GMEX Group has opened its regional headquarters in the Mauritius International Financial Centre (IFC). Additionally, its newly launched initiative with partners, FinComEco, the integrated Financial & Commodities Ecosystem, providing technology, services, financing, capacity building and enablement solutions across multiple regions in Sub-Saharan Africa and beyond with a focus on the agricultural sector, will also establish its global headquarters in Mauritius.
Both companies, GMEX Holdings Ltd and FinComEco, have obtained regulatory approval from the Financial Services Commission (FSC) to operate as global business companies. The plan over the coming months, subject to satisfying requisite criteria and additional regulatory approvals, is to extend this to be a global headquarters administration license to benefit from significant advantages the country offers as a globally trusted IFC of substance.
GMEX Holdings Limited will provide business and technical services under the GMEX Services banner with global support for GMEX Group entities and the growing list of international partners, stake-holders and technology vendors in the GMEX ecosystem. GMEX Group will also manage its expanding portfolio of market infrastructure and FinTech investments from Mauritius under the GMEX Investments banner.
This move is supported by the Financial Services Promotion Agency (FSPA), which 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.
Hirander Misra, CEO of GMEX Group & Deputy Chairman of FinComEco commented, “The rapid development of Mauritius as an International Financial Centre and FinTech hub coupled with a skilled multilingual labour pool is making it very attractive for global business and technology focused companies, like us, to establish a major presence. The FSPA, as a government agency, has been instrumental in supporting our establishment in the Mauritius IFC.”
Harvesh Seegolam, Chief Executive of the FSPA, “As a sophisticated and trusted IFC, Mauritius is open to global companies looking at establishing their operations locally to target emerging markets. At the level of the FSPA, our focus is on promoting and attracting activities which are substance based, meet and adhere to international standards and lead to high value job creation for our professionals. In this regard, we are pleased to welcome the GMEX and FinComEco projects in the Mauritius IFC.”
Rt. Honourable Mark Simmonds, former U.K. Minister of The Foreign & Commonwealth office for Africa and Chairman of FinComEco commented, “Mauritius has developed into an excellent international financial centre in which to base a multi jurisdictional African investment platform such as FinComEco.” Adding, “Along with our partners, we look forward to facilitating the full agricultural value chain improving lives, creating jobs and alleviating poverty.”
Mauritius has a strong regulatory framework and is recognized as having implemented the highest internationally agreed standards. The country is one of the first jurisdictions to be included in the Organisation for Economic Cooperation and Development (OECD) White List. A strategically important location for GMEX Group and FinComEco, Mauritius is conveniently located and connected for the various ventures currently being undertaken not only across the African continent but also in the Middle East, Europe and Asia.
In addition to its ecosystem and proven track record in global investments, the Mauritius IFC has a number of bilateral treaties for double taxation and investment protection in place across Africa and the Rest of the World; and is currently growing to include firms delivering a range of bespoke financial products for Africa. Mauritius is a member of a number of regional and global organisations including Southern African Development Community (SADC), the Common Market for Eastern and Southern Africa (COMESA), the Indian Ocean Rim Association for Regional Cooperation (IOR-ARC), and the African Union (AU). As a reputable IFC, the country also adheres to best norms as set by organisations like IOSCO, IAIS, Financial Action Task Force (FATF) and the IFSB.