By Shruti Menon Seeboo
In the dynamic world of international finance, where capital flows like the ocean tides, individuals who possess both a keen understanding of intricate structures and a vision for global connectivity are invaluable. Yuveena Mungra, Senior Manager at ONS FinServ Ltd in Mauritius, is one such pivotal figure. Her journey, far from a predictable ascent, has been a fascinating evolution, a testament to adaptability and a deep-seated drive to excel in the interconnected realms of corporate, fund, cross-border, and capital markets.
Yuveena’s career narrative begins in an unexpected sector: aviation finance. “I started working in the aviation sector since I was 20 years old,” she recounts, highlighting an early immersion in the world of numbers and regulations. This initial foray into finance, though distinct from her current specialisation, laid a crucial foundation. The move into the offshore business industry over a decade ago marked a significant turning point. “This has led me to many things for changing myself, for my personal growth and to change my career,” she reflects. This wasn’t merely a job change; it was a deliberate pursuit of a burgeoning passion. This experience has deeply affirmed my goal and what truly drives me.”
Her formative years in the global business sector were spent at a smaller management company, where the learning was hands-on. “I learned to gain hands-on experience in setting up and administering global business companies, like incorporation of international business companies and trusts.” This period was instrumental in building a “solid foundation in the compliance side, the due diligence side and client servicing.” It was, she acknowledges, “a learning process from my side at the beginning.”
A significant leap came with a move to a MNC, where Yuveena was faced with new challenges and opportunities. This role saw her actively involved in “fund launchers and structuring deals” alongside Ashwanee Ramsurrun, currently the Group CEO of ONS FinServ, whom she warmly describes as her mentor, as “we were working hand in hand with dealing structures and fund launching.” This collaboration fostered her ability to advise on intricate cross-border transactions and portfolio investments, particularly within the Indian market, understanding the investors’ needs and clients’ requirements.
Crucially, this period also involved close interaction with regulators, including the Financial Services Commission, where she provided support with inspections and assisted in many compliance activities for licenced entities.” This intensive engagement honed her skills in dealing with capital and cross-border markets. Her move to ONS FinServ marked another significant step, a promotion that brought with it greater responsibility and client interaction. “With this opportunity, I was promoted to become a manager. I was given more responsibilities and had the opportunity to meet clients and to begin to play a role in advising on structures.”
Today, as a Senior Manager at ONS FinServ, Yuveena’s role has evolved into a leadership position. With the support of a team of 6 administrators, she is now providing client advisory support in areas such as structuring of companies, cross-border transactions and ensuring compliance and currency reporting. Her strong team is steered by herself and her assistant manager, Houmairah Saumtally at the helm. The team is composed of brilliant and dedicated members namely, Preety Ramcharain, Jeveena Meghna Nepaulsing, Kirtisha Ramsurn and others.
Mauritius as a bridge between Africa and Asia
Looking beyond her personal journey, Yuveena offers a compelling perspective on Mauritius’s strategic role in global finance. “I believe that Mauritius has a strong and growing role as a bridge between Africa and Asia.” She astutely points to the geographical advantage and the extensive network of tax treaties. “As you know Mauritius is a well-known place geographically and it has been used as a route of investment into India. A wide network of tax treaties with many African and Asian countries helps us to attract investment structures that assist in cross-border transactions.”
Moreover, she highlights Mauritius’s commitment to transparency and regulatory robustness, as evidenced by its removal from the FATF grey list in 2021 and the UAE blacklist in 2022. “Mauritius has improved into its international image and has enhanced its legal framework. This commitment strengthens its position as a trusted jurisdiction for international investors.”
In the ever-evolving landscape of capital markets, Yuveena notes the introduction of new structures like the Variable Capital Company (VCC), offering greater flexibility. However, she also acknowledges the challenges, in areas such as onboarding by banks, where ONS FinServ plays a crucial role in assisting clients navigate the process, ensuring compliance and streamlining interactions with regulators and banks. “At ONS FinServ we assist our clients in setting up a licence, such as for investment vehicles, ensuring that we are compliant with the FATCA and CRS and local regulations to manage risk.”
Embracing technology to enhance efficiency in Mauritius and beyond
Technology and innovation, particularly FinTech solutions, are also profoundly impacting the sector. Yuveena highlights that “Fintech has had a major impact on the offshore sector and with tools like cloud-based platforms and automation have helped us to improve efficiency, reduce errors and streamline the processes. We are embracing these changes through the use of FinTech solutions to automate compliance checks, speed up the client onboarding and improve the communication with regulators and clients, which allows us to offer greater efficiency in our services.”
Looking to the future, Yuveena articulates ONS FinServ’s vision with clarity. “ONS FinServ has become a leading provider of the corporate and fund administration services, not only in Mauritius but at global level.” With a presence in the DIFC, UAE, the firm is strategically growing its footprint. “We are expanding to solidify Mauritius as a trusted and growing financial sector.” The aim is to bridge the gap between the Middle East, Africa, and Asia, offering tailored solutions and leveraging innovative technologies like AI and blockchain. “At ONS FinServ, we are leveraging this growth by harnessing innovative technology such as AI and blockchain to enhance our services ensuring transparency and efficiency globally.”
Yuveena Mungra’s journey at ONS FinServ is a compelling narrative of growth, adaptation, and a deep understanding of the intricate workings of global finance. Her insights underscore Mauritius’s pivotal role as a platform for international capital flows, a jurisdiction committed to regulatory excellence and embracing technological innovation. As ONS FinServ continues to expand its global footprint, Yuveena’s expertise will undoubtedly be instrumental in bridging worlds and shaping the future of Mauritius as a trusted and dynamic financial hub.
