{"id":22398,"date":"2012-06-06T22:33:07","date_gmt":"2012-06-07T02:33:07","guid":{"rendered":"http:\/\/www.bahamasb2b.com\/news\/?p=22398"},"modified":"2012-06-06T22:33:07","modified_gmt":"2012-06-07T02:33:07","slug":"bahamas-financial-services-open-for-business","status":"publish","type":"post","link":"https:\/\/www.bahamasb2b.com\/news\/2012\/06\/bahamas-financial-services-open-for-business","title":{"rendered":"Bahamas Financial Services ‘Open For Business’"},"content":{"rendered":"
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financial services<\/figcaption><\/figure>\n

Nassau, The Bahamas \u2013 The Minister of Financial Services, Ryan Pinder says that he wants the world to know that The Bahamas is \u2018open for business.\u2019 After noting his \u2018humility\u2019 at being entrusted with heading the reinstated ministry, Mr. Pinder said he is ready to do his part in the newly elected government\u2019s plan to expand the economy.<\/p>\n

These remarks were made during his contribution to the 2012\/2013-budget debate currently taking place in the House of Assembly.<\/p>\n

\u201cI am humbled by the decision of the Prime Minister for selecting me to be the Minister of Financial Services.\u00a0 In the Prime Minister\u2019s prior administration, it was he that had the progressive vision to create the Ministry of Financial Services \u2013 setting the way for regional competitors to mimic his method of governance.\u00a0 Thank you Prime Minister for the trust in continuing your legacy, I promise, I will not let you down.\u201d<\/p>\n

Mr. Pinder said that with the \u2018reintroduction\u2019 of the ministry, several areas will be addressed including the portfolios of<\/p>\n

1) the financial services industry,<\/p>\n

2) establishment of The Bahamas as an International Arbitration Sector,<\/p>\n

3) Trade development and promotion, and<\/p>\n

4) industrial expansion and promotion.<\/p>\n

He said that previously, the financial services industry was underserved, resulting in the \u2018suffering\u2019 of the industry. \u201cFor the last 5 reporting cycles, the Bahamas has fallen in the rankings of The Global Financial Centres Index,\u201d said Mr. Pinder.<\/p>\n

\u201cThe Bahamas has fallen from being ranked 59, to 64, to 67, to 72 and now to 75 in the most recent report.\u00a0 We are listed 10th out of the top 10 offshore centres.\u201d<\/p>\n

He said that the government\u2019s current mandate will be to ensure that the financial services industry will not merely be \u201cBetter in the Bahamas\u201d but it will be \u201cBest in the Bahamas\u201d.<\/p>\n

\u201cWe have a plan; we are building a great team.\u201d<\/p>\n

Included in those plans are:<\/p>\n

1) the development of medium and long term marketing and promotional plans for the financial services industry in The Bahamas for all sectors, including Banking, Trusts, Private Equity Funds, Investment Funds, Insurance, Registered Entities, Ship Registry, Aircraft Registry and International Arbitration;<\/p>\n

2) The analysis of the international competitive landscape and development of a strategy position for growth and strengthening of the industry;<\/p>\n

3). The development of an initiative focused on the rebranding of The Bahamas as a major International Financial Centre;<\/p>\n

4). Liaising with the Attorney General\u2019s Office for the development and improvement of existing legislative toolkit, including dialogue with and assist the Registrar General\u2019s office on issues of operational efficiency and service.<\/p>\n

5). To organise and participate in promotional tours and to establish and deepen relationships with international advisors in co-ordination with BFSB.<\/p>\n

6). In coordination with the industry groups and the College of the Bahamas, to encourage and develop internationally recognised training programs to improve the quality of locally available staffing in the financial services industry, and to establish training and education to help define career paths for Bahamians in the financial services industry.<\/p>\n

7). To advance and promote financial services in the domestic market in accordance with international standards (retail banking, insurance, credit and other financial services). This will provide the basis to assess the needs and concerns of independent service providers and to develop a programme for the promotion of entrepreneurship in the financial services industry.<\/p>\n

\u201cThese are some of our initial plans in the Ministry of Financial Services for the development of the financial services industry, providing an expanded industry, creating employment and career development opportunities, all for the best interest of Bahamians.\u201d<\/p>\n

By Betty Vedrine
\nBahamas Information Services<\/p>\n","protected":false},"excerpt":{"rendered":"

The Minister of Financial Services, Ryan Pinder says he wants the world to know that The Bahamas is \u2018open for business\u2019.<\/p>\n","protected":false},"author":47,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[5],"tags":[153,29,98],"class_list":["post-22398","post","type-post","status-publish","format-standard","hentry","category-politics","tag-business-2","tag-economy","tag-financial"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/22398","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/47"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=22398"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/22398\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=22398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=22398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=22398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}