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We are pleased to share the first edition of Africa Deal Watch, your monthly snapshot of the most notable private equity and venture capital transactions shaping the African investment landscape. This digest brings you key updates on capital flows, exits, and fund activity from South Africa to Côte d’Ivoire, Nigeria to Kenya.
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Dr The Honourable Navinchandra Ramgoolam, Prime Minister, Minister of Defence, Home Affairs and External Communications, Minister of Finance, Minister for Rodrigues and Outer Islands presented the National Budget 2025/2026 on 5 June 2025.
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One of the fastest-growing asset classes, the global private debt market has grown ten-fold since 2007 to between USD1.6 and USD2 trillion by current estimates. Preqin forecasts that private debt assets under management (AUM) globally will reach USD2.8 trillion by the end of 2028.2 Meanwhile, fund manager BlackRock is even more bullish, estimating that private debt AUM will reach USD3.5 trillion by the same year.
The US is the largest global market for private debt, followed by Europe. In the US and European markets, private debt is a recognised asset class for institutional investors, who vouch for its potential to provide attractive risk-adjusted returns and help with portfolio diversification. However, industry onlookers note that Emerging Markets (EM) continue to lag, currently accounting for less than 3% of global private debt issuance annually.
The rise of private debt in Africa
The EM private debt sector hit a peak of USD10.5 billion in 2018, before slowing in 2019 due to the tightening of credit conditions in the US and then the COVID-19 pandemic in 2020
Activity picked up in the second half of 2020 and momentum was maintained into 2021, but still at a slower pace than pre-pandemic. Within the EM private debt sector, the largest portion of fundraising has gone to Emerging Asia, representing a staggering 80% of the total funds dedicated to emerging markets. In contrast, the total number of firms operating in private debt in Central and Eastern Europe, Africa, and the Middle East remains limited.
Meanwhile, Africa faces a credit gap of USD360-400 billion5, highlighting the urgent need for new financial tools to support economic growth and financial liquidity. Here, private debt has enormous scope to grow, as it currently accounts for only 7% of total funding raised in Africa5. Indeed, private debt is a nascent asset class compared to others such as venture capital and private equity, but it has the potential to grow fast as an alternative to traditional banking channels.
On the borrower side, the demand for alternative solutions such as private debt is clear as Africa’s mid-cap businesses frequently find themselves in a bind. Too large for micro or SME finance but too small or unproven for traditional private equity, they are forced to rely on expensive or inflexible debt solutions, or miss out on growth opportunities altogether. Private debt provides a balanced solution, allowing these businesses to grow without reeling under the burden of strict conditions or facing the prospect of sacrificing ownership.
On the lender side, when it comes to returns in this rising asset class, private fund managers are fast finding out that private debt can provide a stable income compared to private equity, with a significant premium over what they can expect in developed markets.
Is Africa still profitable for investors globally?
Indeed, notwithstanding the rise in interest rates and the increase in public debt following the pandemic, Africa remains attractive for a number of reasons. Crucially, the leverage in the market is still quite low compared to developed markets – private debt fund managers note that the businesses they finance on the continent have leverage of 2 to 3 times, compared to 5 to 6 times in developed countries.
They comment on the importance of backing regional champions that are resilient to interest rate rises and can weather economic and political challenges on the continent. Private debt managers believe that this rising asset class is set to provide a premium in Africa compared to developed markets, made all the more attractive by the extremely low default and loss rates of companies in the continent.
A key obstacle in attracting institutional capital to Africa is the gap between the perceived risk of doing business in Africa and the real risk. Often, important themes that make the continent an attractive investment destination, – such as the youth demographic dividend, political stability in key markets, and the potential for technology to leapfrog traditional economic models – are not adequately factored in by investors.
Private debt can help shift this narrative by unlocking the growth opportunity in the mid-market segment, which can power the growth of the real economy in key African countries. Here, private debt fund managers note that, in terms of the economic and political environment, firms must be conversant with the environment and be specialised in navigating it. Key considerations to keep in mind are the kind of markets the company operates in, how strong is the shareholder/management, how resilient is the business case to economic and political shocks, and what is the long-term future of the business in the markets where it operates. This helps manage the default risk and assess the borrower’s creditworthiness. Finally, when it comes to currency risks, providing debt financing in USD can help to hedge the risk of local currency volatility, and forms a good option if the borrower has income in USD; else, prospective portfolio companies can be stress tested to currency shocks before undertaking local currency lending.
Why should investors consider structuring a fund from Mauritius?
Successfully launching and managing a private debt fund in Africa requires more than investment appetite – it demands operational excellence, regulatory certainty, and deep regional insight. Key enablers include a robust fund domicile, efficient SPV and investor servicing structures, accurate performance reporting, and compliance with international standards.
At Intercontinental Trust Limited (“ITL”), we believe that Mauritius possesses all the key enablers for successfully launching and managing a private debt fund targeting African markets. As a strategic gateway for Africa-focused funds, Mauritius combines legal clarity with regulatory oversight. The jurisdiction provides investors with a favourable investment environment by offering incentives such as 100% foreign ownership, tax-free dividends, and no capital gains tax. Mauritius also boasts a deep network of double taxation avoidance and investment promotion agreements with many African economies. Finally, the jurisdiction offers innovative fund structures such as Variable Capital Companies (VCCs), positioning fund managers to respond with dynamism and efficiency to evolving investor demands.
How does ITL support private debt fund managers operating in Africa?
At ITL, we understand the operational rigour and agility needed to successfully manage private debt funds in dynamic markets like Africa. As a leading fund administrator regulated by the Financial Services Commission (FSC) in Mauritius, we offer end-to-end fund administration services, from fund set-up and compliance to investor servicing, accounting, and reporting. Our strength lies in our ability to bridge global standards with regional realities.
We support private equity and private debt managers with a robust suite of digital tools, including an advanced fund accounting platform tailored for the complex structures of closed-end funds. This allows for timely, transparent, and audit-ready reporting, giving fund managers and investors alike peace of mind.
Leveraging this robust economic and regulatory framework, together with our strong track record across fund administration, ITL enables fund managers to operate with transparency, agility, and institutional-grade governance across diverse African markets. With deep familiarity across multi-jurisdictional regulatory regimes, we ensure seamless coordination among fund vehicles, asset managers, and service providers. Our scalable solutions are built to support growth, drive transparency, and uphold institutional standards across the full fund lifecycle.
Ultimately, Africa’s private debt landscape presents a significant yet underexplored opportunity for institutional capital. With its combination of creditworthy borrowers, resilient mid-market demand, and evolving infrastructure needs, the continent offers meaningful potential for impact and returns. As fund managers increasingly seek diversified and sustainable portfolios, jurisdictions like Mauritius play a critical role in enabling efficient, well-governed investment vehicles into Africa.
Mauritius stands tall as a testament to economic progress, cultural development and social advancement, with women making up around 40% of the workforce.
