Press Release

Development in Seychelles FinTech Environment

PWC FinTech Training

The FSA organised a capacity building session on FinTech which was facilitated by Mr. Henri Arslanian and Mr. Tom Huynh from PricewaterhouseCoopers (PwC) Hong Kong. The whole day training took place on the 5th December 2018 at the Savoy the Resort and Spa and was attended by all the stakeholders. The session covered the following topics:

  • Introduction to FinTech
  • Blockchain
  • Crypto Assets
  • Virtual Banking followed by a case study
  • TechFin
  • Payments
  • P2P
  • RegTech followed by a case study
  • InsurTech
  • Robo-Advisor followed by a case study

The training serves as a starting point to educate and enhance the knowledge of the FSA staff and the stakeholders on FinTech.

BitMEX in the Seychelles

FSA Seychelles

The individuals behind BitMEX, a wholly owned and operated company by HDR Global Trading Limited (a Seychelles IBC), visited the Seychelles during the week of 10th-14th December 2018. During their visit, Ms. Angelina Kwan BitMEX, Chief Operation Officer delivered a short session on what is Bitcoin and the mining of bitcoins, on the 14th December,2018, at STC Conference Room.

Further to the training session, Mr. Arthur Hayes the Co-founder and Chief Executive Officer of BitMEX signed a Memorandum of Understanding (MoU) with the FSA. The MoU will provide a framework that would allow for a strategic partnership and the fullest possible cooperation between the parties.

Proposed Financial Consumer Protection Bill ready for public consultation

The Central Bank of Seychelles (CBS) and Financial Services Authority (FSA) will be undertaking a series of public consultation as part of the review process of a new piece of legislation aimed at strengthening consumer protectionin the financial sector..

The Financial Services Authority

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White Paper review Financial Consumer Protection Bill

The Central Bank of Seychelles (CBS) and Financial Services Authority (FSA) is inviting interested parties and the public to review and provide input or comments on the proposed Financial Consumer Protection Bill.

Access the draft bill here

The draft bill can also be viewed on the CBS website

Comments and input should be emailed to consumeraffairs@fsaseychelles.sc

For further information, please contact 4380800 (Policy & Legal Unit).

The Financial Services Authority

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Financial Sector Conduct Authority (FSCA) Familiarisation Training

The FSCA conducted a familiarisation programme on 21st – 23rd November 2018, in Pretoria, South Africa. Of which two FSA staff attended. The familiarisation was mainly focused on Consumer Financial Education programmes currently being implemented by the FSCA’s Consumer Education Department. The FSCA places great emphasis on projects concerning financial awareness, whereby they have developed various financial awareness projects targeting different market niches within the financial market.

The programme was brought about so that other countries in Africa can have an understanding of the developments in financial consumer education achieved by the FSCA in South Africa. In addition, the FSCA wanted to share with the participants a breakdown of the different projects they currently have in place and developing, and what are the achievements and downfalls they have faced over the years. Furthermore, the aim was to explain and educate the participants on how to go about with developing and implementing such projects and how to monitor and evaluate its effectiveness.

On the last day of the familiarisation programme, the participants went to visit a township where the FSCA was implementing a financial consumer education project for boys aged 12 – 13 years on the importance of saving money and the numerous way they can do so.

The programme was an opportunity to educate other regulators on how to better understand and develop their financial consumer education projects and how best to implement it so that it reaches the wider population in an efficient and effective manner.

Prosesis konsiltasyon pe al konmanse lo nouvo lalwa ki pe ganny propoze pour protez konsomater servis finansyel

Labank Santral e Lotorite Servis Finansyel pe al konmans en seri konsiltasyon piblik lo nouvo lalwa ki pe ganny propoze pour ranforsi drwa konsonmater dan sekter finansyel.

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FSA and CISI announce new commitment to raise financial services professional standards

The Financial Services Authority (FSA) of the Seychelles and the Chartered Institute for Securities & Investment (CISI) have entered into a Memorandum of Understanding (MoU) committing to work together to enhance and promote professionalism and professional standards in the capital market sector of The Republic of Seychelles.

