SCB announces establishment of Fintech hub

SCB announces establishment of Fintech hub

NASSAU, BAHAMAS- The Securities Commission of The Bahamas (SCB) recently announced that it has approved the launch of a Financial Technology (FinTech) Hub, SCB FITLink.

Christian Adderley, a manager of Policy and Research who heads the initiative, confirmed to Eyewitness News that the SCB had approved the establishment of a Fintech hub.

In a recent release, Minister of Finance K Peter Turnquest said: “The Commission’s establishment of SCB FITLink is a proactive and clear signal that The Bahamas recognizes the importance of FinTech and innovation in the financial services industry and is willing to collaborate with market participants to ensure a robust and appropriately regulated securities and capital markets sector.”

SCB FITLink will serve as the central point of contact for the Commission’s engagement with the public on various issues related to FinTech, such as virtual assets business, crowdfunding, distributed ledger technology, artificial intelligence and virtual initial offerings.

Adderley said: “The Commission has researched and endeavored to understand innovative financial technologies with a view to protecting investors, ensuring market integrity, mitigating systemic risk, and facilitating market development and financial innovation in The Bahamas.

“By creating SCB FITLink, the Commission provides an invaluable opportunity for FinTech innovators and incumbents to network with us to ease the process of developing products and accessing markets in a manner consistent with the Commission’s regulatory concerns.”

SCB FITLink will: assist FinTech innovators and incumbents with navigating the securities regulatory landscape; research, establish and create policy, rules and guidelines for FinTech-related products and services; educate the Commission’s staff about emerging FinTech trends, opportunities and risks; provide a website for both industry and the public to discuss FinTech developments with Commission staff; promote investor education and other conditions that facilitate innovation and development of virtual assets business within The Bahamas; consult with domestic and overseas regulatory authorities regarding innovative technologies.

Executive Director of the Commission, Christina Rolle said: “The Commission is pleased to announce the establishment of SCB FITLink.

“This initiative demonstrates our commitment to facilitating the development of new FinTech products in The Bahamas. Specific Commission staff will provide guidance on FinTech issues as well as the Commission’s upcoming Securities Industry (Business Capital) Rules, 2020, which will regulate crowdfunding activities, and the Digital Asset and Registered Exchanges Bill, 2020, which will regulate the digital asset space.”