New technology companies continue to show interest in Grand Bahama, Minister of State for Grand Bahama Kwasi Thompson said on Friday, adding that four are under consideration by the Bahamas Investment Authority (BIA).
Thompson, who was speaking at the Bahamas Financial Service Board’s (BFSB) financial technology (fintech) seminar, said the government continues to push forward with making Grand Bahama a technology hub.
“Several new companies such as DevDigital and Skyward Tech have been approved in Grand Bahama, a newly formed fintech company which is soon to launch its digital payment has established headquarters in Grand Bahama and there are at least four more tech companies, including fintech firms, that are under consideration by the Bahamas Investment Authority,” said Thompson.
He added that The Bahamas is moving towards a “digital revolution” that will see the government modernize and transform its services.
“The digital journey ahead promises to be even more exciting, more innovative and unavoidably disruptive,” he said.
“Ultimately, the goal is the global competitiveness of The Bahamas to attract more foreign investment.”
Thompson reminded the audience at the seminar that the incorporation of technology into more systems in The Bahamas bodes well for the country’s ease of doing business ranking, something he said is paramount.
He invited the private sector to push tech solutions forward concurrently with the government.
“The Bahamas continues to press onward to further transformation in the digital arena through the current and planned initiatives,” Thompson said.
“We realize that there is a direct correlation with the ease of doing business indices and our digital agenda/initiatives. We are not about putting government online, but about becoming an online government.
“I reiterate the message I left with the Tech Hub Steering Committee: the development of this industry cannot be driven by the government alone. Like the financial services sector, it must be private sector-driven in collaboration with the government. We must find the right balance with high standards, smart regulation and due diligence while encouraging innovation.”
The government is transforming its services through help from the Inter-American Development Bank.