The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas must be “more innovative” to remain competitive in financial services, a former Cabinet minister warning: “It’s not just a markets issue any more”.

Ryan Pinder, now a Graham, Thompson & Company partner, told Tribune Business in a recent interview: “I would have spoken many times about new markets, looking at new clients and new markets in the challenges we are experiencing form an external global impact.

“There is a large focus on Latin America as new jurisdictions for new clients. I think now we are at the stage where we have to be more innovative. It’s not just a markets issue any more. We have to look at new types of financial services products and services we can do here in the Bahamas.”

Mr Pinder added: “Traditionally, we have only done asset management; private wealth. We have started in the fund business but that’s mostly in the private wealth management space.

“I have been a large proponent of a Chinese currency trading hub here in the Bahamas and creating that trading platform, because that brings different aspects of financial services here in the Bahamas.

“It positions you to be more commercial. You’re offering more commercial representation, more currency transactions, more commercial loans, and you’re representing more international business - especially the Chinese businesses that look to do business in this hemisphere.”

Mr Pinder said that while the Bahamas should remain committed to its private wealth management foundation, it must be innovative and leverage its human capital.

“I think for there to be success in the financial services industry in the Bahamas, innovation is required,” he added.

“We have to look at where the world is moving. We are in a global imbalance being a small country, having the focus of diffident external organisations on us for tax transparency and other issues.”