Regulatory Alerts2021-12-06
Guideline for Digital Banks
The Bank of Mauritius issued this December 2021 guideline to establish a comprehensive regulatory framework for banks operating exclusively through digital or electronic channels. It mandates a two-stage licensing process comprising a mobilisation period of up to two years and a transitional period of up to three years, during which restricted digital banks must deploy technology infrastructure, recruit senior staff, and meet specific capital and governance thresholds. The framework grants targeted exemptions from traditional banking laws while ensuring robust risk management, customer protection, and clear exit mechanisms before granting full digital banking status.
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