THE FSPA REPRESENTING THE MAURITIUS INTERNATIONAL FINANCIAL CENTRE SIGNS MOU WITH GUJARAT INTERNATIONAL FINANCE TEC-CITY, GIFT SEZ - IFSC
July 14 2017 – The Financial Services Promotion Agency (FSPA), responsible for promotion of Mauritius as an International Financial Centre (IFC) has signed a Memorandum of Understanding with GIFT SEZ Ltd in an effort to encourage further cooperation and collaboration between the financial centres. This development enhances the position of both IFC on the Global map of IFSC's and rise the credibility across the globe for international business.
The MoU was signed by Mr. Harvesh Seegolam, Chief Executive of FSPA and Mr. Ajay Pandey, Director and Group CEO of GIFT SEZ. Areas included in the MoU are sharing of best practices for the operations of International Financial Centres including regulatory and business structure; working out of modalities for setting up operations of entities based in GIFT SEZ (IFSC) for setting up business operations in the Mauritius IFC (MIFC) & entities based in Mauritius IFC (MIFC) for setting up business operations in GIFT SEZ (IFSC) for the benefit of entities on mutually agreed terms & encouraging entities incorporated in one Party’s jurisdiction to use the other Party’s jurisdiction for their outbound investments.
The terms of cooperation will also include mutual exchange of information on trends in relevant international financial services activities and products and in particular in the Fintech Field; mutual exchange of information on banking, financial services and securities legislation and regulation in force in the respective jurisdictions; mutual exchange on important events taking place in the respective jurisdictions.
Both MIFC and GIFT IFSC will assist in organising seminars and conferences on selected issues & in welcoming financial delegations from each jurisdiction.
On this occasion, Mr. Harvesh Seegolam, Chief Executive of FSPA said: “This MOU paves the way for a closer collaboration between the Mauritius IFC and the GIFT-City. We have to create mechanisms that allow for complementarity between IFCs to support international investors in their global ventures. This is in line with our strategy of further enhancing the position of Mauritius as a recognised IFC of choice and repute in the region.”
Welcoming the MoU with MIFC, Mr. Ajay Pandey, Director and Group CEO of GIFT SEZ said: “The collaboration between GIFT IFSC & MIFC provides a great opportunity for both the centres to work on mutually beneficial areas and synergize the efforts made for progressing the International Financial Centres. This collaboration would go long way in providing institutions located at both the centres to expand in different regions. This will further strengthen the credential of GIFT IFSC as an emerging global financial center. We look forward to working closely with MIFC to advance the financial development of our respective markets.”
About Gujarat International Financial Tec-City Special Economic Zone (GIFT SEZ)
Gujarat International Financial Tec-City Special Economic Zone (GIFT SEZ) is a wholly owned subsidiary of Gujarat International Financial Tec-City Company Limited (GIFTCL) and is responsible for the development of the Special Economic Zone with regards to International Financial Services Centre. It is India’s first International Financial Services Centre (IFSC) established under the Special Economic Zone Act, 2005 (“SEZ Act 2005”). Following the SEZ Act 2005 and the Special Economic Zone Rules of 2006, Multi Services business oriented entities including Banking, Insurance & Capital markets institutions are allowed to set up operations in the GIFT SEZ.
About Financial Services Promotion Agency (FSPA)
The Financial Services Promotion Agency (FSPA) operates under the aegis of the Ministry of Finance and Economic Development and is mandated to develop and promote Mauritius as an International Financial Centre (IFC) of excellence.