The Potentials and Challenges of Blockchain Application in FinTech in the Developing Countries - a Mauritius experience

The adoption of Blockchain and FinTech innovation has grown at a rapid pace in the developing economies. Predictably, it provides these economies with global financial inclusion. Ditto for the African economies, especially Mauritius, which aspires to be a FinTech Hub and positioned to lead the Blockchain and FinTech innovation in the region. This paper aims to identify the potentials and challenges of Blockchain application in the FinTech industry in developing economies, using Mauritius as a case study. Real-life situations such as mitigation measure against Covid-19, for instance, brought about an uptick in the number of customers who make online purchases as opposed to the inperson shopping tradition in Mauritius; just as unmet customer needs in financial transactions are driving the interest in Blockchain-powered financial services in other economies of the region and other developing economies. The findings in this study shows that there is a combined will in the private and public sectors in maximizing the potentials of this innovation in Mauritius, but not particularly the willingness for collaborative exploitation. The Mauritius experience has important implications for understanding financial innovations and developing sustainable and inclusive finance.