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CORONAVIRUS (COVID-19): Support for Licensees

The Financial Services Authority (“FSA”) would like to inform all its licensees and other stakeholders that it has initiated its Business Continuity Plan (“BCP”) protocols in order to ensure minimal disruption in its daily operations. The FSA would like to reassure all licensees, that it will continue to carry out its normal operations with the aim of maintaining its established service standards across all departments of the FSA.

The FSA encourages all licensees and stakeholders to be cognizant of their internal contingency plans vis-à-vis the situation surrounding the outbreak to equally safeguard its interest, and that of its clients.

As a precautionary measure, the FSA would appreciate for all its licensees and other stakeholders to, as much as possible, forward communications to the FSA by electronic means. Whilst it is important that letters are physically sent to the FSA it is advisable that a scanned copy of these are also sent.

It is encouraged also that payments be effected via electronic means such as through bank transfers via arrangements already in place with the FSA. Note that the FSA shall exert its discretion, subject to exigencies, in relation to certain normal practices such as face-to-face meetings in line with the recommendations issued by the Department of Health.

The FSA would appreciate for all licensees to remain informed of any official developments regarding the current situation as it progresses and to take the necessary actions and precautions. Simultaneously in the event of any major developments the FSA will advise with regards to any changes to the status quo should the circumstance so dictate.  

The FSA will like to advise all licensees that due to COVID-19 pandemic there are spam emails that are being circulated over the internet. If you receive such emails, we urge you not to click on those links within the emails. If you are unsure about any suspicious emails received from the Authority, please contact us to verify.

CORONAVIRUS (COVID-19): Support for Consumers

The Financial Services Authority (“FSA”) remains vigilant amidst the Coronavirus (Covid-19) situation and implementing precautionary measures to make sure consumers are protected.

SCAMS

Scammers are constantly finding new ways to steal your money. Pay close attention to scams related to coronavirus (Covid-19). You can protect yourself by knowing what to look out for.

To help protect yourself, you should;

  • Beware of emails and calls asking you to send money or personal information to receive a lottery or prize, also do not click on link from senders you don’t already know.
  • Do not click on links from senders you do not already know.
  • Do not give out personal details (bank/insurance /investment details)
  • Beware of adverts on social media channels and sponsored adverts online.
  • Always verify information from a credible and trusted source.

TREATING CUSTOMERS FAIRLY

The FSA remains engaged in ensuring that all licensees and stakeholders safeguard the interest of its clients during the Corona pandemic.

In this regard, complaints connected with the operations or management of licensees, should be sent to through the following ways;

The Complaints Handling Form and all relevant documents can be submitted by any of the following means:

  1. in a formal email through the following email address: complaints@fsaseychelles.sc
  2. in a formal letter addressed to the Financial Services Authority sent to:
      The Chief Executive Officer
      CC. Policy (Information & Communication Unit)
      Financial Services Authority
      Bois De Rose Avenue
      P.O Box 991, Victoria
      Mahé, Seychelles
  3. hand-delivered directly to the Authority.

INSURANCE

We remain in regular communication with insurance providers to ensure that the impact of coronavirus on their operations, is being well-managed.

Consumers should be aware that insurance covers differ from policy to policy. If you are unsure about any of your insurance covers you should contact your provider/ broker directly.

The FSA strongly advises the public to refrain from travelling abroad. However, for those who must travel should undertake the following precautions;

  • Read the latest advisory from the Ministry of Health before you leave.
  • Check your travel insurance policy diligently.
  • Take time to ensure that the policy covers your needs
  • Contact your insurer before your travel if you are in doubt.

GAMBLING

The FSA strongly advise the Casinos and Slot Machine operators to ensure the safety of the consumers and strongly urges the general public to avoid establishments that congregate large crowds as advised by the Public Health Authority Advisory dated 11th and 15th March, 2020.

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