In the realm of finance, with a firm grasp on the pulse of emerging trends of the Fintech industry ONS Finserv LTD has emerged as a noteworthy company in a relatively short period. Established last year with operations in Mauritius, Singapore and Dubai, ONS serves seven jurisdictions and provides fund services, corporate, administrative, and global business solutions. ONS Finserv is the first management company in Mauritius to acquire a VCC (Variable Capital Company) license. This achievement marks a significant step toward transforming the financial landscape of the Mauritius International Financial Centre. VCC provides a framework for funds to carry out business through one or more sub-funds or Special Purpose Vehicles (SPVs), all within one structure.
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At the helm of this thriving enterprise are young financial entrepreneurs Ashwanee Ramsurrun and Srishti Dixit, visionary leaders who have set the stage for ONS’s success. Their shared vision has not only fueled the organic growth of the organization but has also expanded its reach geographically.
Looking back, the founders believe that assembling the best team was the most critical choice they made. Acknowledging the importance of a dedicated and talented team, they have fostered an environment where every individual is empowered to contribute their best, ensuring services of unparalleled excellence. “For us, the year 2022-23 has been the year of turning a dream into reality,” reflects Ashwanee Ramsurrun. “Our dream wasn’t just to set up a lucrative business. The dream was to create. Create an ecosystem, a comfortable space, and a quality space. A space with the best professionals on board, giving their best to the clients, out of their own free will. A space of empowered individuals taking decisions, finding solutions, and bringing quality services to those who show their faith in us. A space that is not looking at clients as a business opportunity, but as an association that can add value to everyone involved. Where there is belongingness, growth, positivity, and caliber met with empowerment,” he adds.
Ashwanee Ramsurrun brings over a decade of experience, credibility, and respect among peers to the organization. “His solution-provider approach is well appreciated in the market, and so is his hands-on approach. He adds his personal touch of knowledge, skin in the game, and value towards our offerings,” says Srishti Dixit.
The success of ONS Finserv Ltd can be attributed to the values that underpin its foundation – accessibility, accountability, confidentiality, and timeliness, says Srishti Dixit. “As any new business, we were faced with challenges which we viewed as opportunities waiting for a solution. The ONS team has collectively stood strong in the face of any challenges. Managing deadlines, working beyond working hours, beyond the existing skill set, and getting on late-night calls with clients, we have done it all. Synergies arise when client goals are viewed as a collective team goal. The commitment has allowed us to gain more exposure and enhance our skill sets in the process.”
As they have delivered on their promises, says Ashwanee Ramsurrun, they have received something priceless in return: the faith, empowerment, togetherness, and encouragement of their clients. “Every client is considered part of the ONS family, and their end goals are treated with the same care as the company’s own. The unwavering support and encouragement we have received throughout our journey have been instrumental in building an impeccable client base from day one,” he says.
Best Business Solutions Provider across Africa
The achievements of ONS Finserv Ltd have not gone unnoticed. Furthermore, Ashwanee Ramsurrun was awarded the esteemed title of “Africa’s Most Respected CEO, in Business solution provider’s category” at the AMR CEO AWARDS ceremony, organized by The Business Executive magazine, the leading periodical magazine covering economy, business, finance, investment, and socio-economic development in West Africa.
The recognition and accolades have continued to pour in for the talented team at ONS Finserv LTD. The forward thinking and innovative mindset of the group founder has been acknowledged and awarded. Srishti Dixit was awarded the “Excellence in finance leaders- Innovator award” at Finext conference in Dubai.
Additionally, ONS FinServ also bagged the “Excellence in financial- Financial Institution award” at the conference defeating many other reputed organizations.
Every client is considered part of the ONS family, and their end goals are treated with the same care as the company’s own…
Ashwanee Ramsurrun | Group CEO & Co-founder
Staying ahead of the curve
In an industry propelled by exponential growth and constant innovation, ONS Finserv Ltd is committed to staying ahead of the curve and delivering cutting-edge solutions to its clients. The founders have traveled across jurisdictions, engaging with global leaders and bringing back valuable insights to stay at the forefront of an ever-changing financial landscape.
They actively participate in global showcases of financial technology innovations. Attending the prestigious Dubai Fintech Summit 2023 allowed them to engage with over 5,000 businesses worldwide and learn from their experiences. By forging meaningful connections with global participants, they continue to expand their knowledge base and remain at the forefront of industry trends.
Srishti Dixit remains a sought-after speaker at global finance and fintech platforms. She was recently invited to speak at gloabal finance and fintech platforms, the FiNext Awards and Conference held at Le Meridien Dubai Hotel & Conference Centre, attended by 500+ participants where Srishti Dixit shared her insights on a panel on “open and innovative banking.” She also shared insights as an elite speaker with the audience on “Digitalisation of investor onboarding and compliance framework” and she included Mauritius in the discussion as well.
