The group of e-commerce bills recently passed in the House of Assembly will improve the ability of financial institutions to provide services to a global clientele and enhance opportunities for persons in The Bahamas to utilise e-commerce in developing international business, according to Wendy Warren, executive director of the Bahamas Financial Services Board (BFSB).
Ms. Warren’s comments came at a BFSB quarterly meeting at the British Colonial Hilton Hotel to give an update on developments on the board’s work during the first quarter of this year.
The BFSB spent two years working on the e-commerce bills, Ms. Warren said.
She added that, “We are very pleased to see the e-commerce bills going through the [parliamentary] process. The bills are the first business development legislation for the financial services industry in quite a while and we hope there are many more to follow.”
A key initiative that the BFSB is working on, Ms. Warren said, is assisting in formulating a Bahamian position in relation to trade agreements such as the Free Trade Area of the Americas.
“Our primary focus has been to understand how trade and financial services [have] evolved in terms of trade agreements and financial services,” Ms. Warren said. “We are also looking at it from an investment perspective which involves commercial presence issues.”
She added, however, that the development of a Bahamian policy on financial services within the context of FTAA is still in the early stages.
In addition to work being done in relation to international initiatives, the BFSB is also taking steps to improve the Bahamas as a financial services jurisdiction, Ms. Warren said.
A particularly important development during the first three months of 2003 was the Special Programme for Intermediaries in Nassau (SPIN), which was held March 27 and 28, Ms. Warren said.
SPIN focuses on the private wealth management sector and provides an opportunity for prospective investors to become acquainted with the investment process in The Bahamas.
Andrew Law, a BFSB director, said the initiative was very successful in that it brought financial intermediaries from North America, Europe and Latin America to the Bahamas to learn about procedures affecting persons who wish to use financial services available in the country.
“The result was that they were able to go back to their offices with a much greater depth of knowledge of The Bahamas,” Mr. Law said. “It was beneficial for the intermediaries from meeting with the prime minister and seeing his vision for the financial industry in the country, to learning about the Central Bank or the Attorney’s General Office.”
Ms. Warren added that in the financial services sector, building relationships is critical.
To this end, she said BFSB representatives will be travelling to the United Kingdom this summer to follow up on initial contacts made during the SPIN programme and clearly demonstrate that “we are interested in growing our industry.”
While sustained business from its clients is important to BFSB’s success, the efforts and commitment of BFSB members cannot be underestimated, said Michael Paton, chairman of the Financial Services Board.
According to Mr. Paton, BFSB members frequently offer suggestions or directions free of charge.
He said the advice contributes greatly to BFSB’s resources.
“I think government recognises that and I think that’s why government is committed to continuing to fund BFSB,” Mr. Paton said. “What the government gives BFSB the payback is perhaps five-fold or six-fold [in comparison to] what they’re putting in because you’re not going to get the commitment of the various BFSB members if BFSB didn’t exist.”
As an example, Mr. Paton said, when BFSB members travel it is common for their travel expenses to be paid for by their respective companies, not BFSB.
By Darrin Culmer, The Bahama Journal
