Providing global support and services for expanding group of partner organisations
London, Mauritius 7th June 2017.. GMEX Group, a global provider of multi-asset exchange trading, post trade business solutions and technology today announced the opening of its regional headquarters in the Mauritius International Financial Centre (IFC). Additionally, its newly launched initiative with partners, FinComEco, the integrated Financial & Commodities Ecosystem, providing technology, services, financing, capacity building and enablement solutions across multiple regions in Sub-Saharan Africa and beyond with a focus on the agricultural sector, will also establish its global headquarters in Mauritius.
Both companies, GMEX Holdings Ltd and FinComEco, have obtained regulatory approval from the Financial Services Commission (FSC) to operate as global business companies. The plan over the coming months, subject to satisfying requisite criteria and additional regulatory approvals, is to extend this to be a global headquarters administration license to benefit from significant advantages the country offers as a globally trusted IFC of substance.
GMEX Holdings Limited will provide business and technical services under the GMEX Services banner with global support for GMEX Group entities and the growing list of international partners, stake-holders and technology vendors in the GMEX ecosystem. GMEX Group will also manage its expanding portfolio of market infrastructure and FinTech investments from Mauritius under the GMEX Investments banner.
This move is supported by the Financial Services Promotion Agency (FSPA), which operates under the aegis of the Ministry of Finance and Economic Development and is mandated to develop and promote Mauritius as an International Financial Centre (IFC) of excellence.
Hirander Misra, CEO of GMEX Group & Deputy Chairman of FinComEco commented, “The rapid development of Mauritius as an International Financial Centre and FinTech hub coupled with a skilled multilingual labour pool is making it very attractive for global business and technology focused companies, like us, to establish a major presence. The FSPA, as a government agency, has been instrumental in supporting our establishment in the Mauritius IFC.”
Harvesh Seegolam, Chief Executive of the FSPA, “As a sophisticated and trusted IFC, Mauritius is open to global companies looking at establishing their operations locally to target emerging markets. At the level of the FSPA, our focus is on promoting and attracting activities which are substance based, meet and adhere to international standards and lead to high value job creation for our professionals. In this regard, we are pleased to welcome the GMEX and FinComEco projects in the Mauritius IFC.”
Rt. Honourable Mark Simmonds, former U.K. Minister of The Foreign & Commonwealth office for Africa and Chairman of FinComEco commented, “Mauritius has developed into an excellent international financial centre in which to base a multi jurisdictional African investment platform such as FinComEco.” Adding, “Along with our partners, we look forward to facilitating the full agricultural value chain improving lives, creating jobs and alleviating poverty.”
Mauritius has a strong regulatory framework and is recognized as having implemented the highest internationally agreed standards. The country is one of the first jurisdictions to be included in the Organisation for Economic Cooperation and Development (OECD) White List. A strategically important location for GMEX Group and FinComEco, Mauritius is conveniently located and connected for the various ventures currently being undertaken not only across the African continent but also in the Middle East, Europe and Asia.
In addition to its ecosystem and proven track record in global investments, the Mauritius IFC has a number of bilateral treaties for double taxation and investment protection in place across Africa and the Rest of the World; and is currently growing to include firms delivering a range of bespoke financial products for Africa. Mauritius is a member of a number of regional and global organisations including Southern African Development Community (SADC), the Common Market for Eastern and Southern Africa (COMESA), the Indian Ocean Rim Association for Regional Cooperation (IOR-ARC), and the African Union (AU). As a reputable IFC, the country also adheres to best norms as set by organisations like IOSCO, IAIS, Financial Action Task Force (FATF) and the IFSB.
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Media Contact:
GMEX Group & FinComEco
Melanie Budden
The Realization Group
Phone: +44 (0)7974 937 970
Email: melanie.budden@therealizationgroup.com
The Mauritius IFC
The Mauritius IFC
Financial Services Promotion Agency (FSPA)
PR & Communication Department
12th Floor, SICOM Tower,
Wall Street, Ebène, Réduit, 72201
Republic of Mauritius
Phone: +230 401 1200
Email: prcom@fspa.com
About Financial Services Promotion Agency (FSPA)
The Financial Services Promotion Agency (FSPA) is a dedicated parastatal organisation operating under the aegis of the Ministry of Finance and Economic Development. It is mandated by the Financial Services Act 2007 (as amended) for the development and promotion of Mauritius as an International Financial Centre (IFC) of excellence.
