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Mauritius International Financial Centre A Global Finance Mauritius Publication • August 2020 • Issue 11 National Budget COVID-19 Interview Global Business Connecting the The future of Minister of Navigating the dots for the banking in a Financial new economic Mauritius IFC post-COVID Services and and regulatory world Good Governance landscape The Future of Payments 2 3 EDITORIAL Building resilience n times of unprecedented challenges, it is vital Bank of Mauritius is now exploring the possibilities to to build our resilience in order to face the future create a Central Bank Digital Currency, which would Iwith confidence. There is no doubt that the prove the island’s credentials as a hub for financial COVID-19 pandemic is the greatest global crisis innovation. in living memory. It has wreaked havoc on stock markets, with substantial and lasting effects on Building the resilience of the Mauritius International economies and businesses around the world, not to Financial Centre also means responding effectively mention the tragic human cost involved. While to international demands in the areas of anti-money Mauritius has not been spared, quick and decisive laundering and combatting the financing of terrorism action from the Government, combined with (AML/CFT). The Government has redoubled its efforts substantial economic support packages from both in this area and preponed the timetable for meeting the Government and the central bank, have helped the remaining five FATF recommendations, which to cushion the blow. should pave the way to the jurisdiction being By Samade Jhummun, removed from the FATF and EU lists. We believe that CEO Global Finance Mauritius As one of the key pillars of the Mauritian economy, this situation calls for a strong partnership between the financial services sector has adapted to the ‘new the public and private sectors. At Global Finance normal’ and has continued to operate successfully Mauritius, we have been playing our part by joining amid this challenging context, servicing its clients forces with the Financial Services Institute (FSI) to around the world throughout the lockdown period. strengthen capacity building and upskilling, and we Many organisations are continuing with their ‘work have already trained over 500 professionals across from home’ policies, with some only having staff at the financial sector and beyond. their workplace on a rotation basis, to ensure compliance with social distancing and sanitary Looking ahead, there is still room for optimism. On 1 protocols. The regulatory authorities in Mauritius have July, the World Bank classified Mauritius as a high- also succeeded in working remotely, with several new income country for the first time, based on 2019 licences issued during the COVID-19 period, and also data, which is a great testament to the efforts of the relaxing some requirements to adapt to the situation. Mauritian people over many years. The recent Budget 2020-21 ushers in a new and outward When it comes to the payment landscape, COVID- looking regime to attract foreign talents to the island, 19 has had a profound impact upon consumer habits with the streamlining of residence and occupation and has opened the door to new ways of doing permits, to help us build our future path. things. We witnessed a boom in e-commerce during the confinement, which forced many consumers to All in all, times of crisis give us the chance to stop and make online payments, some for the first time. The reflect on where we are headed. The Global Business digital revolution in payments was already on its way, Sector needs to be revisited, with the current model and this trend has now been accelerated. In this having served us over the last 25 years, and a reform context, the Bank of Mauritius is now mandating all is desirable. It is becoming increasingly apparent that banks on the island to become participants in the forthcoming changes to the business model can no Instant Payment System (part of the National longer be peripheral but must be transformational. Payment Switch known as MauCAS) by the end of Now is the time to re-invent ourselves and to August, and there will be new opportunities for develop a new narrative which is more innovative, FinTech players to become part of the system, which sustainable and in line with international best will improve interoperability across the market. The practice. Mauritius International Financial Centre 3 4 Mauritius International Financial Centre CONTENT A Global Finance Mauritius Publication August 2020 – Issue 11 The Future of Payments On the cover Acknowledgements This 11th issue of Mauritius International Financial Centre was The Future prepared by Global Finance Mauritius with the assistance of of Payments Perpetual Motion Ltd. Global Finance Mauritius expresses its gratitude to all of the contributors to this publication. Faraz Rojid (EDB Mauritius) Dr Chiragra Chakrabarty (KATIC Consulting) Ryan Allas (Rogers Capital) H.E. Mr Vincent Degert (EU Delegation to the Republic of Mauritius) Carl Chirwa (Bank One) Hon. Mahen Kumar Seeruttun (Ministry of Financial