Financial Technology or Fintech is the use of innovative technology in the design and delivery of financial services and products. Fintech has immense potential to contribute towards economic and social development whereby it can transform the way governments, businesses, the civil society and citizens interact and contribute towards enhancing the ease of doing business.
As part of its mandate to regulate and oversee, as well as modernise the National Payment System, the Central Bank of Seychelles (CBS) aims to embrace the rapid pace of Fintech, while ensuring it is properly regulated and subsequently help payment service providers to leverage technological innovations in the financial sector to maximise economic growth.
The CBS is leading efforts to formulate a National Fintech Strategy for Seychelles, in collaboration with the Ministry of Finance, Trade, Investment and Economic Planning and the Financial Services Authority. The Strategy, expected to be ready by the end of 2019, will outline the individual roles and responsibilities of every stakeholder, guide the overall coordination of efforts in the building and implementation of Fintech and build awareness and education of Fintech in the financial sector and the country as a whole.
Seychelles is receiving the support of international organisations namely: the World Bank and the Alliance for Financial Inclusion in this endeavor.