The Virtual Pay Group (‘Virtual Pay’) has announced move to expand its presence with establishment of its Global Headquarters in Mauritius.
In a statement, the global payment and technology service provider, announced the formal establishment of its headquarters in Mauritius.
“This move marks a significant milestone in Virtual Pay’s commitment to enhancing its global presence and strengthening its position as a key player in the payments industry,” read part of the statement.
Notably, the Mauritius’ strong regulatory framework, competent workforce, and aggressive commitment to fostering innovation and economic growth inspired the decision.
In addition, Mauritius is strategically located between Asia and Africa, hence a choice gateway for investment into Africa.
“Virtual Pay aims to leverage this advantage to continue in its global growth strategy, entrenching itself as a key player in the global payment ecosystem,” read the statement in part.
Virtual Pay Expansion
Additionally, an official launching ceremony was held in the presence of Dhanesswurnath Thakoor, Chief Executive of the Financial Services Commission (FSC), along with other distinguished guests, on Friday, November 17, at the Hennessy Park Hotel, Ebène.
On his part, the Virtual Pay Group CEO, David Morema, shared his optimism adding that since the primary goal was to empower the business, Mauritius is a good location for the desired growth.
“Mauritius presents a well-regulated and dynamic business landscape for financial technology innovation, and we are excited to establish our global headquarters in this vibrant market. Our primary goal is to empower businesses and their clients with seamless, secure, and efficient payment solutions.”
On the other hand, Thakoor, the Chief Executive of the Financial Services Commission (FSC), expressed enthusiasm about Virtual Pay Group’s choice of Mauritius as its Global Headquarters.
“We welcome Virtual Pay to Mauritius and commend their contribution to the growth and efficiency of the financial ecosystem,” he said.
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“This strategic move is a testament to our country’s sound strategy when it comes to developing our financial services sector. We are more than ever committed to fostering technological advancements in this industry, whose growth potential is immense,” he added.
On his part, the Minister of Finance, of Mauritius expressed his gratitude for the establishment of the company in the country and hoped for more companies to choose the country.
“Based on our positioning, we can expect other companies of this caliber to choose Mauritius to set up their headquarters and manage their operations throughout Africa and beyond,” he stated.
Regulation of the Company
Central Bank of Kenya granted Virtual Pay International Limited a license to operate as a payment services provider in Kenya in 2022. We are humbled by the approval of the Central Bank to offer our services to the citizens of Kenya and the global economy at large,” the CEO, David Morema said.
Notably, Virtual Pay is regulated in Mauritius by the Financial Services Commission, in Kenya by The Central Bank of Kenya, in Rwanda by The National Bank of Rwanda, in Tanzania by the Bank of Tanzania and in Dubai by the Department of Economy and Tourism.