Refreshingly, the financial services sector is reinforcing this trend, with over 55% of women at the forefront — driving leadership, innovation and transformation. We look to industry stalwarts such as leading management company Intercontinental Trust Ltd (ITL) to understand how Mauritius is standing out as a beacon of progress in this key economic pillar. As Mauritius gears up to celebrate Mother’s Day on Sunday, 25 May, we look at how working mothers at ITL are successfully balancing their family responsibilities and workplace duties.
In a series of interviews with Kate Kwok Choon, Business Development Manager; Diya Fullee, Senior Manager – Fund & Company Administration Services; and Beatrice Lan, General Manager, Private Office, at ITL, we understand how these intrepid ladies are working hard and succeeding in style when it comes to walking the tightrope between personal fulfilment and professional success.
Flexible work arrangements: Win-win for management, employees
What is the one key factor at ITL that sets them up for success, and how does the culture at ITL play a crucial role in perpetuating such success stories? Across all working mothers at ITL, a key thread emerges in the form of the flexible work arrangements offered at the company.
These arrangements, however, are not simply about convenience – they are part of a broader organisational philosophy that empowers employees to continue growing in their roles without compromising their family commitments. Career progression and personal growth remain firmly on track for mothers at ITL, many of whom have moved into more senior or leadership roles post-maternity.
“In the financial and offshore sector, life is dynamic and we embrace lots of challenges and opportunities every single day,” notes Diya. With her son in pre-primary school, she adds that the flexible work arrangements have been a significant source of support for her in this dynamic work environment.
Diya Fullee, Senior Manager – Fund & Company Administration Services, ITL
“I would say ITL’s supportive approach has helped me manage both my professional responsibilities and caregiving duties during challenging times. This helped me remain productive professionally without while fulfilling my responsibilities at home.. This balance ensured that I didn’t have to choose between my career and my child. This is something that speaks volumes to ITL’s commitment to supporting working mothers and supporting us as individuals,” she emphasises.
For her part, Kate, mother of two, adds that ITL allows mothers to work from home in case school is closed for any reason, for instance, due to heavy rain. Recently back from maternity leave, she feels the support extended by management in the form of flexible work arrangements has been a key criteria giving her peace of mind while at the workplace.
“During the months of January and February in particular, unexpected school closures can be challenging, especially during bad weather, with radio warnings issued at 4am in the morning, thus making it difficult to plan for childcare in advance. Thanks to the support from my team and understanding managers, I’ve been able to handle these types of unexpected situations without stress, and still stay on top of my work.”
Diya adds that flexible working also means that one can replace one’s working hours at their own convenience. In addition, ITL offers flexible hours in the morning and/or afternoon, for instance, if one wants to drop or pick up their child to/from school. She explains that staff are also encouraged to sign up for self-care through ITL’s focus on its wellness programmes. “We get sponsored if we need to go to a safe space and relax, for instance, some sessions at the gym, Pilates classes, order subsidised lunch from work if you do not get time for a meal prep, etc. Besides, ITL organises Family Fun Day where, once a year, your family is invited to form part of work events,” she elaborates.
A day in the life of a working mum at ITL
Kate Kwok Choon, Business Development Manager, ITL
It’s 6:00 am and Kate is already awake. With two young children at home, the morning begins with preparing breakfast, school lunches and navigating the usual rush of uniforms, school bags and gentle nudges to get ready on time. By 8:30am, she’s at her desk—whether at home or in the office—ready for team calls and client meetings. “There’s a rhythm to the day, a balancing act,” she says, “but there’s also the comfort of knowing I have the trust of my manager and the flexibility to manage both roles effectively.”
Finally, Beatrice explains that there is a sense of mutual respect between management and employees, as she highlights the autonomy and flexibility that comes with remote work arrangements.
“For instance, if your kid is sick, you can continue to work and look after your child. This has had a lot of impact. One time my son was sick, I had to stay with him at the clinic and ITL has been very supportive. But what I do in addition is to bring along my laptop so that we can work around if there is anything urgent that I need to do,” she elaborates. She notes that, with two kids at home – a daughter who is 8 and a son who is 2 years old – she especially values the trust and understanding that help her balance professional commitments and family life when needed.
Strong support systems inside and outside the organisation
Another common factor across these successful working mothers is a concerted effort to cultivate strong support systems both inside and outside the organisation.
In Beatrice’s case, she explains how her team proved to be an invaluable source of support when she returned from maternity leave and was finding her feet again after a difficult first pregnancy. “When I was pregnant the first time, I had to have complete bed rest. I could not work at all. I came back to work after more than 5 months. It was quite challenging because I was already manager of a team of around 15, and was unsure how I would cope with all the projects that had unfolded in my absence. At a broader level, I was unsure how I would be able to balance my professional and personal responsibilities as a mother. At ITL, I got that support – both from management and my team as well. My team had been keeping me abreast of everything while I was away. They also allowed me the time to settle back into my role.”
Beatrice Lan, General Manager, Private Office, ITL
For Diya as well, the support and advice of her fellow working mothers at ITL was a huge motivation for overcoming a pressing professional challenge – her first business travel opportunity after having a child. “When I was offered the opportunity of a business travel two years back, I was with a toddler. It was a tempting professional opportunity, but, being a toddler, my child really demanded full attention from me at that time. At the same time, I believed that accepting the trip would open doors and be a very enriching work experience. Sometimes your mind is in turmoil and mine kept querying whether I should accept it or turn down the opportunity, just because I have a child. I spoke to working mothers at ITL who had been on trips previously and not just one but all of them really encouraged me to go for it and their experience sharing really boosted my spirit,” she avers.
Finally, Kate explains that her team and management have both been key pillars for her within the organisation. “My team is my strongest support system within the organisation. Everyone in the team tries to help the other, be it my co-manager or team members themselves. When one is facing issues with childcare, one can count on the team to step into the breach. Moreover, the management is quite understanding. When there is an issue, they remain very supportive. They are approachable and we can easily turn to them without any fear of reprimand and can always find a solution together with them. When you approach a manager with your request, you feel like you are being heard and can find a solution that works for all. At ITL, management is flexible, understanding and supportive,” she elaborates.
Outside of work too, the importance of strong support systems cannot be underscored enough. Diya, who notes that she firmly believes in the classic proverb, ‘It takes a village to raise a child’, explains that her husband, parents, brother, and sister-in-law have been the rock solid foundation that her career is built on. ”Outside work, my husband is the person who has helped me most, including his parents. When he is not here, I step in, and when I am not there, he steps up. As a working mother, I was very worried that I would miss certain chapters of my child’s life. But my mother, father, brother, and sister-in-law are there – they are always present and taking pictures or capturing beautiful moments that I would otherwise miss because I am at work. At ITL, you do get to stay and work remotely at home. Here, even if I request for once or twice a week to work at home, I will be granted the flexibility which may not be possible with every other company. Moreover, once or twice a week, I get to pick my child up from school. Every other day, someone from the family would pick him up. But I love to see his face light up when I do the school pick up! Such assistance and flexibility have been invaluable at ITL.”
