Finalising a strategy for financial services sector |11 April 2015

The Minister for Finance, Trade and the Blue Economy, Jean-Paul Adam, yesterday met representatives of the Financial Services Sector to brainstorm and finalise a strategy for the financial services sector.

The meeting took place at the ministry’s headquarters, Liberty House and saw representatives from the Seychelles Association of Offshore Practitioners and Registered Agents (Saopra), the Central Bank of Seychelles, legal professionals, Seychelles Chamber of Commerce and Industry, local industries, banking sector and other government departments and institutions.

As chair of this meeting and Minister for Finance, Mr Adam said that following several discussions, his ministry has taken the role of compiling suggestions and proposals from different partners towards improving the industry and its sustainability.

He expressed his appreciation towards his predecessor, the former finance minister, Pierre Laporte, who initiated this process.

“We have to continue in the same line of partnership and negotiations towards finding the right solutions for Seychelles. For this strategic partnership, we must make sure that Seychelles is no longer a follower; that we are not just reacting to initiatives and trends that are happening at global level. We should not be a follower of trends. We have to lead ourselves, but a leadership that is based on our strength, which is not just based on trying to adapt on certain expectations, but which plays onto what we can offer in international financial services,” the minister said.

Minister Adam emphasised the need for Seychelles to become more competitive by identifying and diversifying products being offered through its financial services industry.

He expressed his satisfaction to the fact that the financial services sector is in agreement for diversification, innovation and a new sense of direction.
According to the minister, Seychelles also needs to take into consideration the regulation and compliance implication linked with international norms and practices.

“Regulation is about Seychelles finding clearly its place in the international market in a way which is transparent and which allows us to be competitive, so the right regulation also means the right growth for the sector,” he stated.

Minister Adam guided the meeting by stressing the need for a strategy that will set the path that will allow us to set out all our objectives in relation to our priorities towards our strengths while taking on board the views and contributions of all key players of the industry as well as other parallel initiatives such as discussion on legislation relating to International Business Companies (IBCs) and Global Business Companies (GBCs).

In conclusion Minister Adam thanked the private sector for being proactive in joining the process as time is of the essence and emphasised the need for Seychelles to come out with clear agreed messages to represent our jurisdiction.

In her statement the Governor of the Central Bank of Seychelles, Caroline Abel, assured the representatives that issues pertaining to the regulation, compliance and disclosure will be put forward to the International Monetary Fund (IMF) and World Bank authorities for discussion and feedback will be provided to the Financial Services Sector.

Ms Abel affirmed that there are a lot of issues to be addressed and an intensive calendar of meetings will be set up to provide opportunities for discussions.

The chairperson of Saopra, Tatiana Balabanova, expressed the commitment of the sector towards this process and thanked Minister Adam for this leadership initiative.

“The industry is in need of collaboration, we can achieve all those things if we collaborate. Only when we are together can we really achieve something significant,” Mrs Balabanova said.

The chairperson of Saopra cautioned that we should act wisely in diversifying financial services products so as not to jeopardise our existing markets.

Following discussions consensus was reached on several key issues including: the need to have a comprehensive strategy developed in the next few months to guide the sector for the next few years; develop and invest in capacity building and marketing of the jurisdiction; encourage young people to consider opportunities in the local financial services sector.

The minister emphasised the need to create viable career paths for young Seychellois to enter the financial services sector.
“It is essential that the sector creates even more opportunities for our young people. That young student in our educational institutions can better situate their future as stakeholders in this third pillar of our economy," said Minister Adam.

All delegates at the meeting recognised the need to invest more in training and capacity building in the sector.
This meeting is expected to be part of a continuous consultative process to boost the Financial Services Sector and reposition Seychelles internationally.