The Financial Services Commission, Mauritius (the “FSC”), has announced the official launching of a Framework governing the use of Digital Signature on 23 October 2023.
FSC’s pioneering initiative to introduce guidelines for secure digital signature usage aligns with
global trends in financial digitalisation. It will bring various benefits in terms of allowing businesses to significantly reduce the amount of paper they use, which is both environmentally friendly and cost-efficient; swifter services and process especially where customers need to sign multiple documents; and providing a higher level of security, ensuring the authenticity of the signer’.
The efforts undertaken by the FSC to launch the comprehensive guidelines for digital signatures go beyond mere technological adoption, hence signifying a strategic shift in how technology can be harnessed for broader national development. These guidelines, prioritise enhanced security, a key strategic objective for our digital ecosystem which will not only help secure financial transactions but also set a precedent for other sectors to follow in strengthening their digital security geared towards positioning Mauritius as a technological leader, not only in the financial sector but in the broader context of digital transformation.
The Chief Executive of the FSC, Mr. Dhanesswurnath Thakoor has state that we have traditionally operated in a world with face-to-face interactions and the flow of physical documents. The Covid-19 pandemic blew up this model. Lockdown measures restricted our movements, rendered in-person meetings unsafe, and disrupted international courier services.
In the context of International Financial business, which is multi-party and cross-border, a solution that would leverage on what is already being used and that provide multilateral authentication and validation at international level, had to be developed. Hence, in response to these demands, the ‘FSC has meticulously crafted a set of comprehensive guidelines that are highly contextualized and adapted, with the goal of striking the perfect balance between the security, trust, and user experience of digital signatures. FSC’s decision to fully support the use of digital signatures signals our preparedness to adapt and evolve, thus keeping up with international trends. As an innovation, this will contribute to further improve the ranking of Mauritius in the Global Financial Centre Index in its next release.
The “Guidelines for Digital Signature” is in line with the digital transformation of the financial
services sector, thereby setting the expectation of the Commission from the industry when adopting digital signatures during the course of conducting their financial business activities. The “Guidelines for Digital Signature” facilitates submissions of document, thereby, improving the ease of doing business and minimising delays in processing. This initiative not only enhances productivity but also ensures compliance with highest standards of data protection and integrity.
This initiative reaffirms the FSC’s unwavering commitment to embracing technology and fostering a digital ecosystem that not only encourages innovation but also drives growth and facilitates seamless business operations in the non-banking financial services sector.
Access the Guidelines for digital Signature HERE