Diya also expresses gratitude to teachers for taking care of her child outside of the family support system. “The teachers are with my child every day, and I get the reassurance that they are looking after him. They are the ones closer to him, teaching him the values and principles of life after home. And when you get to hear how well your child is doing while you were away at work but you did the best that you could, it really is very emotional. So it’s the whole ecosystem that we speak to here, and every little help from every person to balance both worlds counts towards a better support system for working mothers.”
For Kate, her partner is a strong pillar of support who tides her over difficult times at work, allowing her to accept projects that require her to work hard past the usual working hours with complete peace of mind. “Whenever I have projects with tight deadlines that require me to work hard for days at a stretch, my partner serves as a key support system. Going beyond singular instances, his consistent support with childcare has really helped me progress at the workplace. Having him as my support system meant I didn’t have to compromise on work, so when work was more demanding, I always had his support with the kids. When I was working till late on projects with tight deadlines, having the support of my partner to be able to plough on post the usual working hours meant the world to me.”
Finally, for Beatrice, a combination of family support and paid childcare has worked wonders as a strong pillar outside of the workplace. “We have a chance in Mauritius to have our parents and extended family living close to us. I am fortunate to have that opportunity as I have my father and my in-laws living nearby and they have been very supportive indeed. Also, I have been able to get childcare services from someone who is well known to me and lives in the neighbourhood, making it easy for me to leave my kids early in the morning and pick them up after working hours,” she elaborates.
Words of advice for other working mothers
Across all mothers cultivating a successful career at ITL, the common thread that ties them is their strong sense of reliance on the ITL community.
Beatrice urges other working mothers to be open in their communications and ask for help from the vibrant ITL community as and when they need support. ”Never hesitate to ask for support. Communicate openly. If you decide to stay on your own and hesitate to ask for help, you will lose out on opportunities. We have a great community at ITL – so lean on the ITL community. There are plenty of people here to help you and who want to see you grow. Most importantly for all mothers to be – believe that being a mother makes you stronger, not less capable.”
For her part, Kate cautions that burnouts are increasingly common due to the heavy mental load that women carry. Hence, she advises that working mothers must build a strong support system. “At ITL, the mindset and culture is one of open understanding. The managers are open to finding a solution with you. ITL is marked by the human touch and human mindset. Of course, you have to deliver but if you have an issue, you can count on your team mates or management to support you. My advice to working mothers – turn to your team mates when you need to find a solution!”
Finally, Diya encourages working mothers to be vocal and transparent about their needs, motivating them to build a strong network as they tread the tough tightrope between professional success and motherhood. “Go for it! It is absolutely possible to do justice to both work and motherhood. Just be transparent and vocal about your needs. Don’t hesitate to ask for support. People will understand. Build a strong network. Being a working mother is not a limitation, it’s a strength. We can set an example and show our children how we balance hard work and independence in life,” she explains.
Working mothers at ITL: Stronger together
As we conclude our interview, Diya sums it up beautifully when she harks to the inclusive and performance-driven culture as the reason for her success, noting that it gave her the space to grow professionally while fulfilling her responsibilities as a mother.
“My need to be a working mum is about being financially independent. I always carried a strong sense of purpose about me. I come from a family background where I have seen my family – my mother, father and siblings – working hard. Now I wish to set the same example for my child. Indeed, at ITL, I never felt that just because I am a mother, I was given less responsibilities and opportunities. On the contrary, after I became a mother, the same opportunities kept flowing to me. I always believed that having a family and a career should not be mutually exclusive, and at ITL, that has proved to be true. I would advise other working mums not to let go of their dreams,” she concludes.
Indeed, for all the mothers interviewed, it is clear that the support at ITL have not only helped them cope – it has helped them thrive, acquire new skills through internal and external learning opportunities, and take on major projects – all while raising young children.
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The Financial Services Commission recently introduced new Disclosure and Reporting Guidelines for ESG Funds, underscoring the island’s commitment to integrating ESG principles throughout its financial services ecosystem. These guidelines are set to reshape how management companies, fund administrators, and corporate service providers structure and report on the funds they oversee.
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As global interest in virtual assets continues to grow, Mauritius is positioning itself as a key player in this dynamic sector. Virtual assets, including cryptocurrencies and digital tokens, are quickly evolving and Mauritius is actively embracing this transformation. The implementation of the Virtual Asset and Initial Token Offering Services (VAITOS) Act and the recent Bank of Mauritius (BOM) 2024 guidelines on virtual asset-related activities have established a structured environment for both innovation and responsible governance.
Intercontinental Trust Ltd (ITL), a leading corporate and fund services provider, has been at the forefront of this transition, supporting businesses in aligning with Mauritius’ regulatory framework while capitalising on emerging opportunities. In this exclusive conversation, Dinesh Sunnoo, Senior Manager – Fund Services at ITL, shares his insights on the impact of these regulatory changes, the challenges of onboarding VASPs, and the future of virtual assets in Mauritius. Excerpts:
1. How have the guidelines issued by the Bank of Mauritius (BOM) in 2024 impacted the way financial institutions handle virtual asset transactions?
The Bank of Mauritius (BOM) 2024 guidelines on virtual asset-related activities have introduced a structured framework to align the interests, practices and governance standards of financial institutions dealing with Virtual Asset Service Providers (VASPs). While these guidelines establish clear requirements—such as enhanced due diligence (EDD), strict capital buffers, cybersecurity measures, and mandatory risk assessments—the onboarding of VASPs remains a significant challenge due to banks’ own internal risk management frameworks.
Most of the banks are still reluctant to fully engage with VASPs, particularly in opening accounts for accepting end-client funds. However, a shift is emerging, with some banks now willing to provide transactional banking services while maintaining a cautious approach. The VASPs still do not have an option of operating a Mauritian bank account to accept fiat currency from their customers to engage into the trading of digital assets.
2. Can you explain the partial exemption regime extended to the sale of virtual assets and tokens? What does this mean for businesses operating in the sector?
The Finance (Miscellaneous Provisions) Act 2024 has introduced an amendment to the Income Tax Act by redefining the term securities to include virtual assets and virtual tokens. This change has a direct impact on the tax treatment of virtual assets in Mauritius, as gains on the disposal of securities are exempt from taxation. There is also no capital gains tax in Mauritius. By extending this exemption to virtual assets and tokens, businesses and investors engaged in the trading, issuance, and investment of digital assets will benefit from a tax-free environment on gains, including capital gains, making Mauritius a more attractive jurisdiction for crypto-related businesses.
This amendment provides a competitive advantage to Mauritius by positioning it as a crypto-friendly hub in the region. Businesses engaged in virtual asset trading platforms, security token offerings, and digital asset investment funds now have greater incentives to establish themselves in the country.
