ArawakX is preparing to list its first companies available to investors, one of those companies being a well-known international restaurant franchise with rights in the Caribbean.
Due to securities commission rules governing ArawakX’s crowdfunding platform, the names of the companies cannot be revealed until August 23, when Bahamians will be able to invest.
The other company, according to a statement, is an “innovative high tech company” with a “futuristic platform for the tourist industry”.
ArawakX spokesman and Chief Technology Officer D’Arcy Rahming Jr. said in the statement that both companies have Bahamian founders and international advisory boards.
“We are excited to bring these opportunities to The Bahamas,” said Rahming.
“The way the rules are structured, investments are awarded on a first come, first served basis. So, we are urging all persons to register at ArawakX.com and be onboarded with their KYC (know your customer) documents, so that investing will be a smooth process.”
The statement explained that the founders of both companies will “ring the bell” at 9 a.m. on August 23, opening the start of the first regulated crowdfunding round in the country.
Along with the crowdfunding site, ArawakX is opening several community investor education centers (CIECs) in an effort to educate Bahamians about investing, crowdfunding and its own platform, free of charge.
“CIECs will deliver short classes and tours to raise the financial literacy of The Bahamas,” the statement noted.
“These CIECs will also serve as customer service centers, so the public can have questions and queries regarding their investments answered.”
“There is a tremendous amount of excitement,” Rahming added. “All the groups that have been through our intro tour have registered and are just waiting for the opening bell.”
Rahming has been working to ensure that the ArawakX technology matches the securities commission’s regulatory requirements and makes for a smooth experience for investors.
“We welcome people to take a tour this week in person or online to learn about the exchange,” Rahming said.
“For those who are not resident, the process can take place online and the tour will be live-streamed. To be clear, ArawakX cannot make specific recommendations. We are responsible for the vetting process of companies, which is quite rigorous.
“Because we believe you should be able to make educated choices in a properly regulated environment, all companies must be able to meet the criteria that we call by the acronym TEAM,” said Rahming.
According to the statement, TEAM stands for ‘the executive advisors and management’ who deliver MAGIC, which is “markets” that are big enough and sustainable, are “accessible” to the listing firm, have “growth” potential of at least ten times, are “innovative” and have “corporate governance” at an international standard.
ArawakX is the first of its kind in The Bahamas in the financial services space.
“As ArawakX is the first to market in regards to an equity crowdfunding platform, special attention must be paid to every detail, as the securities commission’s goals of investor protection matches the stated positioning of ArawakX, with the motto ‘turn consumers to owners’,” the statement noted.