The Ministry of Financial Services is aggressively targeting the multitrillion-dollar asset management opportunities in the Asian market, according to Minister of Financial Services, Trade and Industry Elsworth Johnson.
International market trends show that the asset management opportunities for Southeast Asian countries are expected to grow to $4 trillion in the next five years.
That’s why Johnson said promoting The Bahamas to Asian financial institutions would be a game changer for the local sector.
“We know that in the Asian market, in Dubai, more than a trillion dollars will move in the next ten years from one generation to the next.
“Dad has worked very hard to get that and many instances, the son only wants the Ferarri. How does he protect that? Well, The Bahamas is the place to do that for him,” he said.
“So, we are inviting persons as long as they fit the script in terms of due diligence, to come to live, work and play in The Bahamas. We’re actively looking at that.”
With continued scrutiny by European countries on international financial centers like The Bahamas, industry insiders have said tapping into Asian and Latin American markets would help The Bahamas recover its base as more companies exit this jurisdiction.
Johnson said the ministry is already on top of it following its circuit late last year updating the Middle East and North Africa regions on The Bahamas’ financial services industry.
“When we travelled last year, we went to Dubai, we went to Singapore as well as Brazil in Latin America.”
Johnson said the ministry is also working aggressively to broaden the country’s arbitration and dispute resolution services to offer another strong arm of business to the financial services sector.
“We’re looking at that and bringing on someone to be the head of our arbitration center. And very shortly we’re trying to create an arbitration paradigm that would rival what you would find in Singapore,” he said.
“But you have to infuse it with new, young, innovative talent being mentored by the senior persons in the industry.”