Banking on Better Business

Written by Henry Martin. Posted in Finance

CEO Insight speaks with Brian Stuart-Young, CEO of Global Bank of Commerce Ltd

Renowned as Antigua’s grandfather of international financial services, Global Bank of Commerce Ltd., (GBC) the first bank licensed in Antigua and Barbuda in 1983 under its local legislation governing its financial centre, is a Caribbean owned and operated financial institution providing its products and services to local, regional and international customers for over three decades.

CEO Insight: Landing a place on CEO Insight’s most influential list requires innovation, trustworthiness and business know-how. In an increasingly global and competitive business landscape, reinvention is fundamental for continued success. How does GBC incorporate innovation into its work and services?

Brian Stuart-Young: Banking is a traditional business, but it still needs to keep pace with the life-style demands of its clients and communities. The Bank earns the regard of its loyal customers through its tradition of service excellence over the past three decades by meeting its client demands.

Next Banking Revolution

Written by Nathan Snyder, Partner at Brickendon Consulting. Posted in Finance

One of the largest technology shakeups in banking in recent years has been the use of advanced data analytics techniques to catch rogue trading activities within banks. The stand-out story has been the collaboration between Credit Suisse and Palantir, which led to the creation of a sophisticated analytics system for identifying the early warning signs of rogue trading. While many might assume this is a fintech startup success story, they would be wrong. Palantir already had a distinguished history of working with government agencies – most notably the CIA.

Fintech, defined by IOSCO’s 2017 research report into the sector as typically offering one or more specific financial products or services in an automated fashion, has attracted considerable interest for a while now. A number of innovation hubs have been created in financial centres around the world with the aim of encouraging the development of, and providing funding for, fintech startup companies. But the question is: will the next banking revolution actually come from the fintech sector?

Domino Effect

Written by Kath Shimmin, partner at Blake Morgan. Posted in Finance

The credit crunch 10 years on – more regulation, but has anything really changed?

A decade ago, the global banking crisis claimed one of its most high-profile British scalps as Northern Rock spectacularly collapsed as a result of its inability to obtain funding in the interbank debt market to finance its activities, a lack of consumer confidence and a run on savings. It was a watershed moment in a dark period that sparked wide-ranging regulation reforms in the banking sector and held many lessons. But with 10 years of hindsight, have we ensured that it could never happen again?

Ireland unlocks UK Financial Services growth in new regulatory landscapes

Written by Henry Martin . Posted in Finance

Irish firm, Solgari, set to make 100 UK companies MiFID II compliant in under six months

Solgari, the leading Irish cloud business communications specialist is enabling UK FinTech and Financial Services companies to fast-track compliance ahead of MiFID II implementation. Driving forward this evolution pre 2018, Solgari is providing an innovative and integrated cloud software platform to unify communications, seamlessly addressing compliance regarding call recording and voice verification but also reducing costs – unlocking the industry’s growth potential.

The Time is Right

Written by Henry Martin . Posted in Finance

Henry Martin speaks with Les Khan, CEO, Citizenship by Investment Unit (CIU), Government of St Kitts and Nevis. 

Henry Martin: Can you provide an economic snapshot of St Kitts and Nevis?

Les Khan: St Kitts and Nevis is the oldest and most mature Citizenship by Investment (CBI) Programme in the world. It has historically been recognised as the premier country of choice for economic citizenship for individuals from China, the Middle East, and Russia. With an economy that has transitioned from the sugar industry, St Kitts and Nevis is now an outstanding and growing tourist destination, with cruise tourism arrivals reaching close to 1 million in 2016.   Ideal for conducting international business, St Kitts and Nevis is the leading country for doing business in the Eastern Caribbean with, at c.5%, one of the highest growth rates in the OECS and one of the highest in the world over the last five years. We are considered a middle-income country with a per capita income of 14,920. The local currency is Eastern Caribbean Dollars, which is fixed at 1USD = 2.70 ECD. The construction industry continues to grow, with major projects such as T-Loft’s Radisson, Christophe Harbour, Galaxy’s Ramada Worldwide, Park Hyatt, Pelican Bay’s Hilton Embassy Suites and the Royal St Kitts. Foreign direct investment has been responsible for major infrastructure initiatives such as roads, water and alternative energy. The economy of St Kitts and Nevis is a strong and growing one, offering zero withholding tax, no capital gains tax, and no personal income tax.

St. Kitts and Nevis

Written by Henry Martin . Posted in Finance

The dual island nation punches well above its weight thanks to a citizenship by investment program (CIP) that has become the world standard, not to mention well-administered and thriving tourism and real estate sectors and a financial services industry that continues to go from strength to strength. St Kitts & Nevis developed the world’s first-ever citizenship by investment program in 1984. In doing so, it stole a march on its rivals to become the most trusted and successful program of its kind in the intervening years. Criteria for qualifying candidates constitutes either an investment in the nation’s Sugar Industry Diversification Foundation, or alternatively in Government-approved real estate.

