Contributing to a future-proof financial sector - Kickoff of the Financial Sector Strategic Review project

WILLEMSTAD/PHILIPSBURG – On Tuesday, October 29th, the Centrale Bank van Curaçao en Sint Maarten (CBCS) and Nyenrode Business University successfully launched the Financial Sector Strategic Review (FSSR) project, in the presence of representatives from the financial sector, government, academia, and private sector in Curaçao and Sint Maarten. A well-functioning and future-proof financial sector is a prerequisite for economic growth and national self-reliance. In the coming years, the local financial sector will increasingly face new challenges but also opportunities stemming from developments such as digitalization, blockchain, artificial intelligence, and evolving regulation. With a sound strategic approach, the financial sector of the monetary union of Curaçao and Sint Maarten can capitalize on these changes and maximize future opportunities. The FSSR initiative seeks to contribute to a future financial sector that supports sustainable economic growth in Curaçao and Sint Maarten and, in turn, fosters the self-reliance of both countries. Nyenrode Business University will conduct a thorough assessment of current structures, systems, regulations, and opportunities across the financial markets.

During the FSSR kickoff meeting, participants from Curaçao and Sint Maarten exchanged views on several trends expected to shape the future of the local financial sectors. Professor André Nijhof (Nyenrode) led an informative and engaging introduction to the review project. After the presentation on why and how to integrally review the financial sector, participants formed smaller groups to discuss the changes, risks, and opportunities they face. Discussions revolved around six central themes: economic, legal, social, environmental, political, and technical changes that will shape the future of the financial sector.

The afternoon was concluded with a preview of the next steps in the research project, followed by an hour of networking. Over the coming months, the research team from Nyenrode will conduct interviews with a selection of representatives to gain a wide-ranging view of the current developments and potential challenges likely to affect the financial sector. The researchers will also benchmark international best practices. Based on these findings and the latest trends, the final report will propose a blueprint that contributes to the financial sector’s stability and promotes innovation, inclusion, and transparency.

With the FSSR initiative, the CBCS aims to contribute to a more future-proof financial sector.

Willemstad, November 4, 2024 CENTRALE BANK VAN CURACAO EN SINT MAARTEN