We are driven by professional excellence and innovation. In today’s world, if you’re not innovating you’re becoming obsolete…
Srishti Dixit | Group Founder & Managing Director
She also spoke as an elite speaker at other events organized addressing questions on FPI and Mauritius route investments in India to a very esteemed and senior audience of top finance professionals, notably the RBPG Buzz Talk event at Hyatt Hotel, Dubai occurred last June.
“We have received a lot of support, appreciation, and acknowledgment of our work in the past year. We have also taken note of all the learnings, and feedback, and have used those towards the enhancement of our client service experience. We continue to strive for excellence and stay on our toes for our clients,” says Srishti Dixit.
As they embark on their second year of operation, ONS Finserv LTD aims to further enhance their services and innovate within the ecosystem. “Our overarching goal is to add value, not only to our clients but also to the industry as a whole. We are dedicated to expanding our team, resources, and knowledge, solidifying our relationships as the prime anchor of our organization,” says Ashwanee Ramsurrun.
Srishti Dixit expressed her perspective on ONS Finserv LTD’s second year of operation, emphasizing the importance of innovation. She stated, ‘With a focus on continuous improvement and a commitment to staying ahead of the curve, ONS Finserv LTD is poised to leave an indelible mark on the financial landscape. We believe if we are not innovating, we are becoming obsolete.’
Unveiling the Complexities of Financial Compliance
Insights from Oumesha Pirthy | Compliance Officer & MLRO
Compliance Officer and MLRO, Oumesha Pirthy from ONS Finserv Ltd, shares valuable insights into the growing complexity and sophistication of compliance in the financial services industry. She highlights the need to address anti-money laundering (AML) and AML compliance challenges effectively, shedding light on the implications for financial institutions and their clients.
“Increasing regulatory requirements and the evolving nature of financial crimes necessitate a proactive approach to compliance in the financial services industry,” stated Oumesha Pirthy. “As compliance professionals, we must constantly adapt to new challenges and stay ahead of emerging risks.”
The surge in compliance costs has put financial institutions under significant pressure. She explains “The rising complexity of compliance processes, coupled with increasing costs, can strain the resources of financial institutions, potentially impacting customer experiences and overall business operations.”
To mitigate these challenges, ONS Finserv Ltd has implemented a comprehensive approach to client onboarding. Oumesha Pirthy elaborated, “Our target timeframe of 24 hours for new onboarding demonstrates our commitment to providing swift and efficient services to our clients. However, it is essential to prioritize compliance by ensuring the receipt of all required KYC documents before proceeding with onboarding.”
Our aim is to strike a balance between meeting compliance obligations and delivering seamless experiences
The risk rating process plays a crucial role in ONS Finserv Ltd’s compliance framework. The Compliance Officer and MLRO, emphasizes, “Our risk rating assessment helps us identify any jurisdictional links to AML/CFT deficiencies or money laundering and terrorist financing activities. This enables us to take appropriate measures to protect our institution and clients.”
Highlighting the importance of Enhanced Due Diligence (EDD), She states, “In cases where potential risks are identified during the risk rating assessment, we conduct thorough EDD to gain deeper insights into the client’s activities. This helps us make well-informed decisions while ensuring compliance with regulatory requirements.”
The regulatory landscape surrounding AML and AML compliance is continually evolving. Oumesha Pirthy emphasizes, “Compliance professionals must stay abreast of regulatory updates and invest in robust technology solutions to enhance their ability to detect and prevent financial crimes effectively.”
She concluded by highlighting the overarching goal of ONS Finserv Ltd, saying, “Our aim is to strike a balance between meeting compliance obligations and delivering seamless experiences to our clients. By prioritizing compliance, we can instill trust and confidence in our services, safeguarding our institution and the financial system as a whole.”
“Accounting has become a dynamic & adaptable field”
Accounting, once perceived as a static and inflexible discipline, has undergone a significant transformation, adapting to the evolving business landscape and technological advancements. The traditional image of accountants working in isolation, crunching numbers, has given way to a more collaborative and strategic role for these professionals. ONS Finserv Ltd, exemplifies this shift by prioritizing transparency, diligent reporting, and advanced software solutions.
“Managing complex and diversified portfolios of funds and managed accounts requires attention to transparency and increasingly diligent reporting,” says Rajiv Mangar, Head of Accounting at ONS Finserv Ltd. “You have to continually evolve and enhance your ability to deliver timely, accurate, and independent fund administration services. Be it an open-ended fund or any other investment vehicle, we, at ONS Finserv Ltd, have a deep understanding of the funds industry and the broad range of asset classes and entity types involved in the preparation of NAV and timely deliveries of the same.”
