PHILIPSBURG:--- Shortly after 06.15 pm on November 23, 2024, Police Central dispatch received several calls of a serious accident on the Walter Nisbeth Road, close the Island Finance. Ambulance personnel, together with several police patrols, were dispatched to the location. On the scene, officers encountered three victims who were all injured.
A preliminary investigation indicates that a scooter was coming from the direction of the stoplights and going towards Philipsburg, striking an elderly male who was crossing Nisbeth Road simultaneously. The scooter rider, his female passenger, and the pedestrian suffered injuries, but none were life-threatening. They were all transported to the SMMC for further treatment. Personnel of the traffic department of KPSM are currently investigating this incident. Further information will be provided in the future.

KPSM News Bulletin.

WILLEMSTAD/PHILIPSBURG – On November 21 and 22, 2024, the Centrale Bank van Curaçao en Sint Maarten (CBCS) held its 2nd Annual Fintech Conference at its headquarters in Willemstad. The main theme of the conference was ‘Payments Evolution & The Crypto Maze’. Experts from around the world converged to discuss and present a variety of relevant topics.
“Through these conferences, the CBCS aims to bring the practitioners of the financial sector together with the regulators to discuss key developments in the financial markets related to financial innovation and technology,” Richard Doornbosch, president of the CBCS, said in his opening remarks. “Our recently published exploratory analysis, The Rise of Financial Technology in Curaçao and Sint Maarten, shows a very sizeable number of new businesses working with financial technology (Fintechs) and fast expanding activities of Fintechs, particularly in Curaçao.”
A diverse range of speakers and experts discussed developments in the payments sector. The panel discussion topics included the good, the bad and the ugly in crypto, innovative instruments of regulation and supervision and the emergence of Curaçao as a regional Fintech hub. Speakers and panelists varied from the Interamerican Development Bank, the Central Bank of the Dominican Republic, the Innovation Centre of Costa Rica, the Curaçao Fintech Association, Digital Hub Americas, the Dutch Caribbean Securities Exchange, Girasol, CXPay, Zinica Group, Emerging Horizons, PGM Capital and Simplexxis, as well as experts from the CBCS itself. CBCS’ own Fintech team presented the key outcomes from the exploratory analysis and launched its innovation office that assists innovative businesses in navigating the regulatory framework.
Financial technology is of growing importance to the financial sector on the islands, to the local economies and to the Central Bank. One of the Central Bank’s objectives is to promote the soundness and the stability of the financial system. “The CBCS designed an action plan with a number of concrete steps to support the orderly and smooth introduction of Fintechs in the local financial markets and to provide transparency and insights in the Fintech activities in the countries of Curaçao and Sint Maarten to the practitioners and the public at large,” Mr. Doornbosch added.
The CBCS president also stated that while financial services and products become increasingly digital, the financial sector is becoming more efficient and inclusive, as the lower cost due to technology makes financial services more affordable and accessible to more families and firms.
He concluded by stating that the weight of the Fintech sector in Curaçao already outsizes its expected position in the local economy by far. “It makes us think that we may be on the eve of the island becoming a regional Fintech hub. After having operated as the global hub for investment fund administration for decades, Curaçao’s financial sector seems to enter the next level.”
Approximately 175 stakeholders from a broad spectrum of backgrounds attended the two-day conference, contributing to lively discussions during the Q&A sessions. The full speech of Mr. Doornbosch can be found on https://www.centralbank.cw/publications/speeches-presentations.

Willemstad, November 23, 2024
CENTRALE BANK VAN CURACAO EN SINT MAARTEN

PHILIPSBURG:---  Cultuurfonds Caribisch Gebied recently concluded a successful visit to the islands of Saba, St. Eustatius, and St. Maarten, reaffirming its commitment to empowering local creative communities and fostering a culture of innovation and collaboration. The visit was centered around engaging directly with grant applicants and project developers to provide clarity, accessibility, and support for initiatives that aim to enrich the cultural and creative landscape of the islands.
During the visit, the Cultuurfonds team hosted informative sessions designed to bridge the gap between project developers and the funding opportunities available. These sessions offered tailored guidance to community members, helping them understand the eligibility criteria, application process, and potential for financial support. “Our goal is to ensure that creatives and cultural organizations know how to access resources and bring their visions to life,” said a representative of Cultuurfonds Caribisch Gebied.
In addition to grant-related discussions, the visit emphasized the importance of collaboration among creatives. Cultuurfonds Caribisch Gebied encouraged artists, cultural organizations, and project developers to explore partnerships that strengthen the collective impact of their work. By fostering these connections, the organization aims to build a sustainable creative ecosystem that enhances cultural heritage and promotes artistic excellence in the Caribbean region. During this visit, the St. Maarten board members were able to also host the St. Eustatius board member Ms. Daniela Richardson. “This did not only serve as an observation and learning moment, for all 3 board members, but also as a teambuilding moment, where they can look to each other for support and expansion of network across the islands for the benefit of the project developers”, said Kenty Lichtenberg & Candia Joseph (both board members for St. Maarten).
The visit also included one-on-one consultations with local creatives and community leaders, providing personalized advice on project development and funding strategies. These interactions served as an essential platform for Cultuurfonds Caribisch Gebied to gain insight into the unique needs and challenges faced by cultural communities on each island. “Hearing directly from applicants and project developers is invaluable. It allows us to refine our approach and ensure our support aligns with the specific needs of these vibrant communities,” the representative added.
Cultuurfonds Caribisch Gebied remains committed to nurturing the creative potential of the Caribbean islands by offering financial support, mentorship, and guidance to cultural initiatives. The recent visit to Saba, St. Eustatius, and St. Maarten marks another step forward in building strong, resilient, and connected creative communities that continue to thrive. We would like to remind you to follow us on social media for regular updates and reach out to any of the team members for further assistance.

PHILIPSBURG:---  The General Audit Chamber has released its report on the 2023 General Pension Fund (APS) financial statements.
The findings show a financial turnaround, with the fund achieving a coverage ratio of 109.1% in 2023, compared to 98.8% the previous year. This marks an important milestone, as for the first time since its inception, it exceeds the 105% threshold required to index pensions.
The financial statements reveal a profit of ANG 84.1 million, a stark contrast to the ANG 44.5 million loss reported in 2022. The improvement is largely attributed to the performance in international investments. The actuarial interest rate was increased to 3.75%, which impacted the coverage ratio positively. The Audit Chamber cautions that raising the actuarial interest rate while improving the coverage ratio can pose risks by potentially underestimating the liabilities, which may impact the fund's long-term stability if investment returns do not meet expectations.
The report mentions the need to maintain financial stability and the importance of closely examining ongoing issues and delays in local real estate projects. The General Audit Chamber remains committed to monitoring APS's efforts to ensure the fund's sustainability. The main recommendations include completing an Asset Liability Management study to better align with market conditions, encreasing the governance of the Sint Maarten Investment Company (SMIC), and improving transparency in investment decisions. The Audit Chamber acknowledges APS’s progress and its efforts to secure long-term sustainability for its participants. The report is published in both English and Dutch and is available on the website of the General Audit Chamber (www.arsxm.org).