NASSAU, BAHAMAS- A “huge confidence rift” now hangs over crowdfunding in The Bahamas, and BISX CEO Keith Davies says the exchange is determined to prove it can deliver a trusted platform for businesses and investors.
The caution follows the collapse of ArawakX, the country’s first crowdfunding platform. Initially designed to connect local startups with investors, ArawakX entered court-supervised liquidation in early 2024 amid allegations of insolvency, fund mismanagement, and unauthorized public offerings.
“We had a crowdfunding platform in this country that failed. I am sorry they failed. I would have liked competition. I would have liked the opportunity to prove ours was better,” Davies said. “The failure caused a huge confidence rift in the country. The saddest thing I saw is one of the companies that used the platform said, ‘Had I known, I would have never used that again.’ Much like an app — the first time you use it, you put it away.”
Davies said BISX is taking a careful, deliberate approach with its new Crowdfunding 2.0 platform. Before a public launch, the platform he noted will be presented to the Securities Commission of The Bahamas to demonstrate safeguards, governance, and operational readiness. At the same time, BISX is developing a private market listing facility and an SME platform to improve capital access for growing Bahamian businesses.
“We are a traditional exchange. In the internet world, traditional exchanges are dying,” Davies said, framing the move into private markets, SMEs, and crowdfunding as part of a broader strategy to modernize BISX and rebuild trust in alternative capital raising.
Looking ahead, digital assets will form a core focus for BISX, with the exchange considering the structure that will best support adoption and confidence.
