NASSAU, BAHAMAS — ArawakX executives say that they plan to take the Bahamian crowdfunding platform public and allow more Bahamians to participate in its ownership structure, with over 7,000 investors currently registered on the platform.
The company’s chairman and CEO D’Arcy Rahming Sr said in a statement that the company is in discussions with over 300 companies both national and international that are seeking funding.
“The founding executive team knows that the desire to change Bahamians from consumers to owners is not the typical objective of a financial institution. In fact, financial inclusion is rarely a consideration,” said Rahming Sr.
“When we as a country talk about the financial services industry, we talk about the amount of jobs created and how we can attract various institutions to the Bahamas. We rarely talk about ownership of an institution itself, as it is very expensive to own a financial services firm.”
“ArawakX is currently a closely held Bahamian owned private company that has ambitions to become a publicly traded company so that more people from the Bahamas can participate in its ownership structure.”
Rahming Sr said: “The company was founded on the principle of financial inclusion. That means that barriers of access should be brought down as much as possible. We use technology so that everyone can participate at their level whether you have only $50 or if you have $50,000 you can participate.”
Rahming said he believes that Bahamians should own their own exchange and without public ownership, private companies will naturally do what is in the shareholders’ best interest, whereas publicly held firms are more sensitive to the needs of all their stakeholders including the community.
“It is a shame that the innovative sector has largely languished due to a lack of funding. The IDB claims that 85 percent of Bahamian commercial loans are rejected and according to the Bahamas Development Bank there is a funding gap of $748 million,” said Rahming.
“Most banks and alternative institutions have not stepped up to the plate to close this funding gap and, while desirous of helping, no Bahamian government has the resources to do so. So, it’s up to the private sector financial institutions, like ArawakX, to work with policy makers to make a real-world difference in the lives of our Community.”
“We are not just focused on earning profits. Although we have an obligation to be profitable. Properly functioning exchanges have proven to be great investments themselves because they provide a marketplace for selling and buying companies, derivatives, or the need to raise funds and regardless of the economy, companies and investors always need money for various reasons.
“We live here, we work here, and we should own here,” Rahming added.
