Minister Hope Strachan delivers opening remarks at China Offshore

The speaking engagement came in the midst of a Financial Services trip throughout key Asian markets, including presentations at the Bahamas Landfall events organized by the Bahamas Financial Services Board (BFSB) in Beijing and Hong Kong.

The Ministry of Financial Services also served as the platinum sponsor at the China Offshore Summit in Shanghai, providing the opportunity for the Minister to make the opening remarks. It is the second such trip in less than a month for the team at the Ministry who also made similar stops throughout key Latin American markets during the month of October – a strategy that Minister Strachan considers to be a “worthwhile investment in raising awareness of the strengths of The Bahamas ’ Financial Services industry”, all too often, persons in these markets have indicated that they don’t know enough about The Bahamas financial services products and services as compared to our competitors in the British Virgin Islands and Cayman Islands.

“We were able to speak to captive audiences of up to 60 to 100 people at the Bahamas Landfall events – all of whom represent persons we categorize as ‘high net-worth and ultra-high net-worth ’ individuals as well as their intermediaries (lawyers, investment advisors, managers of assets); these are persons who are the decision makers for these individuals and having them as a captive audience meant that we were able to sell our jurisdiction as a premier financial services center by imparting information to them directly.”

Minister Strachan in the audience at China Offshore

“We were also able to highlight to them the specific products and services we offer, as well as our strengths as a jurisdiction. We can show confidence in the fact that we are highly regulated, we are signatories to all of the important global regulatory bodies, we are considered to be largely compliant and adherent to global standards, and we possess a large body of well-educated industry professionals with decades of experience.”

While in Beijing, the Minister participated in one of the most important meetings of this nearly 3 week long investment trip to Asia.

“One of the most important meetings came Tuesday during a face to face with China Development Bank, the equivalent of the Central Bank of China. That meeting discussed the many opportunities available in the Bahamas for foreign direct investment and other opportunities related to trade and industry, as well as the much talked about Renminbi project, which would allow the Bahamas to trade in Renminbi currency. This project is important to us because if we are seeking to create a market for us to do business with the Chinese, it is more convenient and easier for them to accept (culturally), if they are able to use their own currency – this creates opportunities for us to tap into a whole new market of potential investors, not only in financial services, but also in trade and manufacturing.”

Bahamian delegation in Shanghi China. L-R - Ravi Jesubatham LENO Corp. Services; Ivylyn Cassar VP Equity Bank & Trust; Don Cornish Director of Tourism Asia Market; Brandace Duncanson Legal Counsel & Deputy Director (Acting) Ministry of Financial Services, Minister of Financial Services Hon. Hope Strachan; Aliya Allen, CEO & Executive Director Bahamas Financial Services Board BFSB; LaTonia Tinker Consultant Min. of Financial Services; Sean Longley President LENO Corp. Services; Cassandra Johnson Financial & Trade officer Ministry of Financial Services; Gilbert Cassar II VP & Founder 1Magine Inc.; Jerome Sawyer PR Consultant Min of Financial Services

Up next for the Minister is a stop at the Society of Trust and Estate Practitioners ’ (STEP) Asia Conference in Singapore next week, where she will have another opportunity to speak to a room full of financial services professionals in yet another key Asian market.

“The Asian market is what we call an emerging market where we are now refocusing our attention. You are talking about a continent with over 4.4 billion people in a region with the largest share of high net-worth and ultra high net-worth individuals in the world. And so we see the potential that exists for the Bahamas – in terms of being able to capitalize on the needs of those individuals and find structures that meet their needs within The Bahamas. The first step, of course, is ensuring that these individuals are aware of The Bahamas ’ strengths as a financial services provider and to demonstrate the fact that we offer comparable products that are better suited to their needs. “

This marks the second year in a row that the Ministry of Financial Services has partnered with the Bahamas Financial Services Board to sponsor and present at these international events. It is a public-private partnership that Minister Strachan believes to be beneficial for all parties involved.

“This partnership is a huge success. In fact, we have been told repeatedly, in Latin America and China, that it is a model for other countries to follow. People are fascinated and encouraged by the fact that the government has so effectively taken this role in a partnership that works so seamlessly with the BFSB and other private sector entities. We must continue to forge ahead with this level of determination and innovation, because I believe that this opportunity is ours to lose.”

Minister Strachan in the audience at China Offshore