The Tribune

More than 130 Bahamian and international financial services practitioners took part in the 11th annual International Business and Finance Summit (IBFS) at Sandals Emerald Bay in Exuma last weekend.
 Presented by the Bahamas Financial Services Board (BFSB), the three-day conference explored a wide range of topics and issues confronting the international financial services industry, including regulatory reforms, changing client behaviour, demographic shifts, digital lifestyle and work style revolutions under the theme ‘Survival of the Fittest’.

BFSB chairman, Prince Rahming, said the conference was designed to examine forces not only affecting global economies but those which are reshaping the financial services landscape as well.

“It is said that the best in innovation historically has taken place in turbulent times – adversity bringing to the fore inherent creativity to meet challenges head on,” he added.

“IFCs and financial services institutions have been fortunate in turning adversity into business opportunity, and we don’t see this changing for the centres that will survive.”
 One of the highlights was a presentation by Bloomberg TV anchor Adam Johnson, who through a series of case studies demonstrated the power of innovation and creative thinking in growing and sustaining business.

Commenting on Mr Johnson’s’ presentation, BFSB chief executive and executive director, Aliya Allen, said that while Smart Funds and the Executive Entity are successful examples of Bahamian innovation, there is more work ahead.

“I think Adam’s presentation struck a chord with everyone in the room,” she said. “The Smartest CEOs ask themselves what they have now that they are not using efficiently. This is the same question we should ask ourselves as a jurisdiction; what can we leverage more effectively to provide a broader base of benefits and advantages to our clients?”
 Ryan Pinder, minister of financial services, who was one of 20 government and regulatory officials attending IBFS, represented The Bahamas on a panel entitled ‘Benefiting from the New World Order’, which examined developments occurring in several jurisdictions including the Bahamas.

Mr Pinder also addressed delegates at a breakfast session, at which he noted the Bahamas has undergone a sector evolution in recent years, with funds and other products now strongly supplementing its strong private wealth foundation, and Latin American markets figuring more prominently alongside historic European based business.

“Our sovereignty has contributed to this evolution,” said the Minister. “Twenty years ago our sovereignty was viewed as a potential liability. Today it is one our key strengths and advantages as a jurisdiction”.
 Ms Allen said the BFSB will be reviewing the input and information from all sessions, and sharing a summary with BFSB members.

“This year’s event introduced a number of subjects and issues that have far reaching effects on the sector and our jurisdiction,” she said.

“What is clear is that we must continue to evolve and innovate to remain a jurisdiction that is not only fit to survive, but in fact capable of leapfrogging ahead of the competition.”
 Mr Rahming added: “The decisions and actions that we take from IBFS will have an important and profound impact on the future state of affairs in our industry.”