The Ministry of Financial Services hopes to establish a “centre of excellence” in The Bahamas to help professionals in the sector hone their skills, as the country targets new markets and diversifies its product portfolio.

Speaking at the Bahamas Institute of Financial Services (BIFS) Annual Seminars event today, Minister of Financial Services Ryan Pinder said his ministry has been working with regional partners to develop a plan for the training facility and source funding.

“We will bring in strategic partners to provide curriculums to develop in areas where we think we have gaps,” he said this morning at the conference at the British Colonial Hilton, Nassau.

“We have to always be focussed on the development of our human capital. [We have to] ensure professionals are prepared for the advancement of the country and the industry in this ever-changing environment.”

The Minister said the centre would initially be regional in scope, but gradually expand to have a global reach. He also noted that continuing education was important, as the industry seeks to target new markets and develop new products for those markets.

Pinder said his ministry was working on a new product for the Latin American market “to stay ahead of planning opportunities rather than behind them” and was making good inroads into the captive insurance niche.

“We are now in the [captive insurance] game in a big way and we have to provide opportunities for our people to take advantage of that shift,” said Pinder.

Product innovation and diversification are key to broadening the country’s client base, according to the Minister, who said: “New product innovation is a key factor of growth in this industry.”

“The Bahamas has taken a very serious approach to the preservation of the industry [and] is in a constant state of redefining itself. Despite the fast paced changes in global standards, there are opportunities and clear avenues for growth.”

The BIFS seminars run May 27-29 and include presentations on topics such as value added tax (VAT), the Foreign Accounts Tax Compliance Act (FATCA) and BASEL III.

cmorris@dupuch.com