FSA & SIB sign Memorandum of Understanding

The Financial Services Authority (FSA) and Seychelles Investment Board (SIB) have taken a step further to increase the collaboration between both parties by signing a new Memorandum of Understanding (MoU). This MoU hereby repeals and replaces, in its entirety, the MoU previously entered into on 3rd March 2014 by the FSA and SIB for the implementation of promotional activities by SIB.

The MoU has been built on a statement of intent of the parties, whereby SIB shall principally be responsible for the promotion of non-banking financial services and act as coordinator and facilitator for these promotional activities.

The MoU also sets forth the intent of both parties to establish a framework, with the intention of mutual assistance and coordination to the full extent permitted by the laws, regulations and rules under the parties’ respective responsibility, including: -

  1. To organize roadshows and participate in international conferences and events in key emerging markets in order to maintain visibility of the jurisdiction
  2. To promote Seychelles internationally as a premier jurisdiction for non-bank financial services centre
  3. To maintain a strong relationship through close collaboration between the government and the private sector through the Financial Service Marketing Committee (FSMC)
  4. To ensure a strategic approach to the promotion of the non-bank financial services industry
  5. v. To enhance knowledge on training initiatives relating to the promotion of the industry

The intent is to ensure harmonization and collaboration between both parties so as to promote the non-banking financial services in Seychelles. This will bring further economic prosperity, international visibility and heighten Seychelles’ competitive advantage internationally.

The MoU was signed by the FSA’s Chief Executive Officer, Dr. Steve Fanny and SIB’s Chief Executive Officer, Ms. Cindy Vidot.