The setting up of the Financial Services Institute (FSI) as
announced in the Budget 2015/16 is a substantial stride onward for
the development of Mauritius as an IFC. This initiative goes in
line with the ambition of the government of Mauritius to further
diversify and enhance the financial services industry. As Mauritius
aims highly to move beyond as a tax-centric jurisdiction, the focus
on offering value-added services and new financial opportunities is
a decisive step in the phase of its development.
From this outset, the creation of a Financial Services
Institute, is a step to propel Mauritius as a robust IFC, highly
focusing on front-office operations and specialised human
resources. The FSI falls under the aegis of the Financial Services
Promotion agency (FSPA). As the FSPA conducts promotional
activities and strategy to attract investors to Mauritius, the FSI
train and develop the financial knowledge and skills that are
sought by the investors.
The constant changing dynamics in the global financial services
trends indicates the must to move towards a higher phase of product
development whilst expanding the opportunities for investment in
the financial services industry. Bearing this mind, the Ministry of
Financial Services initiated the Financial Services Institute to
train and form a high level of human resources with specialised
knowledge on specific financial services products, legislative
frameworks, investment strategies, technology and business settings
to meet up the needs of the financial services industry.
The aim of the FSI is to bridge the gap between knowledge and
the real world application for financial services professionals
with a goal to build a pipeline of new talent to support growth and
development in the industry. This capacity building strategy will
enable the current and future financial practitioners to sharpen
and improve their sets skills and abilities to perform efficiently
and excel in their respective jobs. Furthermore, the FSI have the
mandate to educate on specific financial product offerings such as
Captive Insurance, Commodities Exchange; and Derivatives Markets,
amongst others, to ensure well informed decision are being
The core principles of this financial academic institution also
englobes to improve a shared responsibility across the Mauritian
government, business community and the education sectors, to
develop resources for financial graduates to engage effectively in
the operations of the financial services sector and finally, to
enable a diverse way to provide information and delivering lectures
while combining work and study.
The Financial Services Commission (FSC) and the National Stock
Exchange of India (NSE) signed a Memorandum of Understanding in
September 2015 in view to foster strategic relationship and
facilitating channels for knowledge sharing. One of the main gist
of the MOU, is to enhance the cooperation in areas of education,
training and knowledge transfer; surveillance and Technology
Transfer. Consequently, the MOU will enable the Indian financial
institutions to collaborate with the FSI to the offer an extensive
partnership in specific financial areas, mainly on derivatives and
capital markets. Additionally, the Fitch Learning and the African
Financial Learning Access, training institutions specialised in the
formation in finance, banking and non-banking activities will also
contribute to the FSI curriculum programs.
According to the CEO of Fitch Learning, Andreas Karaiskos;
"Mauritius brings to the table strong geographical
connections, a robust legal framework and infrastructure and a
recognized for their thirst for knowledge. The institution is set
to play a major role as a regional learning centre in the African
The Financial Services Institute represents a strategic vision
of the Ministry of Financial Services to enhance sustaining
competencies for the future labor market needs. Collaborative
partnerships with internationally recognized institutions to
deliver customized study courses of international standards will
increase the leverage of Mauritius financial system. The FSI is a
significant learning platform to fit in the right skills, to do the
right job, at the right sphere in the financial services
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
With effect from 18 April Jersey is introducing a new regime in respect of private funds - simplifying the regulatory regime, and extending the benefits of flexibility and speed across Jersey's private funds space.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).