While this amendment has been made, it is important to note that the income derived by VASPs are not within the scope of the partial exemption regime. Currently, the partial exemption regime applies to specific categories of income, including certain financial services licenses under the Financial Services Act but it has not been clearly specified for the income derived by the VASPs from the fees that they will earn. However, for VASPs to fully benefit from this preferential tax treatment, we still need to see amendments to the relevant licensing provisions that would explicitly classify VASP activities alongside other financial services licenses that qualify for the 80% exemption. Until such amendments are made, VASPs operating in Mauritius must carefully assess their tax positions, as their eligibility for the partial exemption remains subject to amendments in the legislations.
3. How does ITL Mauritius ensure compliance with the recently passed Virtual Asset and Initial Token Offering Services (VAITOS) Act? What are the key requirements for virtual asset service providers under this new law?
ITL has been proactively adapting to the regulatory framework established by the Virtual Asset and Initial Token Offering Services (VAITOS) Act. Recognising the evolving regulatory landscape, ITL has strengthened its compliance procedures to meet the requirements imposed by the Financial Services Commission (FSC) and also to meet up with the best standards. This includes focusing on enhanced due diligence measures, risk assessment frameworks, and ongoing monitoring of such clients. ITL has also invested in a KYCP portal, a sophisticated compliance software designed to streamline KYC and due diligence processes, ensuring that such client adhere to the AML/CFT obligations. Additionally, ITL has demonstrated its expertise by successfully assisting a client in securing in-principle approval from the FSC for a Class S Marketplace License.
4. What steps has ITL Mauritius taken to ensure that the company’s virtual asset-related activities align with both the BOM’s guidelines and the broader regulatory framework in Mauritius? Mauritius is positioning itself as a regional hub for virtual assets. What opportunities and challenges do you foresee for businesses in Mauritius as the regulatory environment continues to evolve?
Mauritius introduced the VAITOS Act 2021 to regulate Virtual Asset Service Providers (VASPs) and Initial Token Offerings (ITOs) in line with Financial Action Task Force (FATF) standards. Given the high-risk classification of the virtual asset sector, the FSC has issued the AML/CFT Guidance Notes for Virtual Asset Service Providers & Issuers of Initial Token Offerings. From a regulatory standpoint, Mauritius has been at the forefront of establishing a comprehensive legal and compliance framework for Virtual Asset Service Providers (VASPs), ensuring that the sector operates within a secure and well-regulated environment. In line with these evolving regulations, ITL has remained compliant, reinforcing its internal controls, CDD processes, and transaction monitoring frameworks to meet the FSC’s and BOM’s prudential and AML requirements.
Beyond ensuring its own compliance, ITL has also been actively assisting clients in adhering to licensing and AML obligations under VAITOS. This has resulted in ITL successfully assisting a client in obtaining the FSC’s In-Principle Approval for a VASP license.
Mauritius is in a unique position to leverage upon its legacy role as a regional financial hub, especially for the adjacent African continent. Cryptocurrencies and digital assets have been reported being widely used for remittances and as store of value in many African countries given the conditions of their economies and financial sectors. Many African countries do not already have a developed regulatory regime like Mauritius to provide a safe and secured environment for users of cryptocurrencies and digital assets, hence it can be anticipated that Mauritius will be an ideal avenue for them to deal in such new assets class. The challenges faced by the sector abound, which are not unique to Mauritius; the adoption of cryptocurrencies is a double-edged sword which, on the one hand, benefits the mass but, on the other hand, is also used for illicit purposes, such as money laundering, tax evasion, etc. To safeguard against such abuse, FSC has introduced comprehensive laws including Travel Rules, AML/CFT policies and guidelines, market surveillance, etc to mitigate these risks. However, the effective implementation and enforcement of these laws will remain challenging because the digital assets economy is of global scale.
5. Looking ahead, how do you see the virtual asset market in Mauritius developing over the next few years? Are there any new regulatory measures or trends that ITL is preparing for?
To create a robust ecosystem in Mauritius, the FSC and participants in the digital assets sector can showcase Mauritius as a hub for the region. This can be achieved by organising events and inviting international players to partake in discussion of the sector’s prospects, specific use cases for blockchain technology and digital assets in overcoming financial and regulatory challenges peculiar to the region, in particular financial inclusion, cross border remittances, etc. This is to create awareness across the region and in particular targeting the African countries, thereby solidifying Mauritius’ longstanding position as the financial and digital assets hub for the region. The Mauritius government and the FSC can also consider engaging their counterparts in Africa to foster closer cooperation in the digital assets sector for mutual benefits and to strengthen enforcement against illicit activities. As blockchain technology in general and the digital assets economy are fast evolving, there should be timely fine-tuning of regulations and guidelines to ensure its relevance and effectiveness.
Ben Lim, the Chief Executive Officer of Intercontinental Trust Ltd (ITL), is a pioneering figure in the international financial services sector of Mauritius. With a career spanning over three decades, Ben has been instrumental in shaping the industry since its early days in the 1990s. Under his leadership, ITL has grown to become a key player, offering a wide range of specialised services to meet the evolving needs of clients globally.
Ben’s extensive experience and insight into Mauritius’ financial landscape make him a valuable voice in discussions about the challenges and opportunities facing the sector today. His deep understanding of the dynamics of private wealth management, corporate banking, and global business has allowed him to position his firm at the forefront of Mauritius’ growing reputation as a global financial hub.
In this interview, we delve into Ben’s unique perspective on the development of Mauritius’ financial services, the importance of innovation and adaptability, and the role of local companies in maintaining the island’s competitive edge. We also explore ITL’s innovative approaches, its strategies for client growth, and its commitment to ESG principles. Additionally, we discuss how ITL is leveraging AI-driven growth to stay ahead in an increasingly competitive market. With his expertise and vision, Ben continues to play a key role in guiding the sector towards continued growth and international integration.
1. ITL has recently celebrated its 25th anniversary in Mauritius. How would you describe the evolution of ITL, and the Mauritius International Financial Centre more broadly, over this period? What have been some of the keys to success for ITL? Are there some specific learnings that you could share with us from this journey?
I believe the evolution of the financial services sector began well before ITL was established. ITL’s journey started 25 years ago, but the financial services sector itself began in 1992. It all kicked off with the Euromoney Conference and the tax treaty with India. At that time, the model was India-centric, where all investment into India went through Mauritius. This was possible because India had opened up to foreign investments, and Mauritius had signed a treaty with India in 1983.
This arrangement provided a convenient route for capital to flow into India. During those days, capital gains taxes in India were very high—around 50%. It was quite significant. India had both short-term and long-term capital gains taxes, with short-term being particularly high. So, by routing investments through Mauritius, which had tax advantages, there was effectively no tax burden. Tax avoidance was still considered morally acceptable back then, making this model very appealing. It all started with India, but we later attempted to replicate this model in other countries like China, Indonesia, and Southeast Asia, and we succeeded. Then came the financial crisis of 2008, and we started to see Africa emerging as a new market. At that point, the financial services sector began to see Africa as a significant opportunity for investment.
