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Fintechs in The Bahamas: Mastercard creating a path for innovation and financial inclusion
MUCH has been written recently about financial inclusion, its impact on world economies, and how it is rooted in empowerment when financial tools and credit are accessible and become facilitators of positive social and economic outcomes.
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FTX's US chief tells Bahamian liquidators: The $143m is mine
FTX's Bahamas liquidators face a three-way battle to regain control of some $143m seized by the US Justice Department after their US counterpart asserted he "stands first in line" to recover this asset from the federal authorities.
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FTX’s Bahamas liquidators gain mediator in Ray battle
FTX’s Bahamian liquidators will aim to resolve multiple disputes with their US counterparts when mediation begins next month following the appointment of a retired US judge to act as referee.
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Digital payments ‘paramount’ to tourism continuing success
DIGITAL engagement by the tourism sector is “paramount” to the continued success of the industry, according to Rafique Symonette, chairman of the Tourism Development Corporation (TDC).
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Charities asked: Do you hold any of FTX’s $5.4m?
FTX’s Bahamian liquidators are “liaising” with local charities and non-profits over the collective $5.4m in donations they received from the collapsed crypto exchange to determine if they still hold any of these funds.
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Govt’s MYGATEWAY portal hits 100K users, as additional services soon to be added
MYGATEWAY, the government’s centralized system for digital services, now has 100k registered users.
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PM unveils vision for African financial links
THE Prime Minister yesterday unveiled his vision and road map for developing stronger financial ties with Africa via a plan that capitalises on The Bahamas’ long-standing strengths.
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Governor urges: ‘Accelerate’ agency banking development
The Central Bank’s governor has urged financial institutions to “accelerate their thinking” on using agency banking to offer services in the Family Islands amid efforts to roll-out the necessary regulations in 2024.
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FTX Bahamas liquidators told: It’s only ‘a wrist slap’
A Delaware judge has warned FTX’s Bahamian liquidators that he is unlikely to sanction their US adversary, or dismiss the legal action he has brought against them, on the basis that the two sides’ co-operation deal was violated.
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FTX Bahamian liquidators eye US legal ‘run rate’ fall
FTX’s Bahamian liquidators are hoping the legal fees “run rate” drops sharply due to the settlement with their US counterpart after incurring an estimated $56m total bill during their first 15 months of work.
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Central Bank releases bank fees comparison
A COMPARISON of bank fees has been released by Central Bank - showing costs across financial institutions, principally for transactions related to deposit accounts and the maintenance of credit services.
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50% of Bahamians to use Sand Dollars by end-2024
Central Bank executives yesterday forecast that 50 percent of Bahamians will have active Sand Dollar accounts by year-end 2024, with 160,000 already using this nation’s digital currency version.
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'Impossible situation' fear on FTX Bahamas wind-up
FTX Bahamas' liquidators yesterday warned they will be placed in "an impossible situation" if they are forced into a "never-ending" legal battle with their US counterparts as operating cash has dwindled to less than $1m.
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FTX Bahamas warns of $143m US DOJ battle
FTX’s Bahamian liquidators say it is increasingly likely they will have to battle the US Justice Department in the courts to recover $143m given that prospects of an amicable resolution have become “more remote”.
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Crypto on the front foot
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The digital currency, Bitcoin, is making strong gains and traded temporarily above the $35,000 mark last week. One reason for the price surge is speculation about a first “direct” Bitcoin exchange-traded fund (ETF).
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Digital assets summit aims to ‘rebuild trust’
Organisers of a major digital assets conference that will be held in The Bahamas next month yesterday said the event will seek to “rebuild trust” in crypto exchanges and the industry generally following FTX’s implosion.
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FTX Chapter 11 plan needs Bahamas deal
Plans to bring FTX out of bankruptcy protection in the US cannot be finalised without agreement with their Bahamian counterparts as “ongoing good faith negotiations” between the two sides continue.
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FTX Bahamas: ‘Major progress’ in Ray talks
The Supreme Court will now hear the petition to put FTX’s Bahamian subsidiary into full liquidation on November 6, it has been disclosed, amid “substantial progress” in resolving the dispute with its US arm.
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FTX Bahamas: Only we can pursue void payouts
FTX's Bahamian liquidators are asserting they may be the only ones "lawfully" able to pursue "material volumes" of client withdrawals that occurred around the time of the exchange's collapse and may thus be deemed void.
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‘Landmark breakthrough’: FTX Bahamas strikes new Ray deal
FTX’s Bahamian liquidators yesterday hailed the settlement reached with their US counterpart as “a landmark breakthrough” that will avoid “years of protracted litigation” which would cost creditors dearly.
