For e-commerce to succeed in The Bahamas, banks and other financial institutions must play a key role, Minister of Financial Services and Investments Allyson Maynard-Gibson said on Monday.
Mrs. Maynard-Gibson made the announcement at an E-Commerce Symposium Monday afternoon at the British Colonial Hilton.
Attendees were provided with information and a panel to field their questions.
The minister said that although legislation was passed in Parliament, a roadblock has developed after “clearing banks” failed to fulfil their side of the bargain, thus leaving out the “key leg” to the delivery of e-business services.
Mrs. Maynard-Gibson said she intends to unveil the Registrar General Department’s new computerization system today, which would make the Department’s information internationally accessible.
And this “is just the beginning,” Mrs. Maynard-Gibson said, noting that the entire department will be computerised in the next two years.
But despite the progress being made thus far, she said, business transactions and payments over the Internet would not be practicable until clearing banks have “stepped up to the plate” and provided the required support.
“In recent meetings with Clearing Banks and the Bahamas Financial Services Institute, I urged them to step up to the plate in the development of a Division of Financial Services at the College of The Bahamas and provision of the facilities whereby e-business and e-commerce may be completely transacted over the Internet, the Minister said.
“We cannot develop to our full capacity so long as it is not possible to pay over the Internet for goods and services purchased over the Internet. These are issues of national importance and they, as our partners in national development, have a vital role to play in this regard,” she continued.
Her ministry is working to continue the e-business process, the Financial Services Minister said.
Noting that e-commerce can play a vital role in developing and widening tourism and financial services, Mrs. Maynard-Gibson said,
“The E-world is essential to tourism. The vast majority of bookings in today’s tourism market happen over the Internet. Similarly, an e-capacity is essential to financial services.”
A well-developed financial services sector is critical to the process, she said.
Noting the importance of industry consultation, the minister said, “We see it as imperative that all stakeholders, public and private, speak with one voice. It is essential that government continues to rapidly respond to the needs of the market and that its policies are transparent.”
Noting that adequate telephone infrastructure is an essential part of e-commerce activities, Mrs. Maynard-Gibson said that the analysis of bids for the privatisation of BaTelCo is in progress.
On a recent trip to Bermuda, Mrs. Maynard-Gibson said, it was clear that the communication infrastructure available in the country “far surpasses that available in Bermuda” and other Caribbean countries.
The minister also took the opportunity to respond to charges that the Government did not consult with the public about the e-commerce Bills.
“I can say, again without fear of contradiction, these Bills were widely circulated,” she said. “What we do is circulate them to all the organisations οΎ— the Chamber of Commerce, the Bar Association and Bahamas Institute of Accountants. It would have been impossible to circulate them to every Bahamian, she said.
The panel included Ministry of Finance Legal Counsel Rowena Bethel, who was the chief draftsman of the E-commerce legislation.
Mrs. Bethel gave an overview of the legislation, its benefits and how the country can progress as a result of it.
By Khashan Poitier, The Nassau Guardian