Digitalization and automation have revolutionized the accounting industry, enhancing efficiency and fostering collaboration. Mangar emphasizes the value of ONS Finserv Ltd’s advanced accounting software in facilitating collaboration and effective communication among team members. “Our accounting software facilitates collaboration and communication among team members by providing a centralized platform for financial data. This increased visibility and communication can help identify and address potential errors, as team members can easily review and provide feedback on financial information. Hence we use our accounting software for all our client accounting tasks, including services such as day-to-day accounting, management reporting, consolidation services, and NAV calculation per fund guidelines.”
Our vision is to bring ONS Finserv Ltd to the next level of excellence…
Rajiv Mangar | Head of Accounting
“Accounting has become a dynamic and adaptable field, and ONS Finserv Ltd is at the forefront of delivering comprehensive accounting services. We focus on aligning our services with client objectives while meeting statutory obligations”, he says.
The company has developed in-house skill sets for complex accounting solutions, including real-time reports to clients, performance analysis for fund managers, an investor portal view with graphical movements of their NAVs, and equalization methodology for fund managers and investors.
“We are a communication-focused service provider”
Yuveena Mungra | Manager of Corporate & Fund Administration
Yuveena Mungra, Manager of Corporate & Fund Administration at ONS Finserv Ltd, reveals the transformative experience of joining ONS Finserv Ltd. After having honed her skills in traditional fiduciary services and she now explores a broader spectrum of financial solutions. “The exposure from ONS Finserv Ltd has allowed me to effectively advise, guide, and assist clients on structuring solutions, fund services, capital market services, and other sophisticated products,” she states.
At ONS Finserv Ltd, the emphasis lies on delivering value-driven solutions that are efficient, scalable, and aligned with clients’ objectives, she adds. “In today’s market, scalability is a crucial aspect sought by clients, as opposed to traditional offerings”, she explains. Mungra highlights one notable achievement, stating, “We assisted a client in obtaining the first VCC in Mauritius, providing them with a unique solution that matches the standards of other international financial centers, such as Singapore.”
Adding value is a core principle at ONS Finserv Ltd, as the firm accompanies clients throughout their growth journey and pivotal investment decisions. Yuveena Mungra explains, “We support clients at all levels of their activities, including investments, disinvestments, mergers, acquisitions, spin-offs, and more. We believe that our services must align optimally with various regulations and compliance requirements.”
Firstly, we strive to truly understand our clients, their goals, preferences, and pain points…
To enhance client experiences, ONS Finserv Ltd follows a set of key principles, guided by the founders and senior management. Mungra shares these principles, stating, “Firstly, we strive to truly understand our clients, their goals, preferences, and pain points. Effective communication, active listening, and insightful questioning enable us to tailor our services to meet their expectations. We are a communication-focused service provider.”
Secondly, personalization plays a vital role in delivering exceptional service. Each client is treated as an individual, and solutions are tailored to their specific requirements. Customized offers, personalized communications, and targeted advice based on unique circumstances are integral to this approach, she explains.
Furthermore, maintaining open lines of communication and prompt response to queries or concerns fosters transparency builds trust, and demonstrates the value placed on client involvement throughout the process.
“Building long-term relationships is another crucial aspect emphasized at ONS Finserv Ltd. By nurturing ongoing engagement and providing continuous support, the firm aims to go beyond the initial transactions and showcase genuine interest in the success and well-being of their clients”, says Yuveena Mungra.
Currently, ONS Finserv Ltd offers a comprehensive range of services, including fund services, compliance services, company setup and administration, structuring services, and advisory services related to transaction structuring. Their expertise covers diverse funds, ranging from private equity to open-ended funds, as well as those focusing on a multi-strategy approach. Moreover, the firm has been assisting various investment dealers in choosing Mauritius as their base, enabling them to expand from certain international financial centers and operate from Mauritius.
“I was motivated by the company’s reputation for being forward-thinking”
Houmairah Saumtally | Assistant Manager of Corporate & Fund Services
Houmairah Saumtally has recently joined ONS as the Assistant Manager of Corporate and Fund Services, marking an important addition to the team. Saumtally’s decision to join ONS was motivated by the company’s reputation for being forward-thinking and experiencing rapid growth, presenting significant opportunities for professional development. She was impressed by the skilled and dedicated team at ONS, as well as the innovative thinking demonstrated by the senior management.
Saumtally describes her experience at ONS thus far as an opportunity to gain valuable experience in a professional environment and broaden her knowledge across different areas of the business. Her goal is to leverage her expertise to contribute to the company’s growth and success, while also advancing her own career. “I am excited to be part of an organization that has an enabling and empowering work culture, with a strong focus on client delivery,”