Fintech - B2b Fintech Saas And Platforms - Bhumishq

Fin Tech



Bhumishq @The Mauritius IFC the leading
change champion for B2B Fintech SAAS
and Platforms for Africa, Latin America,
ASEAN and other IFCs.




The Opportunity

A fast and efficient digital on boarding of non-face-to-face clients is imperative for international financial institutions, which are providing their service online. Current AML requirements adopted in Mauritius for non-face-to-face clients based on certified copies of ID documents will lead to a high abandonment rate (up to 95%) at on boarding of potential clients.

The 4th AML Directive (AMLD4), which was introduced in European Union in 2017 and considered a best practice in AML legislation globally, among other changes, proposes recognise “secure electronic copies of original documents as well as electronic assertions, attestations or credentials as valid means of identity (Article 17).”

For financial institutions operating globally or with global clients, the need to comply with regulations in different jurisdictions, which are inconsistent and often unclear, means that they end up requesting information that may not actually be required for a specific on boarding process.

We will provide innovative services of digital on-boarding assisting local and international financial institutions in fraud reduction and achieving a cross-border compliance in Anti-Money Laundering (‘AML’) and Know Your Customer (‘KYC’) supporting a diverse range of international Customer Due Diligence (‘CDD’) process, including Know Your Business (‘KYB’). We will be specifically targeting emerging markets such as Africa, Asia, South America and Middle East.

Evolving regulatory landscape of AML


  • When: 1980s/1990s
  • Crime: Money Laundering (ML)
  • What: Drugs
  • Who: Financial Institutions (FI)

Tick-box Approach

Rule-Based Approach


  • When: 2000s
  • Crime: ML/terrorism financing (TF)
  • What: Drugs, weapons, human trafficking, high value goods
  • Who: Financial Institutions, agents, traders in high value goods

Rick Assessment Approach

Risk-Based Approach


  • When: 2010s
  • Crime: ML/TF and Financial Crime, corruption, fraud, tax evasion
  • What: All objects of economic and financial crime
  • Who: Financial Institutions, agents, traders in high value goods

Multidimensional Risk Assessment Approach

Enhanced Risk-Based

Closed loop B2B
payment infrastructure

Our value propositions

Our PayTech company will be niche solution providing
brokerage firms ans assets managers (‘e-merchants’)
with international payments services conducted via
EFTs, E-wallets and payment cards.

i. Limited AML Risks

We will not offer third party payments targeting exclusively closed-loop transfers from a client bank account to a broker accounts and back to a client bank account, avoiding related AML risks of placement and integration.

ii. Fast and efficient digital client onboarding

It is essential to engage strong onboarding programs to enable smooth and efficient client acceptance with an adequate mitigation of related AML risks. The Start-up Company will conduct its own client on-boarding jointly or independently from the brokerage firms using a full set of digital onboarding tools including video biometrics for clients authentications, ID document verification, comprehensive background checks and IA technologies for transaction monitoring - filtering, profiling and risk modelling.

iii. Account-drive payment enabled through APIs

To commercialise digital payment propositions we will generate revenue by exposing its core payment system to brokers through customised application programming interfaces (‘APIs’), we will enable e-merchants to drive the growth of the customer base by embedding its APIs for payment in their own offerings whenever they need them. Offering APIs externally opens the way to interactions, in which restyles client register their bank account or a payment card on e-merchant’s applications and then seamlessly access the payment functions as required.

iv. Immediate access to funds via issued co-branded cards

Providing retail clients with a direct and immediate access to their funds at e-merchants accounts by issuing co-branded payment cards without going into a lengthy redemption process will boost up a volume of digital payments on convenience of the product. The co-branded cards will have an option of covering clients tokens, loyalty points and cryptocurrencies into flat currencies.

v. Targeting emerging markets

Although we will be onboarding clients all over the Globe, it will be specifically targeting emerging markets such as Africa, Asia, South America and Middle East.

PayTech Solutions

Closed-loop International Transferts conducted via EFT, e-Wallets and cards brokerage firms and assets managers (‘e-merchants’) will embed PayTech customised application programming interfaces (‘APIs’) in their own offerings allowing their customers seamlessly access the payment functions as required.

Credit risk score


The above represent the first 3 projects coming out of the Bhumishq Hive.

The projects are subject to regulatory approval by the Financial Services Commission of Mauritius and relevant regulatory bodies.

If you are interested in expanding your fintech markets, please connect with us.