However, not all players in Mauritius ventured into the African market. Some had a captive market and a legacy business in Asia. But we entered the African market early, and we managed to capture a significant portion of the investment coming into Africa. Afterwards, it was quite challenging to persuade people to relocate to Mauritius. At the time, the country lacked private schools, private hospitals, and even basic hygiene standards were a concern. But fast forward to today, Mauritius has become a fast-tracking hub. With global conflicts making other destinations less attractive, people now find it convenient and safe to live in Mauritius.
Living in Mauritius has created opportunities for new products and services, like private wealth management, asset management, and more. This is how the financial services sector has evolved from 1992 to today. At ITL, we maintain a dynamic approach to market evolution, adapting our strategies to align with emerging industry trends and customer demands. Unlike other management companies, we don’t have a large legacy business. A general rule of thumb is that management companies incorporated before 2000 are heavily focused on India, while those incorporated after 2000 are lighter on India. ITL was incorporated on December 30, 1999. So, we are neither heavily nor lightly focused on India. While we still have large clients investing in India, it’s not as central to our business as it is for other players in Mauritius. This flexibility has allowed us to navigate newer markets more easily, with Africa offering new services and opportunities.
2. How do you perceive the relations today between Mauritius and key jurisdictions such as China, India and Africa? How have international treaties helped to position Mauritius as a leading hub for the region, and how has ITL contributed to this?
The tax treaties have been one of the key components of the financial services sector in Mauritius. We started signing them well before the sector was fully established. For example, the India treaty was signed in 1983. These tax treaties served as a tool to attract investment. However, not all tax treaties are advantageous. With the OECD’s BEPS initiative and the introduction of the Multilateral Instrument (MLI), the playing field has been levelled. This made it more difficult to rely solely on tax treaties as a competitive advantage.
As you may know, India’s treaty was carved out and negotiated bilaterally, and it is still being negotiated bilaterally, rather than being part of the MLI framework. So, while tax treaties are important, there are other types of treaties that have proven beneficial, such as the IPPAs, which are commonly known internationally as Bilateral Investment Treaties (BITs). These have been very useful for Mauritius.
In the early years, when China began opening up, one of the most frequent questions from American investors was how to protect their investments in China. The IPPA between Mauritius and China played a critical role in this. At that time, many investors were hesitant to invest in communist China, and the IPPA helped alleviate some of those concerns. Nowadays, IPPAs are frequently used with African countries.
In addition to IPPAs, Mauritius benefits from Free Trade Agreements (FTAs) and regional economic blocs such as SADC, IORA, and AGOA. These agreements and memberships contribute to Mauritius’ unique selling proposition (USP) in the global market.
3. To what extent have ITL’s core values played a role in maintaining and strengthening its leading market position?
Here at ITL, we’ve built a culture that combines innovation while always putting the client first and making sure we know what we’re doing. Our strength comes from focusing on what we know and do best. That’s how we’ve built our reputation for delivering outstanding results. I hope I’ve given you a good example of how I approach things as a CEO. For instance, when I attend a client meeting, I aim to answer all the questions the client might ask—whether they relate to the company’s role, tax matters, regulations, or any other area. While I’m not a lawyer, I believe it’s crucial to address all types of questions from a company perspective, and that’s something I take seriously. I believe the culture at ITL emphasises the importance of knowledge. Everyone here is encouraged to read extensively and put in the work needed to be able to answer those questions.
4. How would you describe ITL’s approach to international expansion? Over the years, you have established offices in Seychelles, Singapore, and South Africa, with your latest office opening in Dubai last year. What is driving this strategy? Where do you see future opportunities? Is it where your clients are moving?
Well, clients aren’t relocating; they simply require new structures in other jurisdictions. There are clients in other regions, and we’re expanding our user services into new jurisdictions. This has been the trend. We were the first Mauritius-based management company to establish an office in Seychelles over 20 years ago. We’ve recently renovated and heavily invested in that office, making Seychelles a critical hub for us, and we have a solid team there.
We’ve also just opened an office in Dubai, recognising the opportunities in the UAE market. Many of our clients from Mauritius require a UAE entity, a Seychelles entity, and potentially a Singaporean presence. We’re also exploring opportunities in that area. Additionally, we have a representative office in South Africa. While we haven’t set up entities there, one of our directors is based there to manage sales and marketing efforts.
5. In an increasingly competitive global marketplace, technology clearly has a role to play, with AI becoming a hot topic. From a client servicing standpoint, how do you reconcile providing the right human touch while making the most of AI and other technological innovations? What do you feel clients are looking for in 2025?
We fully embrace AI and have developed a comprehensive strategy around it. To guide us, we’ve engaged one of the leading AI experts, Professor Mohanbir Sawhney from Kellogg School of Management in Chicago, as our consultant. He visited Mauritius two weeks ago to conduct a workshop for us. We’ve made significant investments in building our AI infrastructure.
Our priority is to ensure proper governance is in place to protect client data—this is a top priority for us. It’s not just about using tools like ChatGPT and similar technologies; it’s about how we use them responsibly. We’re in the process of setting up our AI data governance framework, and we plan to offer a range of AI-powered services to our clients in the near future.
6. With a new Government in place, there is a move towards a new Strategic Plan for the Financial Sector, which will come as a logical follow up to the Blueprint for the financial sector of 2018, prepared with the input of the authorities and the industry. At that time, private banking and wealth management were seen as a key opportunity for Mauritius, alongside cross-border investment and corporate banking. Are these still relevant today?
Well, yes and no. They’re still relevant, but we may need to adapt them somewhat. Back in 2018, we didn’t have as many expats moving here. But with the influx of people now, we’re in a better position to offer more services. So, whether we’re providing services to people living here or those not residing here, we’ll need to adjust the model accordingly. There’s also a skill gap analysis that we need to address to ensure we have the right talent to deliver these services effectively.
It’s essential that we create an environment in Mauritius that attracts individuals with the necessary skill sets. If we approach it strategically, we can emulate Singapore in this regard.
7. The Government has also announced an intention to work with stakeholders of the global business sector to move up the value chain, increase the flow of services, create more jobs and better integrate it internationally. How do you see the role of the industry in the re-shaping of the sector to foster future value and growth, and the role of ITL within this?
There are certainly challenges from the private sector. The landscape has changed significantly. Many of our competitors have been acquired by private equity funds, and as a result, they’re no longer offering the same value-added services they once did—or that we continue to provide. This shift means it will be a challenge to get them to adapt their models and start offering a broader range of services. This responsibility now falls on companies like ours—Mauritian-owned businesses. The issue is, there aren’t many of us in this position. That’s why I believe it’s such a big challenge.