For those fulfilling the investment criteria, the country’s business-friendly policies and tax breaks have made it a highly attractive proposition for many. Meanwhile, pertinent legislation and regulation relating to the registration of companies, foundations and trusts, as well as international insurance and trust service providers have kept the two jurisdictions in the spotlight for the right reasons for those looking for a reputable IFC. Nevis in particular has carved out for itself a reputation as a Caribbean HQ for captive insurance.

CEO Insight Interview with Tamatoa Jonassen, CEO, Cook Islands FSDA

Written by Henry Martin . Posted in Finance

CEO Insight: The Cook Islands was adjudged to be “largely compliant” following the OECD’s March 2015 Phase 2 Peer Review Report. What steps have subsequently been taken to address any highlighted outstanding issues?

Tamatoa Jonassen: Given the details of the Phase 2 Peer Review assessment of the Cook Islands’ ability to exchange information for tax purposes, the Cook Islands’ rating of “largely compliant” was actually very positive. The assessment focused on ten elements, including maintaining ownership information, accounting records, and powers to request information, and it resulted in the Cook Islands receiving the highest rating of “compliant” in eight of the ten elements. The remaining two elements were easily fixable.

One element in the Phase 2 Peer Review was assessed lower because the Cook Islands received a relatively low number of exchange of information requests. Since the number of requests should increase over time, this element is expected to be re-assessed as “compliant.” Furthermore, since the assessment was conducted, the Cook Islands has entered into two additional Tax Information Exchange Agreements (TIEAs), with Canada and Belgium, bringing the number of Cook Islands TIEAs with other countries to 21. In context, the Cook Islands has more TIEAs than any other Pacific island nation and has more TIEAs signed with European Union member countries than approximately 80% of other countries with TIEAs signed with members of the EU. The second element that was assessed lower was effectively a recommendation to monitor the operation of several legislative amendments then newly introduced in 2013 following the Phase 1 Peer Review process. These 2013 amendments mandated that accounting records and underlying documentation be maintained and subject to penalty.

Small Islands, Big Ideals

Written by Henry Martin . Posted in Finance

Small Island states that have adapted and prospered in the face of adversity

Cook Islands
The concerted international drive towards greater tax transparency and the combating of tax evasion continues unabated. As part of a changing international regulatory landscape, various instruments and devices have been introduced to enhance tax cooperation. These are especially aimed at smaller jurisdictions that have made international financial services a mainstay of their economy, as part of a diversification strategy away from agriculture and to complement tourism. Perhaps the central tenet of this global tax reform process is the automatic exchange of information.

While some jurisdictions still have much to do to get their houses in order, others have embraced and shown commitment to these prevailing winds of the day as part of a drive to secure international regulatory, political and moral acceptance for their legitimate and force for good international financial services activities. Select small island IFCs have proactively gone over and above the call of duty, such that they ironically outperform across numerous indices many of those very countries seeking to make examples of them. The Cook Islands in the South Pacific is one such place. Belying its small size and remoteness and in stark contrast to the malign narrative ranged against it and others like it by those powerful political interests looking for a tax evasion scapegoat, its efforts on the compliance front are noteworthy.

The Flexible Approach

Written by Elias Moussa. Posted in Finance

 Interview with the two heads of Elite Capital & Co.

( right) Dr. Faisal Khazaal, PhD. LLD. KGCC and Mr. George Matharu, MBA

“Sustainable Mega Finance Provider 2017 Award”

Elite Capital & Co. Limited (“ECC”) provides turnkey solutions for Government Infrastructure Projects, such as Roads, Bridges, Sea Ports, Power Plants, etc. These projects will typically be implemented in developing countries.

The “turnkey solution” means that ECC provides a world class EPC Contractor to perform the work, and provides the finance to complete the project against  some form of payment guarantee issued by the respective country.

Strategic Thinking

Written by Patricia Cullen. Posted in Finance

We Interview John Rutherford, CEO at Invest Turks and Caicos.

CEO Inisght: How would you summarise Invest Turks and Caicos’ raison d’être, its ambitions, and the road map to realising these goals?

John Rutherford: Invest Turks and Caicos was created in 2015 to act as the lead organisation for attracting and facilitating foreign investment to the Turks and Caicos Islands (TCI); to support the growth of local business; and to manage the country’s Investor Permanent Residency programme. Internationally, we promote the islands in target markets to companies in industry sectors who we believe can secure a strong return on investment by having a presence here; and bring benefits to the islands through economic activity and job creation.

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