Question

Financial technology, also known as FinTech is an industry composed of companies that use new technology and innovation with available resources in order to compete in the marketplace of traditional financial institutions and intermediaries in the delivery of financial services.

The use of mobile apps is embedded in the average Mauritian’s everyday life while the country already provides services such digital insurance, mobile banking amongst others.

Several enterprises, particularly those aiming towards Africa, are already using Mauritius as a viable Fintech platform. The stable business climate and well-established corporate governance culture in Mauritius, favorable time zone, excellent connectivity and highly-educated labour, mitigates the high-risk profile of certain African countries.
QUESTIONS

1. Considering the Mauritian context, list and explain the benefits of Fintech.

2. Considering the Mauritian context, justify what could be the possible drawbacks of FinTech.

3. Select a local company of your choice which provides FinTech services and:

Explain the services provided by the chosen company & justify why the provided services falls under the FinTech umbrella of technologies.

4. The Mauritius Central Automated Switch (MauCAS) is a novel state-of-the art digital hub fully owned and operated by the Bank of Mauritius for routing payments among operators on a 24x7 basis. Do you believe MauCAS will be a success or failure in Mauritius? Justify your answer.

Answer 1

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QUESTION:1

(1) Fintech helps countries to enjoy a stable economy

(2) Fintech helps organisations to prevent various forms of Financial risks

(3) Fintech helps to enhance the knowledge and help them to gain Technological skills of the people.

(4) Fintech helps organisations to cut the costs of operations by reducing the cost associated with physical Financial transfers.

QUESTION 2

(1) Lack of adequate experts.

(2) Poor Technological infrastructures

(3) Lack of adequate finance for Fintech start-ups

(4) Inconsistent Government Incentives for Fintechs

QUESTION 3

(A) JUMIAONE

(B)

(i) Providing a platform for connecting financial services companies with their customers.

(ii) Connections of different brands and Organisations with potential customers.

(III) Payment and subscription services.

(C)

They make use of advanced technologies to provide financial services to potential customers.

QUESTION 4

(1) MauCAS will be a success as it has taken giant strides of providing a round the clock services, helping consumers to link up with service providers.

(2) MauCAS is enjoying Government support and commitment.

(3) MauCAS is the first major and widespread Fintech Institution with this level of capacity.

Explanation:

Fintech Institutions or companies are financial services companies that has integrated advanced technologies into its system in order to provide financial services to its customers.

Mauritius is an African Country that is currently growing its financial services sector through the proliferation of Fintechs, although Mauritius has been in the forefront of fintech startups in Africa, the fintech Companies still have certain challenges such as poor Technological infrastructures, inadequate finance etc.

JUMIAONE is a local fintech Institution which provides financial services,payment services using mobile applications.

MauCAS is a major player in the Fintech industry in Mauritius which provides round the clock and widespread services across the country,it has enjoyed Government support and commitment which is one the key factors that will lead to to its Success in the fintech industry of Mauritius.

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