“AI as a crucial factor in enhancing agility, speed, and intelligence”

As MITCO proudly celebrates three decades of success, Mrs Nathalie Daynes, the Deputy Chief Executive, reflects on the remarkable journey of the company in the financial industry. Having worked in Mauritius’ financial sector for 15 years, Mrs Daynes shares her insights on MITCO’s evolution, challenges faced, and the exciting vision for the future.

MITCO, a boutique management company, holds a special place in Mrs Daynes’ career, having managed the China Desk at HSBC before joining MITCO. She emphasizes the unique size of MITCO, with its 100-person team, positioning it as neither too small nor too large—a characteristic that fosters agility and quick decision-making, essential for implementing new ideas and services promptly.

The initial challenge, according to the Deputy CEO, was establishing MITCO’s visibility. Taking on the responsibilities of communication, marketing, and visibility, Mrs Daynes and her team successfully crafted an image of MITCO as a specialized boutique management company. In a market with 200 competitors, MITCO differentiates itself through superior service and niche products, particularly focusing on the burgeoning tech and fintech sectors.

Addressing the highs and lows of MITCO’s journey, she discusses the significant challenge when MITCO found itself on a blacklist. Navigating this obstacle required strategic communication and swift action from both the government and industry stakeholders. This experience prompted a reassessment of management strategies, emphasizing the need to diversify markets and reduce reliance on a single region.

In contrast, the positive phase was marked by the issuance of special licenses by the Financial Services Commission. These licenses opened doors to tech, fintech, startups, and venture capitalists, reshaping MITCO’s landscape. Although presenting these licenses to Mauritian bankers initially posed a challenge, Mrs Daynes sees Mauritius as a global hub for attracting the tech and fintech industries.

MITCO primarily serves East Africa, given its historical ties with the Ciel Group, which has significant investments in the region. Despite this, MITCO has a French Desk and a business development team focused on Francophone Africa, West Africa, and Madagascar.

As MITCO celebrates its 30th anniversary, the Deputy CEO expresses pride not only in the company’s rich history but also in its new vision. The Chief Investment Officer’s fresh perspective aligns with MITCO’s renewed purpose—supporting African investors in venture capital and technology.

Remaining humble in the face of the sector’s constant evolution, Mrs Daynes acknowledges the importance of staying abreast of technological advancements, particularly in artificial intelligence (AI). She highlights AI as a crucial factor in enhancing agility, speed, and intelligence in the company’s operations, positioning MITCO at the forefront of innovation.

Looking ahead, MITCO’s future is intricately tied to digitalization and automation. As the financial sector undergoes a transformative shift, MITCO is poised to embrace emerging technologies and continue its legacy of excellence for many years to come. With a new vision and a commitment to innovation, MITCO’s journey into the digital age is set to define its next chapter in the evolving landscape of financial services.