Services and Good Governance) 52 John Cusack (Financial Crime News) Patrick Matu (PwC Mauritius) Akshaye Proag (SANNE Mauritius) COVER STORY Rajnish Aubeeluck (Standard Chartered) 6 THE FUTURE OF PAYMENTS Priscilla Balgobin-Bhoyrul (Dentons Mauritius LLP) Terry Smith (Fundsmith LLP) NATIONAL BUDGET Jimmy How (Ocorian) 12 THE 2020-2021 BUDGET: CONNECTING THE DOTS FOR THE MAURITIUS IFC Kenny Curpen (Ocorian) 16 TESTING TIMES: MAURITIUS PAVES WAY FOR Sangeetha Ramkelawon (BCP Bank (Mauritius) Ltd) ECONOMY OF LIFE WITH BUDGET 2020-2021 Bobby Yerkiah (Baker Tilly Mauritius) Shamin A. Sookia (Perigeum Capital) PAYMENTS Deshmuk Kowlessur (Competition Commission) 21 CENTRAL BANK DIGITAL CURRENCY: THE NEW FUTURE OF MONEY 24 THE FUTURE OF PAYMENT AND ITS IMPACT ON TAX ADMINISTRATION COVID-19 Mauritius International Financial Centre is a publication of Global Finance Mauritius 28 WORKING TOWARDS A MORE RESILIENT 1st Floor, Atal Bihari Vajpayee Tower, Ebène, Mauritius SOCIETY POST COVID-19 Tel: +230 464 84 09 - Fax: +230 464 83 88 Email: info@globalfinance.mu - www.globalfinance.mu 33 THE EU BRINGS NEW AFRICA STRATEGY TO Follow us on Twitter (@gfmauritius) LinkedIn and Facebook BEAR ON THE COVID-19 PANDEMIC 4 August 2020 5 40 58 66 70 36 THE FUTURE OF BANKING IN A POST COVID-19 62 GREEN AND BLUE BUILDING BLOCKS FOR A WORLD SUSTAINABLE ECONOMY IN MAURITIUS GOVERNANCE AND REGULATORY INVESTMENTS 40 INTERVIEW: HON. MAHEN KUMAR SEERUTTUN, 66 IN ORDER TO FINISH FIRST MINISTER OF FINANCIAL SERVICES AND GOOD GOVERNANCE 68 THE RISE OF MAURITIUS AS A FAMILY OFFICE DESTINATION FOR AFRICA’S AFFLUENT 44 MAURITIUS: HIGH RISK OR BEST IN CLASS? 70 GLOBAL ELITE HOME IN ON LUXURY PROPERTY 46 THE CASE FOR INTEGRATED FINANCIAL CRIME AS INVESTMENT OF CHOICE RISK MANAGEMENT TAXATION 48 MAURITIUS OPENS TO THE WORLD WITH NEW PERMIT REGIME 74 A MAURITIAN PERSPECTIVE ON TAX ANTI-AVOIDANCE PROVISIONS 52 GLOBAL BUSINESS SECTOR AND THE MIFC: NAVIGATING THE NEW ECONOMIC AND CAPITAL MARKETS REGULATORY LANDSCAPE 78 TAKEOVER: AN UNAVOIDABLE PANACEA FOR SUSTAINABLE FINANCE GOVERNANCE IN THE CORPORATE WORLD 55 INTERVIEW: RAJNISH AUBEELUCK, COMPETITION IN FINANCIAL SECTOR STANDARD CHARTERED 80 WHY COMPETITION IN THE FINANCIAL SERVICES 58 ESG – DO THESE LETTERS RING A BELL? SECTOR IS KEY TO ECONOMIC GROWTH Mauritius International Financial Centre 5 6 COVER STORY The future of payments With the virulent spread of COVID-19 posing safety concerns in the way of using cash and cards, even as e-commerce adoption rates increase exponentially due to rising implementation of social distancing measures, most economies around the world, including Mauritius, are moving to digital payments like never before ntil the COVID-19 crisis took the world by What is even more interesting to note is that the Ustorm, the move away from cash and cheques transition to digital payments is only expected to towards digital payments had been steady deepen when the economy eventually recovers. By though subdued. There is no doubt that the rampant 2025, global consulting major Bain and Co estimates spread of the pandemic has accelerated the shift in that the adoption of digital payments could payment behaviour. More than ever, consumers are accelerate by 5 percentage points to 10 percentage buying products online, giving an unprecedented points globally, above what was previously boost to the use of digital payment channels while anticipated, with 67% of all global transactions reducing point of sale (POS), cash and cheque usage. being conducted digitally. 6 August 2020 7 Here in Mauritius too, the move to digital payments has been noticeable during the COVID-19 outbreak, What has the experience marked by an increasing usage of online and mobile banking platforms as well as mobile money wallets, of other countries been? a rise in the threshold of contactless payments offered by banks, and the launch of new payment Globally, Sweden is regarded as the poster experience with the SARS epidemic in 2003 platforms such as MCB JuicePro, SBM Easy Pay and child of the cashless society. It is expected to helped launch digital payments and e- my.t bill pay. become the world’s first cashless country by commerce in the country as SARS forced March 2023 with the startling implication, for what would become a permanent shift in most of us who cannot imagine a world behaviours: consumers incarcerated in their without cash, that physical money will not be homes had to turn to previously untrusted e- a generally accepted means of payment in commerce sites, while Chinese companies Sweden. Needless to say, this journey has adopted e-commerce for sales because been slow and steady, marked by various people feared to meet in person. Alibaba milestones such as the widespread adoption launched Taobao that year, its first consumer- of payment cards from way back in the facing e-commerce website, and soon after 1950s, digitalisation of bank accounts since created Alipay to help solve payments and the 1960s and the setting up of the internet trust problems that inhibited the growth of infrastructure and internet banking in the online shopping.
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