PHILIPSBURG--Digital payment giants Revolut and PayPal have indicated they are not interested in entering the St. Maarten market at this time, with Revolut indicating that it had “other priorities” and sees “entering the market as commercially non-viable at this time” and PayPal signalling that the market is not economically attractive.
The disclosure about Revolut was made by Central Bank of Curaçao and St Maarten (CBCS) President Richard Doornbosch during the presentation of the CBCS’ 2026–2028 Strategic Plan to stakeholders at the CBCS office on Walter Nisbeth Road on Friday. The statement about PayPal was revealed by Director of the Bureau Telecommunications and Post St. Maarten (BTP) Judianne Labega-Hoeve, who was one of the stakeholders in attendance.
Ministry of Tourism, Economic Affairs, Transport and Telecommunications (TEATT) Secretary General Miguel de Weever, one of the stakeholders in attendance, raised concerns about high money transfer costs driving residents toward services such as Revolut. Zelle and Cash App were also mentioned. He questioned whether authorities would facilitate these types of platforms or continue what he described as a restrictive environment that limits online payment options.
CBCS President Richard Doornbosch said the Central Bank has already engaged Revolut. In response to a question from this newspaper after the presentation, Doornbosch said Revolut indicated in December 2025 that they had “other priorities” and did “see entering the market as commercially non-viable at this time”
During Friday’s presentation, he elaborated on the matter. “The answer is yes, we have spoken with them [Revolut]… and the answer was no,” he said, noting the company determined the market was too small relative to compliance costs. He added that Revolut’s current priority is securing banking licenses in larger markets where it already operates, though the bank remains open and supportive should the company apply in the future.
When asked by this newspaper, Doornbosch said operating under the Netherlands’ regulatory framework is not an option for St Maarten, as the Central Bank functions under its own legislation.
He said the issue falls within efforts to modernise the payment landscape while maintaining proper regulation. He explained that such companies actively offering services in Curaçao and St. Maarten must obtain a license. While individuals may attempt to access platforms independently, providers themselves often block users to remain compliant with licensing requirements.
Director of the Bureau Telecommunications and Post St. Maarten (BTP) Judianne Labega-Hoeve echoed similar feedback regarding PayPal. She said the regulator contacted the company when its service changed locally and received written confirmation that St. Maarten’s economic impact was not attractive enough to pursue licensing. She noted the company appeared to focus narrowly on the island’s geographic size rather than broader visitor activity. BTP’s head stated PayPal “was just not interested,” despite the country's vibrant cruise and stay over traffic.
