The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A Bahamian financial institution’s chief executive yesterday said traditional financial services providers are quietly making “huge investments” in digital assets talent and infrastructure as they embrace the inevitability of its evolution.

Odetta Morton, Deltec Bank & Trust’s principal, told a panel discussion at the Crypto Bahamas conference: “I think publicly they [banks] have been quite sceptical. I think that we’ve seen all of the big banks hesitate as it relates to cryptocurrencies, but definitely behind the scenes we’ve seen key talent acquisitions of persons with crypto experience.

“We’ve seen that huge investments are being made. So I think while publicly there has been a lot of scepticism, behind the scenes there have been a ton of investments and I think mass adoption is inevitable.” The demand from clients to enter the digital assets space, which includes cryptocurrencies, has expanded rapidly over the past five years and is pushing the major banks towards using blockchain technology for financial transactions.

“It’s a tough balance at times, especially as a regulated financial institution,” Ms Morton added. “You want to be able to give good service to your customers but, at the same time, you have to operate in a regulatory framework.

“I think that’s one of the great things about doing business here in The Bahamas. We have regulators that are progressive, very forward thinking and have been able to position ourselves to be able to embrace this crypto community and everything that’s evolving as a result of it.”

Ms Morton continued: “I think that, in the long-term, banks also need to understand the needs of the customers and how to service them. Because they need to understand and appreciate that there’s value in harnessing the data that relates to their customers, and have more intuitive experiences with their customers.

“So I definitely think that long-term there’s positive impact there. But also, in being able to harness the data, I also think that banks need to understand that technology is evolving and everything’s moving at lightning speed today.”

Deltec is working towards transforming into a “24/7 and 365 day” institution where it can service clients at any time, and anywhere, in the world.