerges as central pillar in India-Mauritius economic partnership: Mauritius' Minister Jyoti Jeetun

Mauritius Minister Jyoti Jeetun highlights FinTech as a central pillar with India, focusing on digital payments, regulation, and targeting African markets.

"I think, given India's strong technology focus, there would be huge opportunities for India to develop fintech in Mauritius with the view of targeting African markets - Jyoti Jeetun"

By Vishu Adhana, New Delhi, February 13

FinTech emerged as a central pillar in the evolving economic partnership between Mauritius and India, with both countries accelerating collaboration in digital payments, financial regulation and cross-border settlement, said Mauritius' Financial Services and Economic Planning Minister Jyoti Jeetun on Friday.

"Recently, the United Nations Economic Commission for Africa (UNECA) has announced its support for Mauritius in developing a National FinTech Strategy to position the country as a premier African hub for digital financial services. We are going to launch it in a couple of weeks, and it will lay the foundations for how to grow FinTechs in the region," she said.

"I think, given India's strong technology focus, there would be huge opportunities for India to develop fintech in Mauritius with the view of targeting African markets," she added.

"FinTech partnerships are already happening in Mauritius, and many Indian companies are relocating to Mauritius and working on the African market," she said.

"Recently, Mauritius Telecom has integrated India's Unified Payments Interface (UPI) into its MyT Money (MyT) app, making the platform accessible to consumers across Mauritius. The move signals growing interoperability between the two financial systems and reflects India's expanding digital payments footprint globally," she added.

She highlighted that the financial services remain a longstanding pillar of India-Mauritius economic ties. "Over the past three decades, Mauritius has been one of the largest sources of foreign direct investment (FDI) into India, facilitated by its well-developed financial services centre," she said.

Jeetun emphasised that the ecosystem built around cross-border investment has matured significantly, reinforcing the strategic interdependence between the two economies.

Addressing concerns about regulatory perception, she underscored that Mauritius is fully compliant with all 40 Financial Action Task Force (FATF) recommendations.

"We have 16 enforcement and regulatory agencies working relentlessly to ensure a highly regulated and clean jurisdiction. The government maintains a zero-tolerance approach toward non-compliance," she said.

The Financial Services Commission (FSC), now led by a newly appointed CEO, is also exploring deeper collaboration with India's Securities and Exchange Board of India (SEBI) to strengthen regulatory coordination, she highlighted.

Jeetun further mentioned that while fintech is taking centre stage, cooperation extends across multiple sectors, including renewable energy, maritime security and the blue economy.

"India is supporting Mauritius in areas such as electric buses and infrastructure development, further deepening bilateral engagement," she said.

- ANI

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Reader Comments

P
Priya S
While the collaboration sounds promising, I hope there is strong oversight. The article mentions FATF compliance, but we must ensure such partnerships don't become conduits for round-tripping of funds. SEBI and FSC need to work very closely.
R
Rohit P
Mauritius has been a traditional FDI route for decades. Good to see the relationship evolving beyond just investments into cutting-edge areas like FinTech and renewable energy. Jai Hind!
S
Sarah B
Interesting read. The integration of UPI into MyT Money is a practical step that will benefit tourists and businesses alike. Hope to see more such interoperable systems with other friendly nations.
V
Vikram M
This is where our "Neighbourhood First" and "Africa Focus" policies converge smartly. Indian companies getting a base in Mauritius to serve Africa is a win-win. Creates jobs and expands our soft power through technology.
K
Karthik V
The blue economy and maritime security cooperation mentioned at the end is crucial too. Our partnership with Mauritius is multidimensional, which makes it more resilient and strategic. Good comprehensive reporting.

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