The Global Financial Centres Index 40 (GFCI 40) report, released on September 16 by Z/Yen Partners and the China Development Institute, has ranked Mauritius 50th globally among 139 financial centres evaluated. This ranking confirms the country's sustained presence in the top 50 global financial centres, a position it has held in previous editions. The GFCI 40 index assesses financial centres based on 144 instrumental factors from international organisations and 39,531 individual evaluations from 6,147 finance professionals worldwide.
In the Middle East and Africa region, Mauritius occupies the 5th position, behind major financial hubs like Dubai, Abu Dhabi, Casablanca, and Riyadh. The country's financial sector has been recognised for its efforts in modernising regulations, promoting wealth management, and supporting digital transactions. The Financial Services Commission and the Bank of Mauritius have been instrumental in driving these developments, contributing to the country's favourable ranking in the GFCI 40 index.
However, the report also highlights several challenges that Mauritius must address to remain competitive. One of the key concerns is the rigidity of the capital human, with a shortage of skilled professionals in complex wealth management, regulatory compliance, and advanced financial technologies. The brain drain of talented individuals and slow procedures for granting work permits to international experts also hinder the local financial centre's innovation capacity.
Infrastructure development is another area where Mauritius lags behind other major financial centres. The country's physical and digital infrastructure requires improvement, with daily traffic congestion, unstable network connectivity during inclement weather, and a lack of green building developments being cited as concerns by institutional investors. Addressing these challenges will be crucial for Mauritius to maintain its ranking and competitiveness in the global financial landscape.
The GFCI 40 index evaluates financial centres based on a comprehensive assessment of various factors, including the business environment, human capital, infrastructure, and financial sector development. Mauritius's 50th ranking reflects its strengths in these areas, but also underscores the need for continued efforts to address the challenges highlighted in the report. By doing so, the country can maintain its position as a leading financial hub in the region.
In the specific area of FinTech, Mauritius ranks 51st globally, among 115 financial centres evaluated. This ranking reflects the country's growing presence in the FinTech sector, but also highlights the need for further development and innovation in this area. By addressing the challenges highlighted in the GFCI 40 report, Mauritius can continue to build on its strengths and improve its competitiveness in the global financial landscape.
The Mauritian government and financial regulators must take note of the challenges highlighted in the GFCI 40 report and develop strategies to address them. This may involve investing in infrastructure development, promoting talent retention and attraction, and supporting the growth of the FinTech sector. By doing so, Mauritius can maintain its position as a leading financial hub in the region and continue to attract investment and talent.
Key points
- Mauritius ranks 50th globally in the GFCI 40 index, maintaining its presence among top financial hubs.
- The country faces challenges in talent retention and infrastructure development, which must be addressed to remain competitive.
- Mauritius occupies the 5th position in the Middle East and Africa region, behind major financial hubs like Dubai and Abu Dhabi.
