Fintech took centrestage at last month’s Nassau Conference, as financial services industry leaders look at the best application of new financial technology in a low-tax environment.
Financial technology includes all aspects of financial services including retail banking, investment and crypto-currency.
Kelly Banks, senior technology and operations leader at Ansbacher, says the widespread adoption of Fintech could provide opportunities for Bahamian practitioners. Presenting at the conference, she said The Bahamas should move to position itself as a Fintech hub – following the lead of Jamaica and Barbados.
Speaking on a panel later in the day, managing director at Deltec Fund Services, Brian Jones agreed saying: “The Fintech movement is taking over. We need to make sure we are technologically savvy. We have to improve our level of efficiency in client delivery.”
“There is a steep learning curve when it comes to new technology but the information is there, I think it is a matter of us having the will [to embrace it].”
At another conference later in the month, the theme was compliance. Speaking at the Money Laundering Reporting Officers (MLRO) Day, Attorney General Carl Bethel said compliance, once viewed as a “necessary evil”, has now expanded its scope to become an integral part of every institution’s culture and the jurisdiction’s reputation as a whole.
“There is not only a change in the mandates and requirements being made by the international community, but also in the essential nature of the functions you are expected to perform as compliance officers,” he told attendees.
MLRO Day was hosted by the Bahamas Association of Compliance Officers.
In other news, The Bank of NT Butterfield & Son Ltd announced that it has entered into an agreement to acquire Deutsche Bank’s Global Trust Solutions business, excluding its US operations. Deutsche Bank’s Wealth Management business is one of the largest worldwide.
In tourism, the Ministry of Tourism and Aviation has been targeting The Bahamas’ near neighbours and biggest markets, launching a new romantic destination campaign in the US and hosting events in Canada.
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