Financial Tech to set up exchange in Mauritius

Financial Technologies Group has been invited by the Financial Services Commission (FSC) of Mauritius, to set up an international multi commodity exchange in the country.

According to an official release issued by Financial Technologies India to the BSE today, FSC Mauritius has given an "in principle" approval to the project.

Rama Sithanen, deputy prime minister and minister of finance & economic development of Mauritius, said the proposed commodity exchange is to be a pioneering example of the new generation electronic marketplace for multiple commodity contracts, and is being set up in line with the recent progressive economic reforms initiated by the Ministry of Finance.

Mauritius being a free economy, the exchange will transgress geographical boundaries and emerge as a Global Board of Trade, blended with the advantage of pan-African Region, he added.

Under this engagement, the Financial Technologies Group will provide a comprehensive framework encompassing electronic exchange trading and clearing solution, risk management and online risk-based supervision, membership development, contract specification and structuring, banking system interface leading to real-time settlement, business rules and by-laws, effective corporate governance framework, investor awareness and knowledge development, Milan Meetarbhan, CEO of the financial Services Commission of Mauritius, said.

Jignesh Shah, founder CEO of Financial Technologies Group, said: "This invitation reiterates the global faith in the real potential of the Indian technology expertise and the domain knowledge of its human intellectual capital in general and proven expertise of Financial Technologies Group in particular. This initiative is unique as it will be a most modern International commodity exchange offering innovative products redefining the commodity trading across the globe. This will truly unlock the potential of an innovative exchange in an open convertible economy."