8. Finally, if we wish the financial sector to be adaptable and resilient over the long term, what further steps can Mauritius take to ensure sustainability for the island and for Africa, and how can ESG initiatives help to achieve this goal? How can ITL assist in this endeavour?
We have a business unit that specialises in ESG Consulting. We’ve seen growing demand for this expertise, especially as more companies commit to sustainability goals and responsible business practices. However, I believe the jurisdiction can focus on promoting the value of ESG. For instance, I know that the FSC is developing a framework for ESG and ensuring that sustainable funds can be set up in Mauritius. It will be interesting to see how the new U.S. administration responds to ESG policies. They’ve already opted out of COP, and it will be important to see how that develops.
I believe Mauritius has an important role to play, especially from an African perspective. Our island is heavily impacted by climate change—just look at the current drought and the erosion of our beaches. As a small island state, we are particularly vulnerable. Because of this, we should be leading the way in promoting ESG values, especially since we are directly affected by climate change.
In 2016, ITL became the first management company in Mauritius to set up a foundation in the island economy. The Foundations Act of 5th June, 2012 empowered companies to set up private foundations, and ITL leveraged this Act to mark a cornerstone in a journey that has since spanned a decade. Today, we have various clients within our portfolio, with foundations focusing on Africa and Mauritius.
As we celebrate our 25th anniversary, it also serves as an occasion to remind ourselves that our journey has come full circle, with a foundation of our own. On the last Friday of 2024, the ITL family gathered for our end-of-year celebrations and bore witness to the official launch of the ITL Foundation, our dedicated CSR arm that will drive our commitment to making a positive impact in our community.
Making a positive difference: ITL’s commitment to creating positive impact
Since 2020, ITL has been a signatory to the United Nations Global Compact (UNGC), the world’s largest corporate sustainability initiative that believes businesses can be a force for good. We are also a proud supporter of the Sustainable Development Goals (SDGs). UNGC urges companies worldwide to align strategies and operations with ten universal principles on human rights, labour, environment, and anti-corruption, while asking them to take actions that advance societal goals.
At an overarching level, ITL has adopted a group sustainability strategy, which embraces the rising global ESG initiative. ITL develops solutions and services that align with key UN Sustainable Development Goals (SDGs). Our expertise particularly supports clients in areas related to Gender Equality (SDG 5), Reduced Inequalities (SDG 10), Climate Action (SDG 13), and Life on Land (SDG 15).
As a signatory to the UNGC, ITL submits an online Communication on Progress (CoP) questionnaire which focuses on five disclosure areas (Governance, Human Rights, Labour, Environment and Anti-Corruption) and a CEO Statement of continued support.
One of ITL’s directors, Françoise Chan, also represents ITL on the council of the Global Compact Mauritius and Indian Ocean Region. The council provides a regional platform for businesses to engage with stakeholders from the Governments, the UN, civil societies and communities to map a shared approach for the achievement of the SDGs.
The role of foundations: Why ITL started its own
In a world filled with challenges, the role of foundations, both charitable and non-charitable, stands paramount. These organisations serve as beacons of hope, driving positive change in communities worldwide. We take pride in our mission to support and empower these foundations in their noble endeavours – and, recently, we have followed on the heels of such inspiring examples by establishing our own charitable foundation, the ITL Foundation.
Drawing from our vision and mission, the ITL Foundation focuses primarily on the following pillars:
Our foundation’s pillars of focus are aligned with our employees’ interests and values, to enhance engagement and foster a sense of purpose, by leveraging their passion and commitment to drive meaningful social impact.
ITL has been actively supporting stakeholders, including NGOs and governmental agencies, that are engaged in ecological transitions. We are committed to partnerships that foster environmental sustainability and contribute positively to ecological conservation. To further evince our dedication and commitment to our community, the ITL Foundation shall continue to focus on education, poverty alleviation, environmental and sustainable initiatives for a better future.
Beyond sustainability: Adding magic to the season of cheer
With our focus on driving meaningful social impact, the season of cheer last December was a clear call to action for the ITL Foundation. This festive season, it was our honour and privilege to treat 30 SAFIRE (Service d’Accompagnement, de Formation, d’Intégration et de Réhabilitation de l’Enfant) children to a magical day, bringing them joy and wonder!
As soon as the ITL Foundation volunteers arrived, with beautifully wrapped presents in tow, the children’s excitement was palpable. The excitement was perpetuated by the rest of the carefully crafted programme which went on to encompass a delicious lunch, a creative decoration workshop, fun games and traditional carols.
With laughter and music echoing in equal measure through the children’s home in Verdun, the children also performed a dance show, demonstrating their artistic talents to a delighted audience.
Of course, the most highly anticipated moment was the unwrapping of presents. The children regarded this year’s star-studded gifts with touching euphoria and the remote-controlled cars were well used in an exciting race that brought bright moments of joy to both the budding young drivers and adults alike!
This memorable day would not have been possible without the valuable involvement of ITL Foundation volunteers, who gave their time and energy to create unforgettable moments. “This celebration perfectly embodied the spirit of Christmas – bringing happiness to others and sharing these precious moments. Seeing the children’s radiant smiles whilst unwrapping their presents and participating in activities was simply magical,” said Luana Virahsawmy, Council member of the ITL Foundation.
ITL Foundation and SAFIRE: Twice the impact
Finally, the Foundation made a well-deserved donation to SAFIRE, reaffirming its ongoing commitment to this noble cause. SAFIRE, established in 2006, is an NGO working for the rehabilitation and social integration of street children. Based on the Convention on the Rights of the Child, the organisation develops projects tailored to the specific needs of these vulnerable children, whilst advocating with authorities to strengthen their rights.
Over the years, the ITL Foundation – which is committed to creating a positive impact in the community through various charitable and social initiatives – has increased its support for SAFIRE.
Significantly, the Foundation donated refurbished laptops that are currently being used in the children’s computer laboratory. The Foundation provides financial support to the NGO through donations that enable it to continue its critical mission.
Impactful initiatives: Continuing 2024’s thrust into 2025
The year of the Foundation’s official launch, 2024, was particularly rich in community initiatives, including the creation of a mural celebrating art as a medium of expression for children. Unveiled on Children’s Day, the mural was the result of an overarching project that involved 18 enthusiastic volunteers and was duly celebrated vide a special day dedicated to this artistic endeavour.
We hope to continue these impactful initiatives in 2025 and look to our volunteers for support and enthusiasm as we impart hope and meaning to countless lives in Mauritius and beyond.
The annual Education, Jobs and Career Symposium held by Business Publications is around the corner. This seminal event, unfolding over 07 and 08 February from 10am-5pm at the Caudan Arts Centre, boasts participation from leading companies including financial services players in Mauritius such as Intercontinental Trust Limited (ITL).
