Online Submissions Platform
The FSC Mauritius has launched the Online Submission Platform (OSP) on 1 December 2016. The OSP was officially launched at the FSC House by the Honourable Roshi Bhadain GCSK, the Minister of Financial Services, Good Governance and Institutional Reforms in the presence of Board Members of the FSC Mauritius; Mr. P.K. Kuriachen, the Acting Chief Executive; representatives of local agencies and of the industry.
The OSP provides an interactive platform. This means that applicants will be allowed to submit applications for a licence online. Relevant documents can also be uploaded. This will enable an open channel between the FSC Mauritius and Corportate Business Registration (CBRD).
Mr P K Kuriachenm, Acting Chief Executive, made the comment that ‟The OSP will contribute to enhance the score of Mauritius in the Ease of Doing Business Index. This will result into a more conductive regulatory environment to establish and conduct operations”
Mr P K Kuriachen also spoke on the need to redesign financial regulation in line with the transformation of the financial market infrastructure. The FSC’s endeavour to use technology to improve supervision and regulation through better analytics was also mentioned.
Phases of the Online Submission Platform
The need for the OSP is a new step in a world where financial technology is gaining momentum, and has been designed to be modular and will be fully operational in three phases:
- Phase 1, launched on 01 December 2016, is the online submission for applicants seeking Global Business Licences and financial activity licences and payment of processing and annual licence fees;
- Phase 2 will cater for the renewal of licence fees – which will represent a major development in operational matters; and
- Phase 3 will allow for submission of applications for domestic players