Participation of the Economic Development Board in “The Fintech Conference: Payments, FX and Digital Assets” organised by Magma Finance

During the panel session entitled “Cross-Border Payments in Africa, Middle East, Europe and Asia”, the EDB outlined the evolution in payment infrastructures across major geographies, including the TARGET Instant Payment Settlement (TIPS) in Europe, Buna in the UAE as well as the Pan-African Payment and Settlement System (PAPSS) and COMESA Regional Payment and Settlement System (REPSS) in Africa. The EDB also provided an overview of the payment system in Mauritius, highlighting the Mauritius Automated Clearing and Settlement System, and the engagement of the Bank of Mauritius in regional payment initiatives of the COMESA and SADC. The discussion further underscored the key attributes underpinning the position of the Mauritius International Financial Centre as a hub for cross-border payments. These include a well-regulated investment platform and an enabling regulatory framework providing for various opportunities in the fintech sector, such as the Payment Service Providers licence issued by the Bank of Mauritius, the Payment Intermediary Services licence issued by the Financial Services Commission. The participation of the EDB in this conference forms part of its ongoing efforts to promote Mauritius as an attractive International Financial Centre and to support the continued development of the fintech ecosystem.