The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Bahamas’ financial services brand needs more clarity, a Cabinet Minister yesterday arguing that this nation was not merely a “commodity” jurisdiction but a preeminent “full service provider”.

Speaking to Tribune Business at a Bahamas Institute of Financial Services (BIFS) seminar, Ryan Pinder, minister of financial services, said many jurisdictions have been branded as a commodity jurisdiction.

“You have to have form and substance, and when you become a commodity jurisdiction you lose substance,” he said.

“The Bahamas is the preeminent full service jurisdiction because we have substance at every level. We provide the advisory services for all the products. We have the the widest range of products and service providers here. If you look at business centres across the world, one thing they have is substance and a diversification of what they are doing.

“This is where the Bahamas fits. We are not just about insurance companies or trust funds.That’s why you have the international community identity these centres in their negative rhetoric; you rarely hear the Bahamas’ name called because it is evident we are a country of substance and diversification. We are well regulated.”

Mr Pinder added: “You can come to the Bahamas and get banking and trust services; use a myriad of our products to set up your fund products. You can rest assured that your compliance work can be adequately covered from the Bahamas by Bahamian professionals.

“You can administer and licence your funds from here. We offer insurance products to the international community. The Bahamas is a preeminent, full service financial and business centre, one that believes that the business of financial services is not singularly product focused, but is an industry that demands a comprehensive service provider approach.”

Mr Pinder added that a full service business and financial centre requires developed local human capital. “This requires not only a commitment to training within organisations, but for organised and committed educational and training programmes to ensure we as a jurisdiction continue to have the developed human capital to keep pace with not only the product offerings we continue to develop, the structures demanded by the international clientele, but also to the changing nature of our business, something that has become the new normal,” he added.

“I take the position that the human capital development of domestic industry talent might be the best in the world. We have the brightest, most experienced and developing domestic financial services human capital.

“Having this, however, we cannot sit and be content, we always have to strive for greatness.”

Mr Pinder said the Ministry of Financial Services will be surveying firms in order to understand their training and development plans, and will be seeking to highlight and reward those firms with innovative training schemes.