The Regulatory Committee was tasked to advise on the development of a regulatory framework for fintech in Mauritius. The Regulatory Committee identified priority areas in the fintech space to be considered for regulation in Mauritius and recommended the approach to be adopted in regulating this emerging sector of activities.
Partly driven by a desire to exploit regulatory loopholes across borders, banks had increasingly engaged in networks of overlapping contractual claims with other financial institutions domestically or abroad. A poignant reminder of this is the repeal of the Glass-Steagall Act in the US in 1999 that coaxed banks to indulge into non-bank activities, including investment banking and insurance.