The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A BLOCKCHAIN entrepreneur yesterday argued that Bahamians must be given access to assets and structures this country has offered to non-nationals if it is to move financial services to “another place”.

Marvin Coleby, CEO and Founder of Raise, speaking at a symposium organised by the Ministry of Financial Services, Trade and Industry and Immigration, said The Bahamas has already done some of the “three main things” needed to re-position itself and embrace the digital age.

He added: “First thing, a digital Bahamian dollar, like the Sand Sollar, and a digitised corporate registry, not a paper-based registry. A digital corporate registry from end-to-end.”

“The second thing is for Bahamians to be able to own smart funds and a variety of different asset classes that we’ve previously provided for non-Bahamians; to be able to create the structures that allow them to invest in assets around the world, holding US dollar currency and not necessarily only Bahamian dollar currency.”

Mr Coleby continued: “The last thing is pivoting off the financial services sector to focus less on America and Europe, and focusing more on Africa and Asia.”

The Asian and African market is “changing rapidly”, Mr Coleby said, estimating that over the next ten years some “$30tn worth of capital in private and public assets will be created” in emerging markets in Africa, Asia and Latin America.

Mr Coleby said he had recently relocated his operations to Africa, and works and lives in Nairobi, Kenya.

“The African continent is a part of this growth and, by 2035, will move from being worth a GDP of $1.2tn today to $15tn due to population growth, literacy rates, increasing financial services and capital markets growing faster and faster,” he added.