Ben Lim, Chief Executive Officer (CEO) of Intercontinental Trust Ltd, explains how Mauritius must leverage its stability, safety and strategic positioning to entrench its reputation as a credible, Africa-focused International Financial Centre (IFC).
While global competitors may outpace it in speed and scale, Mauritius’ advantage lies in offering a trusted, substance-driven alternative in an increasingly volatile geopolitical landscape.
He emphasises that to capitalise on this advantage, faster execution, stronger ecosystem depth, and continued regulatory credibility will be critical to attracting global capital and talent to the shores of the island economy.
Edited insights from an exclusive interview:
Q1: There is increasing emphasis on Mauritius defining what kind of financial centre it wants to become. Based on your insights, what niche or identity should Mauritius prioritise—and what should it move away from?
Every IFC must first understand its geography, its strengths, and the opportunities available to it. Strategy should be built on these fundamentals. For Mauritius, the answer is quite clear—we are part of Africa, a member of the African Union, and a founder member of the Indian Ocean Rim Association.
Africa is an emerging growth story, and Mauritius is uniquely positioned to serve as a gateway into the continent. This should be our core identity and our key differentiator. We are not trying to replicate centres like Singapore, Dubai, Hong Kong or London. Instead, we should focus on building a strong, credible, Africa-focused International Financial Centre. That is our true Unique Selling Proposition (USP), and this is precisely where we can compete effectively.
Q2: Mauritius benefits from stability and distance in a volatile world. But is stability alone enough, or is there a risk that faster-moving centres will outpace it?
There is no doubt that many financial centres will outpace Mauritius in terms of speed. If you look at Dubai over the past decade, the level of development—infrastructure, services, connectivity—has been remarkable.
However, pace alone is not sufficient. The global environment has changed significantly, particularly from a geopolitical perspective. Stability and safety have become equally important considerations. Mauritius offers both. While we may not move as fast as some jurisdictions, our stability provides a strong foundation, especially in uncertain times.
Q3: You mentioned Mauritius’ “distance advantage” in today’s geopolitical landscape. Does this create a genuine opportunity for the jurisdiction?
It does. Recent geopolitical developments have made people more aware of physical risk in ways they may not have considered before. For example, discussions around missile ranges have shifted perceptions of what constitutes a “safe” location.
Mauritius, quite simply, sits outside many of these risk zones. That distance translates into safety, and safety is increasingly valued by both individuals and institutions.
That said, distance alone is not enough. We must complement it with strong infrastructure—healthcare, education, and global connectivity. When professionals and families relocate, they assess the full ecosystem. Mauritius is making progress in these areas, and that is essential.
We are already seeing this play out. There has been a noticeable increase in talent relocating to Mauritius—from Europe, South Africa, and India. More recently, geopolitical tensions in the Middle East have accelerated this trend, with some individuals choosing Mauritius as a stable alternative.
Q4: Despite these advantages, do scale and infrastructure in larger centres still outweigh Mauritius’ value proposition?
Large centres will always have an advantage in scale and depth. However, the equation is changing. Risk is now a much more prominent factor in decision-making.
Mauritius offers a compelling combination: it operates in a similar time zone to key markets, provides a relatively efficient tax environment, and crucially, offers a level of safety that some larger centres cannot guarantee in the current climate.
This creates a window of opportunity—but we must act decisively to capitalise on it.
Q5: Turning to execution, what is the single biggest bottleneck preventing Mauritius from moving at the required speed?
Like any jurisdiction, Mauritius relies on two key actors: the private sector and the government. The private sector is continuously pushing forward—developing services, innovating, and expanding capabilities.
The challenge lies more on the execution side at a governmental level. While there is strong intent – new legislation, new products, regulatory enhancements – the implementation process can sometimes take longer than anticipated, which may affect our overall competitiveness. As an industry, we are doing everything we can to support and accelerate this process, but execution velocity remains a key constraint.
Q6: You’ve highlighted areas like family offices, capital markets, and digital assets as opportunities. What would a credible Mauritius offering look like in practice?
Rather than starting with products, we should start with the client experience.
If Mauritius wants to be a successful International Financial Centre, it must operate like a “one-stop shop.” When a client comes here, they should be able to access everything they need—structures, services, and lifestyle support.
On the structuring side, Mauritius already offers a comprehensive suite: limited partnerships, special purpose vehicles, funds, trusts, and foundations. That is a strong base.
But the ecosystem must go further. Clients relocate with families, so we must provide quality education, healthcare, and connectivity. If we can deliver all of this seamlessly, clients will choose Mauritius—and keep coming back.
On digital assets, the opportunity is clear, but there are still practical challenges, particularly around banking and correspondent relationships. Progress in this area will be critical for credibility.
Q7: Credibility has been a recurring theme, especially in light of past regulatory challenges. What should Mauritius prioritise to reinforce its position as a jurisdiction of substance?
The experience of being placed on the FATF grey list was a difficult and, frankly, traumatic one for the jurisdiction. Although Mauritius exited the grey list in October 2021, it was a strong reminder of the importance of maintaining the highest standards.
We cannot afford to repeat that experience. The expectations are clear, and both the government and private sector are taking this seriously. There are ongoing efforts to strengthen our AML/CFT framework, with new legislative changes being introduced.
Credibility is not something you achieve once—it must be continuously reinforced. For Mauritius, maintaining strong regulatory standards while continuing to innovate will be key to sustaining investor confidence.
Q8: Finally, what is the key message Mauritius should send to global investors today?
Mauritius should position itself as a stable, credible, and Africa-focused IFC with real substance.
We may not be the largest or the fastest, but we offer something increasingly valuable in today’s world: a combination of safety, reliability, and strategic positioning. If we continue to strengthen our ecosystem and improve execution, Mauritius can firmly establish itself as a trusted hub for international capital.
