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
