Proposed Institutional Cluster for FinTech Capabilities in Mauritius

Abstract

The FinTech industry emerges as a key contributor to the Mauritian economy. With a strong regulatory framework, Mauritius has positioned itself as a leader in innovative financial activities and has solidified its reputation as a FinTech hub in Africa. However, the FinTech industry encounters significant skills gap due to increasing demand for skilled professionals and declining enrolment in STEM subjects. The aim of this research is to develop Mauritius as a knowledge hub, guiding the skills and talent development necessary for FinTech industry. The underlying objectives include analysing the importance of industry knowledge for employee performance, identifying gaps between actual and expected skills among FinTech professionals, and proposing a facilitator model to bridge the skills gap. The study uses a mixed-method approach, gathering numerical data from 28 FinTech leaders and 91 employees via a cross-sectional survey and conducting semistructured interviews with six professionals from diverse sectors. The results acquired from the statistical investigations using SPSS and Atlas software helped to develop a KTALS Prototype Model, promoting a sustainable pipeline of skilled workers in the FinTech industry. The application of the Quintuple Helix Model revealed gaps in knowledge creation at the intersections of industry, government and academia, offering directions for future initiatives to promote FinTech development in Mauritius.

Keywords: FinTech, Skills Development, Knowledge Creation, Talent Development, Institutional Cluster

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