Press Releases

In Memoriam

The Financial Services Authority (“FSA”) is mourning the sudden passing of its Chief Executive Officer; Dr. Steve Fanny who tragically left us on Friday 12th March, 2021.

Primarily, our thoughts and prayers go out to Dr. Fanny’s close family members and children to whom he was a devoted father.

For all the FSA staff, he was an inspirational leader and mentor. Dr. Fanny was extremely passionate about the organisation and all its employees, displaying an unmatched drive for excellence and professional development within the workplace and beyond.

For the Seychelles’ financial services industry as a whole, Dr. Fanny will always be remembered as a larger than life character and a champion of the industry, its practitioners and its ethos.

For the country, Dr. Fanny has been a significant contributor in propelling the Seychelles and the industry to greater heights in his different roles with the FSA (formerly SIBA) as CEO and also Chairman of the FSA Board and with the Ministry of Finance as Principal Secretary amongst his other roles. 

The FSA would like to thank everyone for the outpour of well-wishes and sympathy from which we draw comfort in this instance.

Financial Services Authority

Should you wish to send your condolences and sympathies to the FSA family please do so through the following email address, This email address is being protected from spambots. You need JavaScript enabled to view it. where your messages will be viewed by all our staff and the management team.

Questionnaire for Policy holders

This survey is an initiative of the Financial Services Authority to assess the impact of COVID-19 on the insurance sector in Seychelles and understand how businesses have responded to the pandemic. We will compile this information in a report, highlighting key trends and opportunities for the sector that arise out of the pandemic. The data will solely be used for the purpose of the research and will remain confidential.

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FSA & SRC sign Memorandum of Understanding

The Financial Services Authority (FSA) and Seychelles Revenue Commission (SRC) have taken a step further to increase greater collaboration and coordination in the discharge of their regulatory and supervisory functions between both parties by signing a new Memorandum of Understanding (MoU).

The MoU has been built based on the mutual concern that both authorities have in relation to nonbanking financial services in Seychelles and this will enable them to consult regularly regarding their supervisory requirements and issues of relevance to the interest of both authorities.

The MoU also sets forth the intent of both parties to establish a framework to the full extent on cooperation permitted by regulations and rules under each authorities’ mandate, principally for: -

   i. the exchange of information pertaining to tax, accounting records and ownership of licensees;

   ii. the exchange of information and data in line with the monitoring substantial activity as per the OECD’s requirements for licensees that falls under the Securities Act and Mutual Fund and Hedge Fund Act;

   iii. the exchange of information and data in relation to European Union’s requirements for monitoring of economic substance that would be coming to force in the near future;

In a nutshell, all the above would ensure compliance by collaborating and to conduct risk-based supervision through onsite inspections and exchange relevant information and findings.

The MoU was signed by the FSA’s Chief Executive Officer, Dr. Steve Fanny and SRC’s Commissioner General, Mrs Veronique Herminie.

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Communiqué No. 1 of 2021 – Awareness of Securities Dealers Businesses

The Financial Services Authority (“FSA”) issuesthis Communiqué forthe purpose of providing guidance to the public to effectively identify and ensure that persons claiming to be Securities Dealers licensed by the FSA are genuine.

The Financial Services Authority

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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 This email address is being protected from spambots. You need JavaScript enabled to view it.

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.

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