Through the emergence of new technologies and concepts such as Industry 4.0, IoT and Fintech, governments are starting to recognise the potential wider benefits to their economies through creating the right environment for game-changing growth.
The Mauritian government have embraced this and are dispensing the red tape, policies and fully formed regulatory frameworks, to promote innovation across all industries. Through the creation of the Regulatory Sandbox License (RSL), Mauritius is encouraging innovative and high value-added ventures through targeted funding that exploit emerging technologies without the hindering red tape.
The RSL offers a safe sandbox where technologies and concepts can be tested within set parameters aligned to proven global best practices that if successful, facilitate changes to existing regulations.
It should be noted that this is not something new; in the UK the Financial Conduct Authority (FCA) used a Regulatory Sandbox to focus in the Fintech sector. The difference here is that the Mauritian Regulatory Sandbox makes provision for projects irrespective of business segments.
So what are you waiting for, if you are an innovator, Mauritius may prove the ideal location for honing your emerging skills as well as topping up your suntan?
"We are working to take our economy to another level, and these kinds of technologies are very important in our strategy," said Atma Narasiah, head of technology, innovation and services at the Board of Investment Mauritius, the national investment promotion agency of the island.