The Financial Services Promotion Agency works in line with the vision of the Government to offer the international business community a sophisticated and reputable International Financial Centre of substance for cross border investments into the region and other emerging markets.
The FSPA is the first point of contact for advice and support relating to all matters concerning the financial services sector of Mauritius. The mandate for promoting Mauritius as an investment platform for Africa also rests with the FSPA.
About GMEX Group Limited
GMEX has its registered office at 18 King William Street London, EC4N 7BP with company registration number 08090095. GMEX provides technology and services and has equity stakes in trading venues that are both U.S. CFTC and U.K. FCA approved.
GMEX Group represents a set of companies that offer sustainable and innovative solutions for a new era of global financial markets providing business expertise, the latest technology, connectivity & operational excellence delivered through an aligned partnership driven approach.
GMEX Group has operations in ten countries and is actively engaged in developing the capital markets in these countries across multiple asset classes including equities, debt, FX, derivatives and commodities. GMEX Investments enables selective seed and early stage strategic investments into market infrastructure and related FinTech companies.
GMEX Group is a set of companies that offer sustainable and innovative solutions for a new era of global financial markets. Providing business expertise, the latest technology, connectivity & operational excellence delivered through an aligned partnership driven approach. GMEX uses its extensive market infrastructure experience and expertise to create an appropriate strategic master plan with exchanges, clearing houses, depositories, registries and warehouse receipt platforms.
GMEX’s key business solutions enable the creation and operation of cost effective electronic exchanges and post trade infrastructure in multiple asset classes including equities, debt, FX, derivatives and commodities. GMEX operates in both developing and developed markets through the establishment of cohesive business and technology ecosystems. GMEX offers the added benefit of interconnection to multiple partner exchanges, to create global networks of liquidity.
GMEX comprises
GMEX Group: ensures a cohesive strategic direction is maintained
GMEX Technologies: provides a single point of contact, incorporating account management and commercial & contractual services for all client and partner activities
GMEX Innovation: delivers technologically advanced product solutions for exchange trading and clearing & settlement.
GMEX Services: supplies strategic consultancy, implementation services and global support. This includes exchange business, product and technology strategy, project management and pre- and post- implementation support.
GMEX Investments: enables selective seed and early stage strategic investments into market infrastructure and related FinTech companies.
For more information visit www.gmex-group.com or follow us on Twitter @GMEX_Group
About FincomEco
FinComEco, the financial and commodities ecosystem is fostering financial inclusion with social responsibility in collaboration with local stake-holders, development organisations, governments and the private sector with the aim of improving food security and economic diversity.
The new electronic commodities exchange solution is establishing and reinvigorating local spot exchanges and enabling trade across multiple regions with a focus on the agricultural sector to create a holistic secure financial system.
It includes:
- Price discovery and transparency
- Electronic warehouse receipts
- Risk management and hedging
- Integrated Electronic banking and payments platform
- Capacity building and education
- Operational and technology consultancy
- Working with trusted local partners
Operational objectives include:
- Maximising the earnings potential for smallholder farmers
- Supporting smallholder farmers to thrive enabled with best of breed-of-technology and inputs (including seeds, fertilisers and pesticides), coupled with a unique Agri-finance business model to solve credit and financing issues.
- Leveraging as well as enhancing current logistics, warehousing and standards to establish a fully vitalised agricultural ecosystem efficiently linking supply to demand.
FinComEco has proven its concept in Malawi at the Agricultural Commodity Exchange for Africa (ACE) through GMEX Group and is establishing fully regulated market places in other African countries and South-East Asia. Current shareholders include GMEX Group Limited, Saescada Limited and Houghton Street Capital Limited as well as individuals.
For more information visit www.FinComEco.com
