The 40th edition of the Global Financial Centres Index (GFCI 40), published on September 16 by the Z/Yen Group in partnership with the China Development Institute (CDI), has ranked Mauritius 55th out of 117 financial centres evaluated globally. This represents a decline of five places from its previous ranking of 50th. The GFCI 40 is a benchmark indicator of the positioning and competitiveness of major international financial centres.
Despite the decline, Mauritius remains a significant player on the African continent, ranking second among African financial centres, behind Casablanca, Morocco. The index assesses financial centres based on a combination of quantitative indicators and evaluations from the financial sector. It uses 144 instrumental factors from international sources such as the World Bank, the Organisation for Economic Co-operation and Development, and the United Nations.
The GFCI 40 also incorporates 39,531 evaluations from 6,147 financial services professionals. The competitiveness of financial centres is analysed around five key criteria: business environment, human capital, infrastructure, financial sector development, and reputation. For Mauritius, the report highlights progress in international reputation and financial sector development, but notes areas for improvement, including human capital, market depth, digitalisation, and FinTech maturity.
According to Faraz Rojid, Chief Executive Officer of Mauritius Finance, the ranking should be viewed beyond the position occupied. He emphasises that the results highlight the determining factors of a financial centre's competitiveness and that the observations of the International Monetary Fund are particularly useful. Rojid stresses the need to develop specialised skills, enhance financial innovation, accelerate digitalisation, and maintain a strong regulatory credibility.
The GFCI 40 identifies several priorities for Mauritius to consolidate its position, including developing skills in investment management, capital markets, FinTech, artificial intelligence, cybersecurity, and risk management. It also recommends increasing market depth, strengthening the technological ecosystem, and maintaining regulatory credibility. Diversifying the investor base is another identified challenge.
The decline to 55th place signals the need for continued efforts to enhance the competitiveness of the Mauritius International Financial Centre in a rapidly evolving global environment. Globally, New York retains the top spot, followed by London, Hong Kong, and Singapore. Shanghai and Tokyo also feature in the top six, while Seoul, Shenzhen, Dubai, and Zurich complete the top 10.
The GFCI 40 provides a comprehensive assessment of the world's major financial centres, offering insights into their relative strengths and weaknesses. As the global financial landscape continues to shift, the index serves as a valuable resource for stakeholders seeking to understand the dynamics of the financial sector and make informed decisions.
Key points
- Mauritius ranks 55th in the GFCI 40, down five places from its previous ranking.
- Mauritius remains the second-largest financial centre in Africa, behind Casablanca.
- The GFCI 40 assesses financial centres based on five key criteria: business environment, human capital, infrastructure, financial sector development, and reputation.
