Members of the panel of the St. Maarten presentation.
PHILIPSBURG--The Central Bank of Curaçao and St. Maarten (CBCS) and Nyenrode Business University, presented the Financial Sector Strategic Review (FSSR) report during a symposium organized in Sint Maarten and in Curaçao last week.
CBCS said the initiative is designed to enhance the resilience, adaptability, and sustainability of the monetary union’s financial sector.
The symposium, which took place in St Maarten on October 21, and in Curaçao on October 24, brought together stakeholders from the government, the financial sector, academia, and the private sector.
Professor Dr. André Nijhof from Nyenrode Business University presented the main findings of the independently conducted study, which combines data analysis, stakeholder interviews, and a benchmarking review of regional jurisdictions.
CBCS said a well-functioning and future-proof financial sector is a prerequisite for economic growth and national self-reliance. In the monetary union of Curaçao and St Maarten, the financial sector is an important pillar that sustains the local economy. As the local financial sector increasingly faces new challenges and opportunities due to digitalisation, cybersecurity, artificial intelligence, evolving regulation, and internationalisation, it becomes necessary to renew strategies. By positioning itself strategically, the financial sector of the monetary union can capitalise on upcoming changes and maximize future opportunities.
The FSSR project was initiated with a kick-off conference in October 2024. The research project included identification of risks, benchmarking similar recalibrations of financial sectors, and identifying opportunities and strengths within the financial sector, with attention to international standards such as financial inclusion and transparency.
Based on these findings, the FSSR report presents four strategic pathways for Curaçao and Sint Maarten to build a future-proof financial sector. These include Business as Usual – Focused on stability and incremental improvement; Digital Financial Infrastructure – Prioritizing cost efficiency and technological resilience, Green Finance & ESG Leadership – Advancing sustainability and climate-focused
Investment and Regional Wealth and Pension Innovation – Promoting long-term financial security and niche growth.
Participants in the symposium exchanged their views and expressed strong engagement in the open discussion, stressing that meaningful change requires stewardship, a shared vision, and active collaboration, particularly between the private sector and the government. The panel and the public aligned on the premise that the financial sector is here to serve the community, locally and internationally.
The consensus was clear: transformation must be on the agenda, but it cannot occur in isolation and without the participation of the government in cooperation with the private sector. Both in Sint Maarten as in Curaçao, the symposium participants expressed an overall preference for a hybrid strategy, combining elements from strategies 1 with 2 or 3, that would best prepare the economic, social, and financial structures of St. Maarten and Curaçao for upcoming changes.
CBCS said in essence, the FSSR project calls for a joint effort and leadership looking forward, choosing a fitting strategic pathway including key structural reforms, that aim to position the financial sector solidly for long-term competitiveness and future-readiness. The CBCS is ready to assist with research, data, and facilitation where needed.
The FSSR report is published on the CBCS’ website:
https://cdn.centralbank.cw/media/research_by_external/20251027_fssr_eindrapport_2025.pdf
