The Securities Commission’s Board has approved the launch of a financial technology (FinTech) Hub that will enable industry players to launch compliant products and services

K. Peter Turnquest, deputy prime minister, said of the SCB FITLink hub: “The Commission’s establishment of SCB FITLink is a proactive and clear signal that The Bahamas recognises the importance of FinTech and innovation in the financial services industry, and is willing to collaborate with market participants to ensure a robust and appropriately regulated securities and capital markets sector.”

The regulator, in a statement, said SCB FITLink will serve as the central point of contact for the Commission’s engagement with the public on issues such as the virtual assets business, crowdfunding, distributed ledger technology, artificial intelligence and virtual initial offerings.

It added that SCB FITLink will help FinTech innovators navigate the Bahamian securities regulatory landscape; research, establish and create policy, rules and guidelines for FinTech-related products and services; and educate the Securities Commission’s staff about emerging FinTech trends, opportunities and risks.

The SCB FITLink hub will also provide a website for both industry and the public to discuss FinTech developments with Securities Commission staff; promote investor education and other conditions that facilitate innovation and the development of the virtual assets business within The Bahamas; and consult with domestic and overseas regulatory authorities regarding innovative technologies.

Christina Rolle, the Securities Commission’s executive director, said: “The Commission is pleased to announce the establishment of SCB FITLink. This initiative demonstrates our commitment to facilitating the development of new FinTech products in The Bahamas.

“Specific Commission staff will provide guidance on FinTech issues as well as the Commission’s upcoming Securities Industry (Business Capital) Rules 2020, which will regulate crowdfunding activities, and the Digital Asset and Registered Exchanges Bill 2020, which will regulate the digital asset space.”

SCB FITLink will be led by Christian Adderley, manager of policy and research within the Commission’s Office of The Executive Director. He said: “The Commission has researched and endeavoured to understand innovative financial technologies with a view to protecting investors, ensuring market integrity, mitigating systemic risk, and facilitating market development and financial innovation in The Bahamas.

“By creating SCB FITLink, the Commission provides an invaluable opportunity for FinTech innovators and incumbents to network with us to ease the process of developing products and accessing markets in a manner consistent with the Commission’s regulatory concerns.”