“We will position FSC Mauritius as a world-class regulator for a world-class international financial centre, where financial innovation meets global excellence and substance,” said the newly appointed CEO, Désiré Vencatachellum, in a speech to the FSC Industry Meet on 5 November 2025, outlining his approach and priorities.
The gathering at Hennessy Park Hotel, Ebene, brought together representatives of the Financial Services Commission (FSC), government officials and the industry, in the presence of Dr. the Hon. Mrs Jyoti Jeetun, Minister of Financial Services and Economic Planning, who reaffirmed the Government’s commitment to strengthening Mauritius’ position as a trusted financial centre in her own address.
Returning to Mauritius after 40 years overseas, Désiré Vencatachellum joked that the attendees would all be able to pronounce his name, and said that he was “really honoured and filled with joy to return home to Mauritius”.
He highlighted that the island had changed beyond recognition since his teenage years, and thanked all of those present, saying that it is “your vision, your resilience, your excellence as people, has made financial services the number one pillar of the economy of this country. We just came back from really a very successful mission in London, and I think this message came out very powerful. Mauritius is not only about beaches and sugarcane, but financial services is number one”.
An enabling but fully compliant regulator
Setting out his approach, the new CEO said he had a “very simple message”. He elaborated that “we are working together with all the parties to do one thing. This is a fit-for-purpose regulator … the FSC is, and will even be more, an enabling but a fully compliant regulator. It’s not one or the other”.
He stated his big vision for the FSC Mauritius: “We want to be numero uno. Not two, not four, but number one. It is not just a slogan.” He also underlined that he felt “very, very lucky” to be in the role when the financial services strategy was being led by the Minister and he regarded the Ministry of Financial Services as the compass.
Noting that the FSC will turn 25 next year, he saw that they would be “aligning ourselves to this vision to be agile, to be trusted, and to be competitive. So in a nutshell, we will position FSC Mauritius as a world-class regulator for a world-class international financial centre, where financial innovation meets global excellence and substance”. He emphasised the need for partnership with the industry and pledged to work very closely with the authorities, the industry, the press, and all the stakeholders.
Looking ahead, he highlighted the important role of Mauritius as a hub to channel resources over the rest of the continent, recalling that Mauritius is a part of Africa, and also leveraging the island’s preferred status with the rest of the world, in particular with India. He also applauded the designation of Mauritius as the primary jurisdiction for the Africa credit rating agency.
Key areas of focus
In terms of the FSC’s strategy, Mr Vencatachellum underlined that “our ambition is not only to regulate but to lead. We will also focus on innovation, and we’ve been discussing what we are going to focus on”.
He elaborated that “the first one – and we cannot get this wrong – is regulatory excellence”, where “we will not compromise”. The second area of focus would be international competitiveness, he announced, and the third would be FinTech and digital finance, with sustainable finance also being key.
He underlined that the last point of focus was talent, which was extremely important in his view, since “we will not be able to deliver at the FSC if we don’t grow and nurture our talent”.
He saw that these focus areas would “help all of you position Mauritius really up on top”. He noted that they had been launching a number of new things including new brochures on ESG-aligned funds, family office licences, wealth management, and also VCCs which he said were “working beautifully” and which are “going to be fantastic”.
Commitment to innovation and compliance
The new CEO highlighted that the FSC fully embraces AI, IT, RegTech and other big technology, with the support of its Board.
He emphasised that they were “pushing on the ‘known to Commission’ initiative. This is making progress to streamline licencing for applicants who are retired applicants where everything is working very well. So the ‘known to Commission’ is something which is going to be coming very soon”.
In terms of the fight against money laundering, he stated that “we are also looking at the whole AML and the way it can be in some cases with the right safeguards. It can be outsourced, but with the right safeguards”.
He mentioned that the FSC was conducting an internal regulatory gap survey, and that they were taking a critical look at the way that the Commission is structured, with a keen eye on effectiveness, value for money, delivery and better compliance.
On consumer protection, Mr Vencatachellum took the view that people and clients were “not adequately protected” and affirmed that “financial literacy is something which we take very seriously”, particularly for the most vulnerable groups.
Delivery of licences and authorisations as a digital first regulator
The new CEO remarked that the delivery of licences and authorisations was already a topic that had been raised with him in the street, in the supermarket and at restaurant tables. He said that he had heard the industry’s feedback consistently and clearly: “Don’t get me wrong, there’s urgency, and we are fixing it. But we are doing that in a consistent approach”.
He admitted that “statistics on time delivery are not where we should be. We’ve got the diagnostic, and with my team, we know we can do better. But this is not a blame game”. He confirmed that the backlog from 2024 had now been fully cleared. For 2025, between January and October, the FSC had received 1,873 applications, and he mentioned that 92% are being processed, and they may reach 98% in six or seven weeks, before delivering 100%. He also announced that a new simplified template for online applications has been introduced.
With regard to investment dealers, which he said make up 75% of the licensing portfolio, he underlined that the online application process has been improved dramatically, and he commended his team on how the applications will be interfaced with cutting edge IT technology. “So if you think you’ve seen new things, wait until the end of next year, then you’ll see the revolution on authorisation,” he remarked, promising a digital transformation at the FSC, where they would be amassing their data, to become “a digital first regulator”.
He also announced that the FSC would be improving on its staffing and upskilling, and they would have an FSC Academy. Overall, he underlined that “this is really a full reset, building on very strong foundations”.
The road to 2027: mutual evaluation exercise on AML/CFT
Last but not least, Mr Vencatachellum raised the issue of the mutual evaluation exercise on AML/CFT to be held in 2027 and conducted by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), which he described as the “defining moment for us”.
He explained: “This is not just another technical exercise, it is a critical credibility and trust and effectiveness exercise, and this will influence the whole of our industry. So at FSC, we are acutely aware of our role,” noting that out of 11 immediate outcomes to be assessed, 8 of them rest with the FSC. He stressed that “this evaluation will not be passed by FSC alone, it will be won by all of us, and very importantly, by the industry”.
Noting the recent FATF de-listings of South Africa, Mozambique, Nigeria and Burkina Faso, where he had personally attended the meeting in Paris, he highlighted that the key word was effectiveness. “We count on you, we count on our licensees, we count on the stakeholders to demonstrate that there is a clear understanding of your risks, that you can identify those risks, that you can assess those risks, that you can mitigate those risks, and that very importantly, when the assessors will come, you can show tangible, concrete evidence of implementation”. He saw that everyone would work together to succeed.
A pivotal moment for the FSC
Recalling an old African proverb that says “if you want to go fast, go alone. If you want to go far, go together”, Mr Vencatachellum pledged that “I intend to go far, together, but I also intend to go fast. I have no choice, I must go fast”.
Summing up his presentation, he stated that: “At the FSC, we are at a pivotal moment, and it is not only for the FSC, but for the industry, for Mauritius, from authorisations to AML, from ESG to digital innovation, we are setting our course with ambition and clarity, but we will only reach our destination if we walk the path together as partners, collaborators, and I hope friends, and friends can disagree. I will not agree with you all the time, but I hope we can be friends,” he concluded.
