With The Bahamas setting its sights on becoming the Caribbean’s top hub for digital assets and a strict regulator of these enterprises, creating a supportive environment and developing the necessary skills are priority.
A key step in this direction came recently when the first cohort of the University of The Bahamas’ FinTech Regulatory Innovation Programme (UBFTRI), a collaboration with the Cambridge Centre for Alternative Finance (CCAF), Cambridge University, and the Securities Commission of The Bahamas, completed its training, steering more professionals into the burgeoning digital finance sector.
“The UBFTRI programme is a testament to UB’s commitment to fostering innovation and leadership in the financial services sector,” said Dr. Tanya McCartney, Project Lead for the Programme and Assistant Professor of Law at UB. “By partnering with CCAF and the Securities Commission, we are providing our participants with a world-class education that will empower them to shape the future of finance in The Bahamas and beyond.”
The programme aims to boost expertise among financial, legal and compliance professionals, as well as regulators. This aligns with the Government of The Bahamas’ strategy to rapidly expand the digital assets sector, as outlined in its Future of Digital Assets in The Bahamas Policy White Paper.
Newly trained professionals are enthusiastic about their prospects. The 12-week online programme offered a comprehensive overview of the legal and regulatory framework for FinTech, exploring the technologies and business models transforming the financial industry.
“The live sessions were extremely informative and interactive which gave us a chance to engage in dialog with the industry experts and additionally to get to know our peers that were taking the course,” said John Lawrence, Director at Infineo, and a member of the cohort.
Participants developed practical projects, guided by expert tutors, to drive change in their institutions or regions.
“Being part of the FinTech and Regulatory Innovation cohort was a great experience,” said Jeraldo Frazer of the Royal Bahamas Police Force. “Collaborating with professionals in the field with diverse backgrounds and sharing those experiences provided value to the programme.”
Charles J. McKenzie of the Central Bank of The Bahamas echoed this sentiment. “Completing the course has equipped me with cutting-edge knowledge and tools in FinTech, open finance, digital assets, and regulatory technologies, empowering me to drive regulatory innovation,” he said.
The impact on legal professionals is equally significant. Gia Moxey-Lockhart, a practicing attorney, noted that the intense but engaging course allowed participants to cultivate and manifest their ideas strategically.
The second cohort will begin in Spring 2025. Meanwhile, programme partners are developing an InsureTech course to enhance expertise in innovative insurance technologies.
Since the launch of Bitcoin in 2009, digital assets have grown exponentially, especially since 2017. To stay at the forefront of regulated digital asset jurisdictions, The Bahamas aims to develop the necessary skills and expertise to fill jobs in this sector.
The FinTech Regulatory Innovation Programme and its pioneering first cohort are major steps toward this goal. Dr. Dee Allen, Project Lead for CCAF, congratulated the graduates on their success.
“This milestone marks a significant step forward in shaping the future of finance through innovation and expertise in the Bahamas. We at the CCAF are thrilled to partner with the University of The Bahamas and the Securities Commission to realise this vision,” he said.
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