Based in Ebène, with over 200 professionals across Mauritius, Seychelles, South Africa, Dubai, and Singapore, ITL has been a key player in financial services since 1999. Now, the financial services firm continues to strengthen its position as an employer of choice while actively contributing to the development of Mauritian human capital by offering training and work experience opportunities to diverse profiles.
For those seeking flexible working arrangements in the aspirational financial services sector, read on to know more about the exciting iQuest programme, launched last year by ITL. Vidya Harnaran, Head of Human Capital, ITL, explains how this programme offers employment opportunities for students seeking part-time jobs and professionals looking to reconnect and re-engage in the corporate world – be it working mothers, those with disabilities, or retirees.
Edited excerpts from an exclusive interview with Vidya:
Could you tell us more about the participation of ITL at the Education, Jobs and Career Symposium being held at Caudan Arts Centre over this Friday and Saturday?
We are actively recruiting and have several applications at the moment. This fair is a golden opportunity for us to meet people, to share about the different opportunities that we have currently, and also to present the company and introduce ITL to people who don’t know about Intercontinental Trust in the financial services sector.
To provide a broader background, we regularly participate in job fairs. This particular career symposium is organised by La Sentinelle and Business Publications and we are glad to note that this symposium attracts a diverse profile set from students to experienced candidates.
What can the attendees expect from ITL’s participation in the fair?
We will have a dedicated booth set up at the fair, which will feature representatives from the different departments that are recruiting.
Interested candidates will be able to meet our representatives and our staff from the different teams looking for candidates. They will be able to connect, to ask questions about the different jobs that we do at the organisation, and how is it like to work for Intercontinental Trust as well.
Could you elaborate on the iQuest programme itself?
The iQuest Programme is a program designed for people who cannot work on a full-time basis. At ITL, we firmly believe that our people are the driving force behind our growth. This initiative was designed to address current labour market challenges and meet the evolving needs of the Mauritian workforce.
First and foremost, iQuest can be a good fit for students who are studying for any qualification, and have a certain number of hours of free time. The iQuest programme allows them to work in their spare time and earn some money.
Plus, this programme is not only for students, but also for working parents, especially mothers who have to care for their babies or children. For instance, when their children go to school, such mothers might have a few hours of spare time that they can dedicate to work. Then, there are also many mothers who have had to take a career break, but they don’t want to resume full-time work. In that case, they might be better off with embarking on a part-time role under the iQuest programme.
Further, this programme is equally meant for other professionals who wish to pursue a part-time opportunity. Under this programme, we are also open to recruiting people who have disabilities and cannot work on a full-time basis as well as retirees who have some time to spare and wish to stay active in the world of work.
Ultimately, we value diversity in the workforce at ITL.
What are the special features that the iQuest programme offers to these diverse profiles?
The candidates who are joining the organisation under this programme will be able to decide the number of hours that they need to work. Moreover, we are also flexible on the time slots.
We are flexible and can craft arrangements that consider the availability of the candidate and the requirements of the manager. Thus, the needs of both the candidate and the organisation are taken into account for arriving at flexible work arrangements under the iQuest programme.
What kind of training and work experience opportunities does ITL offer these profiles?
At the outset, we have a detailed training module for everyone joining the company under the iQuest programme. The training programme has been customised to such candidates in order to introduce them to the company, the different departments, and the various tasks that are being done in such departments.
Then, they also receive on-the-job training. While the on-the-job training obviously differs by role, there is a basic module which is common and serves to introduce them to ITL, the different profiles and the various jobs.
In terms of special work experience opportunities that are extended to those recruited under the iQuest programme, if the concerned candidates are available for a full-time position, they can apply for a switch. If and when we have the right vacancy, we will definitely consider them.
What departments are you currently recruiting for, and what skill sets do these candidates need to possess?
Currently, we are recruiting primarily for the accounting department, and different positions in the company secretarial team. In addition, we have vacancies in the finance team and positions available in the administration department and the support functions as well.
In terms of skill sets, the requirement depends on the level that we are recruiting. Regardless, all candidates get the benefit of the internal training programme that is designed for them to learn the job.
Normally, we recruit graduates for entry level positions, and then they grow with the company. We provide them support and study assistance schemes to pursue professional qualifications like ICSA, ACCA or ICAEW. We accompany them for these aspirational qualifications. Freshers also get some basic working one-on-one training. They get training on grooming, how to display professionalism, and to familiarise themselves with key aspects across the world of work.
Then, if we are recruiting people with experience, they need to possess particular skills like managing a team, and to be able to communicate with clients as well as internal stakeholders.
How long has this programme been run by ITL, and how many people have benefited from it?
We have been running the programme since June/July last year. It is a relatively new programme, but we already have five people working under iQuest. We hope to use the job fair to recruit more people for the iQuest programme and look forward to participating in the symposium later this week and meeting with interested candidates.
Kesaven Moothoosamy, Executive Director at Intercontinental Trust Ltd (ITL), explains how ITL has evolved over the years. Having first joined the financial services firm 20 years ago and coming back as a leadership resource in January 2024, Kesaven sees the organisation with eyes old and new, and traces its journey over 2 decades.
With ITL celebrating 25 years of its operations as a proudly Mauritiancompany, he reflects on this momentous milestone and unfolds the factors that have led to the innovative company’s evolution in the dynamic financial services sector. Edited excerpts from an exclusive interview:
You were appointed as a director at ITL last year. How do you feel about your journey coming full circle as a senior leadership team resource, considering you started your career at ITL as a fresh graduate?
Over the course of two decades, I have witnessed ITL’s remarkable evolution from its fifth year of operations, when I joined, to its current standing as a 25-year-old institution. The journey has indeed been profoundly enriching!
When I started at ITL straight out of university, everything was new to me. I approached the role with enthusiasm and a keen desire to learn, despite being new to the financial services sector. I was fortunate to benefit from exceptional mentorship, which proved invaluable throughout my professional development. The opportunity to gain diverse experience over the years has been particularly meaningful.
In my initial role as a Fund Accountant, I joined the Mauritius Global Business sector when it was still in its relative infancy, primarily focused on the Indian market. We navigated significant challenges, including the revision of the India-Mauritius DTAA, the global financial crisis in 2008, the introduction of FATCA/CRS, and various changes in the global tax landscape. It was crucial to revisit our strategy regularly, and I had the privilege of contributing to ITL’s expansion into African markets. There was also a gap in how we could provide value-added financial services from Mauritius, and I contributed to the development of the capital markets division within the firm, which we later spun off to create Perigeum Capital. This was the first firm to obtain the corporate finance advisory licence from the Mauritius Financial Services Commission, and I was one of its founding executive directors.
Returning to ITL as a director after seven and a half years feels remarkably like coming back home, albeit with a wealth of experience and insights to contribute. This homecoming presents an opportunity to give back to the organisation that shaped my early career. The trajectory of my professional growth stands as a testament to ITL’s commitment to nurturing talent and fostering development. I am genuinely excited to contribute to the next chapter of ITL’s journey.
