27 NOVEMBER 2017

 
         
     

FINTECH CONFERENCE HIGHLIGHTS



Juristconsult Chambers is pleased to share with you some of the major highlights of the conference entitled ‘FINTECH, BLOCKCHAIN & CRYPTOCURRENCY: LEGAL CHALLENGES AND OPPORTUNITIES’, held on the 10th of October at Hennessy Park Hotel, Mauritius. We had the pleasure to welcome among us speakers from Nishith Desai Associates, India and DLA Piper Paris. 



Marc Hein SC, Chairman of Juristconsult Chambers stated in his opening speech that there are now no boundaries for innovation with the use of the internet which is confirmed by the development of FinTech. 


                                                                                                                                          

Dibril Sako, Associate-Barrister from DLA Piper Paris, elaborated on the legal status of ‘Smart Contracts’ in FinTech and was of the opinion that those “smart contracts” followed the legal requirements of a contract.  



Khemila Narraidoo, Associate- Barrister at Juristconsult Chamber, debated whether there can be a productive balance between innovation, consumer protection, and financial stability both today and in the long-term. She stated that even if FinTech can sometimes be qualified as being disruptive, it can also give rise to major opportunities in the financial sector.
 
Arvin Halkhoree, Associate- Barrister at Juristconsult Chambers, highlighted that these new technological developments will inevitably change the way we work today and trigger a paradigm shift in the decades to come. He took examples of mobile only banks with no physical presence which leverage on technology. 

Jaideep Reddy, Associate-Barrister at Nishith Desai Associates, showed the advantages and disadvantages of FinTech as opposed to the traditional system and outlined that these developments can be held to be attractive to more sophisticated tech-savvy clients.  

                                                                


Dr Drishtysingh Ramdenee, from the Board of Investment (BOI), has put emphasis on the necessity for Mauritius to promote innovation which is one of the major reason which explains why the BOI came up with the ‘Regulatory Sandbox’ legislation. 

Nadiah Ramsamy, Associate- Barrister and Nicolas Richards, Managing Partner at Juristconsult Chambers, have shed light on the similarities between ICOs (Initial Coin Offering) and IPOs (Initial Public Offering) and explained why the former may fall within the ambit of the Securities Act 2005.

Nicolas Richard has also exposed the legislative framework which may apply for taking a security interest on Bitcoin, or other virtual currency, and took the example of a USB key which can be used to “hold” those currencies. 


Burty Francois, Senior Associate at Juristconsult Chambers, moderated the last panel which consisted of Mark O’Sullivan, CEO of InterPayTech and Dr Penelope Hawkings, General Director of Feasibility (Oty) Ltd.
 
Mr O’ Sulllivan, one of the pioneer FinTech companies in this sector in Mauritius, stated that despite the various challenges faced, he believes that there are much opportunities in this industry. 

Dr Hawkings, on her part, outlined the inevitable continuous evolution of the cryptocurrencies and the way forward. 

For more information, please contact:

Juristconsult Chambers

Level 12,
Nexteracom Tower II,
Cybercity, Ebène,
72201, Mauritius 
T +(230) 465 0020
[email protected]
www.juristconsult.com


 



 
The information is published for general information purposes and is not intended to constitute legal advice. Specialist legal advice should always be sought in relation to any particular situation. Juristconsult Chambers will accept no responsibility for any actions taken or not taken on the basis of this publication.

Juristconsult Chambers is a member of DLA Piper Africa, an alliance of leading independent law firms working together in association with DLA Piper across Africa.

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