By YOURI KEMP
Tribune Business Reporter
The Arawak X crowd funding platform is moving offshore services near-shore says the company’s chief executive officer.
D’Arcy Rahming Sr, speaking at a press conference yesterday for the platform’s launch of its first two companies, said that Arawak X will push The Bahamas to a “greater arena” in the finance world.
Mr Rahming Sr said: “The Bahamas will soon be known as a near shore centre because the environment that has been set for us with all of the wonderful rules and laws that have been set for us, now the part of the ecosystem that was missing, the capital raise, will ensure that we move from an offshore centre to a near short centre, where companies can come, both local and international, and raise capital.”
Two companies launched on the Arawak X platform yesterday, Pinnacle Franchise Brands and Bahama Myfi Ltd., both are seeking to raise upwards of $2m each for various company and corporate upgrades.
Bahamas Myfi Ltd is a tourism platform geared for enhancing the tourist experience in The Bahamas.
People who wish to invest in these companies can do so for as little as $25 under a 90 day minimum trade window. They can do so and earn shares in the individual company that they invested in.
Darcy Rahming Jr, chief technology officer at Arawak X, also said: “We’ve tried to make it super simple, so that companies can onboard and investors can onboard.
Further explaining the onboarding process Rahming Jr said, “So as you go through the process of signing up, we’re going to ask for your information, these are assets that you’re purchasing.
“So these are ownership and these gentleman’s companies and so what that means is that those assets come with certain rights. Rights to dividends, they’re an asset, so you’ll be able to borrow money against them.”
With the ability to trade these assets and leverage them for other purposes, Know Your Customer (KYC) due diligence is essential and something Mr Rahming Jr places as an utmost priority. “It’s important that you understand what is the KYC documentation in there so we can know who you are, so we can register those assets appropriately,” said Mr Rahming Jr.
Marlon Johnson, acting financial secretary in the ministry of finance was also on hand and remarked, “I just want to say on behalf of the ministry of finance and all of the persons throughout the public service, who would have been instrumental in bringing forward the enabling regulations, that we too are pleased to see that we are at this particular point.”
The launch of a crowd-funding platform was years in the making and featured prominently in the Economic Recovery Committee’s report in October, 2020 Mr Johnson said. “Part of that economic recovery committee’s recommendations was to enjoin the government, the put in place, regulations and protocols to enable a Junior stock market to enable crowd-funding and the like.”