How exciting is it to have joined back at ITL in the year they are celebrating their 25th anniversary? Could you reflect on ITL then and now, and share your key observations on how the organisation has evolved over the years?
Joining ITL’s leadership during its 25th anniversary year is both an exciting and humbling experience. I would go so far as to say that returning to ITL is like living a dream-embarking on a journey with a company in its early days and returning as a director during its 25th anniversary celebrations. This momentous milestone reflects not only the company’s resilience and growth but also its remarkable evolution over the years. ITL has grown from a small startup with big dreams into a leading player in the industry, expanding its global reach and embracing innovation and cutting-edge technology to stay competitive.
What has changed:
What remains the same:
The company’s commitment to growth extends to robust training initiatives. Over the years, I’ve benefited from management, leadership, and motivational training programmes, carefully designed to align individual and organisational goals. ITL dedicates significant resources annually to identifying and addressing training needs. Looking back, I’m incredibly grateful for ITL’s investment in my growth.
A significant insight from several members of the leadership team has been that ITL provides key training opportunities to hone talent. Does this resonate strongly with you as well? If so, could you comment on the culture and share specific training examples that stand out from your experience with ITL?
ITL has always placed a high priority on talent development, and I have personally benefited from several training programmes that have honed my skills and shaped my professional growth. The culture at ITL fosters continuous learning and innovation, ensuring employees are well-equipped to thrive in an evolving business landscape.
Over the years, I have participated in workshops on strategic thinking, problem-solving, team leadership, negotiation, and communication. These sessions have been instrumental in refining my leadership style and preparing me for senior roles. In addition to ITL’s internal training programmes, I have also had the privilege of pursuing external qualifications, including an MBA from Ducere Business School in Australia and the Inspiring Leadership Programme from Manchester Business School in the UK.
ITL CEO Ben Lim notes in the press release announcing your directorial appointment that you bring an innovative mindset, fresh ideas, and enhanced leadership capabilities to the table. Could you highlight any key innovations you foresee emerging in the fund industry, considering your esteemed background as a seasoned professional with nearly two decades of experience in the Mauritius financial services industry?
I am deeply grateful to Ben for entrusting me with this opportunity. I believe I bring a fresh perspective through my experience beyond the core fund administration and company secretarial functions at ITL. Over the past seven years, I have had the privilege of stepping into the investment banking arena, gaining a completely different outlook. By leveraging my corporate finance expertise, I focus on understanding clients’ businesses in depth – identifying how they generate cash flow, recognising their pain points, and proactively proposing tailored solutions to address their specific needs.
This exposure to initiating and leading value-driven projects has shaped what I like to call an ‘intrapreneurial’ mindset – thinking like an entrepreneur within an organisation, identifying growth opportunities, and ensuring sustainability through innovation.
I believe these insights contribute to the growth mindset that defines ITL. By fostering a fresh perspective focused on creating new dynamics and market opportunities, we are well-positioned to progress over the next 25 years. Innovation is indeed at the heart of the evolving fund services industry. With nearly two decades of experience, I see several key trends emerging, such as the integration of AI to enhance efficiency and generate new lines of innovative services.
ITL’s journey will continue to be one of innovation. We will keep innovating, creating new offerings, and unlocking greater opportunities!
You note in the same press release that you look forward to leveraging your intrapreneurial and corporate finance skills to help the team nurture stronger collaboration with clients and stakeholders. Could you elaborate on your experience in these noteworthy arenas?
Certainly. My experience as an Executive Director of a corporate finance firm was incredibly enriching. From being a start-up incubated within ITL to becoming fully independent, my role at Perigeum Capital required me to secure mandates, assist in raising capital, advise on client board strategies, oversee the listing of companies on various international exchanges, and establish the firm as a credible and independent player in the Mauritian financial services sector. I am deeply grateful to Shamin A. Sookia for his invaluable collaboration throughout this journey.
Leading such a project instilled a level of maturity in my thinking, especially at a time when the Mauritian financial services industry was predominantly focused on back-office functions. By creating a corporate finance entity, we introduced a value-added dimension to the Mauritius International Financial Centre (IFC), particularly through capital raising and expanding the capital pool.
My time at Perigeum Capital reinforced the importance of understanding the value we can bring to our clients. It taught me to anticipate their needs proactively, propose tailored solutions, and address potential challenges before they arise. This client-centric and solution-oriented approach has been instrumental in ensuring meaningful and enduring client relationships.
As a strategic resource with an MBA focusing on Leadership and Innovation, as well as an Organisational Leadership certification, how do you plan to leverage this rich academic background and practical leadership experience-through founding Perigeum Capital Ltd and serving as a board member on various SEM-listed companies—to add value to ITL?
Innovation is a process-a journey rather than a destination. To sustain it, we must create a platform where innovation becomes an ongoing practice. At ITL, we foster a mindset of continuous improvement, constantly questioning and re-evaluating our current practices with the aim of doing better. It’s about recognising that while our methods may work well today, there is always room for refinement and enhancement.
Innovation also involves simplifying task execution, and technology plays a pivotal role in this. For example, adopting AI presents tremendous opportunities to streamline workflows and enhance efficiency. By leveraging AI thoughtfully, we can not only simplify processes but also focus on creating more products and services that add value for our clients.
My academic background and leadership experience have equipped me with a strong foundation in strategic thinking and innovative problem-solving. I intend to draw on this expertise to drive ITL’s growth, ensuring that innovation remains central to our journey forward.
Looking ahead, how do you envision ITL evolving in the next 3–5 years, and what key initiatives or transformations would you prioritise to drive this evolution?
Expanding our global footprint is a top priority for ITL. Over the years, we have strategically grown our international presence, beginning with our first office outside of Mauritius in Seychelles. Shortly after, we established ourselves in Singapore, expanded to South Africa, and, most recently, launched operations in Dubai. These expansions reflect our commitment to being a truly global player. Looking ahead, we are actively exploring further opportunities across Africa, with Lagos and Nairobi emerging as key jurisdictions of interest based on my recent visits to these vibrant hubs.
Digital transformation is another critical focus area for ITL. While we have consistently performed well, we recognise that the future lies in harnessing the power of AI. We are integrating AI-driven analytics to address operational pain points, optimise cost-effectiveness, and enhance value for our clients. By leveraging these technologies, we aim to transform decision-making processes and deliver deeper customer insights.
In the next three to five years, I envision ITL not only strengthening its global footprint through strategic partnerships but also leading the industry in digital innovation. Key initiatives will include investing in cutting-edge technologies, enhancing our digital capabilities, and fostering a culture of continuous improvement. These efforts will ensure that ITL remains at the forefront of the financial services sector, driving sustainable growth and delivering exceptional value to our clients. Indeed, digital transformation is a key focus at ITL, and we will continue to build on this pillar to take ITL to new heights!
