NASSAU, BAHAMAS — The Bahamas Financial Services Board (BFSB) hosted its twenty-third Annual General Meeting (AGM) on September 30th, 2021.
The Chairman of BFSB, Mr. Kevin Moree noted that:
“The onset of the COVID-19 pandemic meant that we had to adapt our strategies to ensure we continued to achieve our mandate of creating a greater awareness of The Bahamas as a premier international financial centre.
With the support of our members and through collaboration with the government during the past year BFSB has been able to provide input on The Bahamas; respond to international initiatives; maintaining a marketing and promotion presence, and developing strategies to reposition the financial services sector. The sector remains resilient.”
The newly appointed Minister of Economic Affairs, with responsibility for financial services, gave the keynote address. He updated attendees on the priority action items of his portfolio and emphasized his firm commitment to collaborating with financial services stakeholders to grow and sustain this important contributor to the Bahamian economy. Minister Halkitis stated:
“Within the Financial Services sector itself, now is the time for industry partners to progressively harness profitable niches. Widespread access to emerging opportunities within these growing sectors will be essential to moving this country forward along a path of exponential growth and progress.
The government will do its part in spurring innovation through our own digitization and ease of doing business efforts, which my Ministry will lead the charge on. We will roll out the technologies that will allow government services to be as efficient and effective as possible while introducing policies that will empower entrepreneurs rather than impeding them with bureaucracy and red tape. For too long we have sat at the bottom half of global ease of doing business rankings, it is time for us to level up by setting the stage for our business owners to be successful and then stepping out of the way so they can do what they do best.”
BFSB’S CEO and Executive Director Tanya McCartney in her report to members highlighted the key action areas for the board which included tracking international initiatives impacting the sector and continued promotion and marketing of the jurisdiction despite the COVID 19 pandemic.
She advised attendees that BFSB has remained true to its mandate of promoting greater awareness of The Bahamas’ strengths as an international financial centre. This, coupled with advocacy for the industry on policy matters has dominated its agenda which focuses on three broad areas of Promotion and Marketing; Response to International Initiatives, Policy & Legislation, and Stakeholder Engagement.