Ben Lim, the Chief Executive Officer of Intercontinental Trust Ltd (ITL), is a pioneering figure in the international financial services sector of Mauritius. With a career spanning over three decades, Ben has been instrumental in shaping the industry since its early days in the 1990s. Under his leadership, ITL has grown to become a key player, offering a wide range of specialised services to meet the evolving needs of clients globally.
Ben’s extensive experience and insight into Mauritius’ financial landscape make him a valuable voice in discussions about the challenges and opportunities facing the sector today. His deep understanding of the dynamics of private wealth management, corporate banking, and global business has allowed him to position his firm at the forefront of Mauritius’ growing reputation as a global financial hub.
In this interview, we delve into Ben’s unique perspective on the development of Mauritius’ financial services, the importance of innovation and adaptability, and the role of local companies in maintaining the island’s competitive edge. We also explore ITL’s innovative approaches, its strategies for client growth, and its commitment to ESG principles. Additionally, we discuss how ITL is leveraging AI-driven growth to stay ahead in an increasingly competitive market. With his expertise and vision, Ben continues to play a key role in guiding the sector towards continued growth and international integration. Excerpts:
1. ITL has recently celebrated its 25th anniversary in Mauritius. How would you describe the evolution of ITL, and the Mauritius International Financial Centre more broadly, over this period? What have been some of the keys to success for ITL? Are there some specific learnings that you could share with us from this journey?
I believe the evolution of the financial services sector began well before ITL was established. ITL’s journey started 25 years ago, but the financial services sector itself began in 1992. It all kicked off with the Euromoney Conference and the tax treaty with India. At that time, the model was India-centric, where all investment into India went through Mauritius. This was possible because India had opened up to foreign investments, and Mauritius had signed a treaty with India in 1983.
This arrangement provided a convenient route for capital to flow into India. During those days, capital gains taxes in India were very high—around 50%. It was quite significant. India had both short-term and long-term capital gains taxes, with short-term being particularly high. So, by routing investments through Mauritius, which had tax advantages, there was effectively no tax burden. Tax avoidance was still considered morally acceptable back then, making this model very appealing. It all started with India, but we later attempted to replicate this model in other countries like China, Indonesia, and Southeast Asia, and we succeeded. Then came the financial crisis of 2008, and we started to see Africa emerging as a new market. At that point, the financial services sector began to see Africa as a significant opportunity for investment.
However, not all players in Mauritius ventured into the African market. Some had a captive market and a legacy business in Asia. But we entered the African market early, and we managed to capture a significant portion of the investment coming into Africa. Afterwards, it was quite challenging to persuade people to relocate to Mauritius. At the time, the country lacked private schools, private hospitals, and even basic hygiene standards were a concern. But fast forward to today, Mauritius has become a fast-tracking hub. With global conflicts making other destinations less attractive, people now find it convenient and safe to live in Mauritius.
Living in Mauritius has created opportunities for new products and services, like private wealth management, asset management, and more. This is how the financial services sector has evolved from 1992 to today. At ITL, we maintain a dynamic approach to market evolution, adapting our strategies to align with emerging industry trends and customer demands. Unlike other management companies, we don’t have a large legacy business. A general rule of thumb is that management companies incorporated before 2000 are heavily focused on India, while those incorporated after 2000 are lighter on India. ITL was incorporated on December 30, 1999. So, we are neither heavily nor lightly focused on India. While we still have large clients investing in India, it’s not as central to our business as it is for other players in Mauritius. This flexibility has allowed us to navigate newer markets more easily, with Africa offering new services and opportunities.
2. How do you perceive the relations today between Mauritius and key jurisdictions such as China, India and Africa? How have international treaties helped to position Mauritius as a leading hub for the region, and how has ITL contributed to this?
The tax treaties have been one of the key components of the financial services sector in Mauritius. We started signing them well before the sector was fully established. For example, the India treaty was signed in 1983. These tax treaties served as a tool to attract investment. However, not all tax treaties are advantageous. With the OECD’s BEPS initiative and the introduction of the Multilateral Instrument (MLI), the playing field has been levelled. This made it more difficult to rely solely on tax treaties as a competitive advantage.
As you may know, India’s treaty was carved out and negotiated bilaterally, and it is still being negotiated bilaterally, rather than being part of the MLI framework. So, while tax treaties are important, there are other types of treaties that have proven beneficial, such as the IPPAs, which are commonly known internationally as Bilateral Investment Treaties (BITs). These have been very useful for Mauritius.
In the early years, when China began opening up, one of the most frequent questions from American investors was how to protect their investments in China. The IPPA between Mauritius and China played a critical role in this. At that time, many investors were hesitant to invest in communist China, and the IPPA helped alleviate some of those concerns. Nowadays, IPPAs are frequently used with African countries.
In addition to IPPAs, Mauritius benefits from Free Trade Agreements (FTAs) and regional economic blocs such as SADC, IORA, and AGOA. These agreements and memberships contribute to Mauritius’ unique selling proposition (USP) in the global market.
