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Finding and maintaining the balance between regulation and growth of FinTech innovation is a difficult one. For FinTech to thrive, there must be open, transparent, and friendly cooperation between industry players and the people charged with maintaining the safety of customers’ money and the financial system at large.

The webinar hosted by MAFH, saw insights put forward on this topic by Faraz Rojid, Head of Department at the Economic Development Board of Mauritius, Thomas Mylrea-Lowndes, Founding Board member of the MAFH, Paul Perrier, CEO and Co-Founder of Fundkiss, and Vikash Thakoor from the FSC. Additionally, Yusuf Bauluck, Head of Regulations at the MAFH spoke about the regulatory roundtable which was held in 2020 with various stakeholders of the ecosystem.

Strong emphasis was laid by all speakers on the MAFH regulatory roundtable which is the ideal environment to not only hear what other regulators and stakeholders think about the financial technology industry, but to also highlight the issues arising in the field with constructive and viable solutions to drive the FinTech ecosystem forward. Yusuf mentioned that he had performed a thorough data analysis based on the roundtable which concluded that “data can elaborate to increase access to financial services which will provide an array of products to consumers with less losses”.

Thomas shared a broader perspective on the different regulators which he describes as a “multi layered regulatory structure”. Basing himself on the current situation of FinTech in the UK, the latter explained, “We are in another time where innovation and change will follow in times of crisis and innovators will always look to change consumer problems”.

Vikash on the other hand spoke about the importance of having regulatory measures for the FinTech industry. He explains that “technology cannot be regulated, the activities behind the technology is what are monitored. The Regulator is here to support innovation and not to stifle it”.  Next, Faraz described FinTech as the next enabler where “Mauritius has played a key role to strive to become a fintech hub. The government has recognized the importance of Financial technology and we have all the enablers that the jurisdiction needs to protect the assets, copyrights and physical assets”.

On a concluding note, Paul reiterated how data is the next area for FundKiss to focus on as it is bound to facilitate data analysis which will be great additions to KYC processes.

Watch the full webinar video here: