The Mauritius International Financial Centre (IFC) is well-positioned to become a leading hub for FinTech companies seeking to expand into Africa, underpinned by its business-friendly environment, robust regulatory framework, and the absence of exchange controls. The Mauritius FinTech industry started its evolution through the introduction of the Regulatory Sandbox Licence (RSL) in 2016, followed by the revamping of the payment system to accommodate high growth in payment licenses fuelled by rising e-commerce in Africa. More recently, the enactment of the Virtual Assets and Initial Token Offering Services Act in 2021 established a structured framework for Virtual Assets, whilst also ensuring compliance with the Financial Action Task Force (FATF) recommendations.
It is worth noting that the dynamic FinTech ecosystem in Mauritius is the result of close collaboration between the government, regulators, and private sector stakeholders. Notable initiatives include the Innovation Hub (Innov8) launched by the Bank of Mauritius, dedicated to shaping the future of the banking and financial landscape in Mauritius and the region.
Innov8, which is the Bank of Mauritius Innovation Hub, launched its inaugural hackathon, Hacktiv8, in September 2024, focusing on Cybersecurity Hacking Challenge exclusively for university students across Mauritius. The Economic Development Board interviewed the team of international students enrolled for an undergraduate degree in Cyber Security and Digital Forensics from Middlesex university Mauritius who was awarded the first prize by the Bank of Mauritius.
The Hacktiv8 Hacking Cybersecurity Challenge consisted of Capture The Flag (CTF) break in attempts namely a Wi-Fi hacking challenge, SQL injection attack on a website, login attempt to a website without credentials, privileged escalation, changing user access to administrator rights, among others. The winning team was able to reach level 3 of the Hacktiv8 Hacking Cybersecurity Challenge.
Following the competition, the winning team submitted two proofs of concept to The Bank of Mauritius for assessment.
- Secure Reporting System for Threat Intelligence and Incident Reporting: This project aims to create a secure and user-friendly platform for sharing threat intelligence and incident reports among organizations. The platform will use encryption, Role-Based Access Control (RBAC), and secure databases to ensure data confidentiality and integrity.
- Automated Incident Response System: This project focuses on developing an automated threat response system for commercial banks and financial institutions. It leverages machine learning and threat intelligence databases to detect and mitigate cyberattacks in real time.
The international students team comprised:
- Moraanuoluwa Akinbinu, from Nigeria
- Awel Angellina Chuang, from South Sudan
- Keith Baniyo, from Uganda
- Telangni Salami, from Nigeria
- Godfrey Gomes, from Vietnam
