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Tuesday, June 25, 2024

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Fintech Consultative Workshop: Financial Services Sector To Deliberate On Key Opportunities And Challenges

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In view of the National Fintech Strategy, a one-day Consultative Workshop regrouping experts of the Financial Services sector to deliberate on key opportunities and challenges, was launched, yeasterday morning in presence of the Minister of Financial Services and Good Governance, Mr Soomilduth Bholah, at Le Méridien Hotel, Pointe aux Piments.

The consultative workshop is an initiative of the Ministry of Financial Services and Good Governance in collaboration with the United Nations Economic Commission for Africa (UNECA).

On the occasion, presentations were made by the Economic Affairs Officer at the UNECA, Mrs Dobrina Stoyanova; the Chief Executive Officer of the Mauritius Bankers Association Limited, Mr Daniel Essoo; and the Chief Executive Officer of the Mauritius Africa FinTech Hub, Ms Benazeer Saidoo.

Fintech Consultative Workshop

In his address, Minister Bholah, underscored the commitment of the Government, through the elaboration of a National Fintech Strategy and the setting up of a Fintech City in Mauritius, to foster an environment that encourages creativity, collaboration and growth in the Fintech sector. The key objective, he affirmed, is to have a concerted approach on the development and implementation of new policies in the Fintech sector in Mauritius so as to be at par with other International Financial Centres.

“Fintech is more than just the convergence of finance and technology”, he stated, “it simplifies financial transactions for consumers and businesses, making them more accessible and generally more affordable”. Over time, he observed that Fintech has evolved from straightforward mobile payment apps to complex blockchain networks with encrypted transactions, giving rise to new terms such as WealthTech, InsurTech, GreenTech and LegalTech, amongst others.

Minister Bholah also pointed out that the takeover by Fintech represents a fundamental shift in the financial services industry. According to Expert Market Research, he said, as of 2023, the Fintech space is worth over $226 billion and there are approximately 30,000 Fintech startups globally. “In the next 8 years, the global Fintech market is projected to grow annually by over 16%, reaching a value of more than $917 billion”, he added.

Fintech Consultative Workshop

As such, the Financial Services Minister emphasised the importance of thriving in an increasingly interconnected and digital world by tapping the potential of Fintech in terms of innovation and efficiency. “It is crucial to empower entrepreneurs, startups, and small businesses with access to capital, digital payment solutions and market insights as Fintech is fuelling innovation and entrepreneurship around the world”, he noted.

With regard to the workshop, he underlined that the goal is to engage in an open and constructive dialogue to drive the National Fintech Strategy forward, foster collaboration and gain knowledge on the current status, existing business models, market sizes and constraints to the growth of the sector.

Besides, Minister Bholah expressed his gratitude to the UNECA for extending its expertise and technical support to work out a strategy that is pro-innovation and contributes to reducing the cost and improving access and quality of financial services, without compromising the stability of the markets.

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