3. To what extent have ITL’s core values played a role in maintaining and strengthening its leading market position?
Here at ITL, we’ve built a culture that combines innovation while always putting the client first and making sure we know what we’re doing. Our strength comes from focusing on what we know and do best. That’s how we’ve built our reputation for delivering outstanding results. I hope I’ve given you a good example of how I approach things as a CEO. For instance, when I attend a client meeting, I aim to answer all the questions the client might ask—whether they relate to the company’s role, tax matters, regulations, or any other area. While I’m not a lawyer, I believe it’s crucial to address all types of questions from a company perspective, and that’s something I take seriously. I believe the culture at ITL emphasises the importance of knowledge. Everyone here is encouraged to read extensively and put in the work needed to be able to answer those questions.
4. How would you describe ITL’s approach to international expansion? Over the years, you have established offices in Seychelles, Singapore, and South Africa, with your latest office opening in Dubai last year. What is driving this strategy? Where do you see future opportunities? Is it where your clients are moving?
Well, clients aren’t relocating; they simply require new structures in other jurisdictions. There are clients in other regions, and we’re expanding our user services into new jurisdictions. This has been the trend. We were the first Mauritius-based management company to establish an office in Seychelles over 20 years ago. We’ve recently renovated and heavily invested in that office, making Seychelles a critical hub for us, and we have a solid team there.
We’ve also just opened an office in Dubai, recognising the opportunities in the UAE market. Many of our clients from Mauritius require a UAE entity, a Seychelles entity, and potentially a Singaporean presence. We’re also exploring opportunities in that area. Additionally, we have a representative office in South Africa. While we haven’t set up entities there, one of our directors is based there to manage sales and marketing efforts.
5. In an increasingly competitive global marketplace, technology clearly has a role to play, with AI becoming a hot topic. From a client servicing standpoint, how do you reconcile providing the right human touch while making the most of AI and other technological innovations? What do you feel clients are looking for in 2025?
We fully embrace AI and have developed a comprehensive strategy around it. To guide us, we’ve engaged one of the leading AI experts, Professor Mohanbir Sawhney from Kellogg School of Management in Chicago, as our consultant. He visited Mauritius two weeks ago to conduct a workshop for us. We’ve made significant investments in building our AI infrastructure.
Our priority is to ensure proper governance is in place to protect client data—this is a top priority for us. It’s not just about using tools like ChatGPT and similar technologies; it’s about how we use them responsibly. We’re in the process of setting up our AI data governance framework, and we plan to offer a range of AI-powered services to our clients in the near future.
6. With a new Government in place, there is a move towards a new Strategic Plan for the Financial Sector, which will come as a logical follow up to the Blueprint for the financial sector of 2018, prepared with the input of the authorities and the industry. At that time, private banking and wealth management were seen as a key opportunity for Mauritius, alongside cross-border investment and corporate banking. Are these still relevant today?
Well, yes and no. They’re still relevant, but we may need to adapt them somewhat. Back in 2018, we didn’t have as many expats moving here. But with the influx of people now, we’re in a better position to offer more services. So, whether we’re providing services to people living here or those not residing here, we’ll need to adjust the model accordingly. There’s also a skill gap analysis that we need to address to ensure we have the right talent to deliver these services effectively.
It’s essential that we create an environment in Mauritius that attracts individuals with the necessary skill sets. If we approach it strategically, we can emulate Singapore in this regard
7. The Government has also announced an intention to work with stakeholders of the global business sector to move up the value chain, increase the flow of services, create more jobs and better integrate it internationally. How do you see the role of the industry in the re-shaping of the sector to foster future value and growth, and the role of ITL within this?
There are certainly challenges from the private sector. The landscape has changed significantly. Many of our competitors have been acquired by private equity funds, and as a result, they’re no longer offering the same value-added services they once did—or that we continue to provide. This shift means it will be a challenge to get them to adapt their models and start offering a broader range of services. This responsibility now falls on companies like ours—Mauritian-owned businesses. The issue is, there aren’t many of us in this position. That’s why I believe it’s such a big challenge.
8. Finally, if we wish the financial sector to be adaptable and resilient over the long term, what further steps can Mauritius take to ensure sustainability for the island and for Africa, and how can ESG initiatives help to achieve this goal? How can ITL assist in this endeavour?
We have a business unit that specialises in ESG Consulting. We’ve seen growing demand for this expertise, especially as more companies commit to sustainability goals and responsible business practices. However, I believe the jurisdiction can focus on promoting the value of ESG. For instance, I know that the FSC is developing a framework for ESG and ensuring that sustainable funds can be set up in Mauritius. It will be interesting to see how the new U.S. administration responds to ESG policies. They’ve already opted out of COP, and it will be important to see how that develops.
I believe Mauritius has an important role to play, especially from an African perspective. Our island is heavily impacted by climate change—just look at the current drought and the erosion of our beaches. As a small island state, we are particularly vulnerable. Because of this, we should be leading the way in promoting ESG values, especially since we are directly affected by climate change.
