Dear Editor,
Each time the prime minister of St. Maarten continues to acknowledge that St. Maarten needs a multi-pillar economy. What she is talking about is an economy that relies on more than one industry. This is called economic diversification. Member of Parliament Rolando Brison, Minister Ludmilla de Weever and Minister Ardwell Irion have stated that e-commerce is an industry that can be introduced on St. Maarten. On the Prime Minister’s weekly talk show Minister de Weever briefly spoke about Fintech. Fintech is an industry that De Weever also stated that the Minister of Finance has been advocating.
In the past several years the author of this article has lobbied for the establishment of Fintech on St. Maarten. Furthermore, the author has written about the fact that Bermuda has begun taking steps way before COVID-19 to foster the Fintech industry. The Bermuda Government passed legislation to regulate this industry several years ago. Moreover, Premier of Bermuda David Burt claimed last year that 31 jobs were created through Fintech activities on Bermuda.
What is Fintech? Fintech means financial technology. This industry involves any kind of technology in financial services. In other words, Fintech pertains to transactions that can be done on the Internet such as mobile payments, software development, Go Fund me pages and cryptocurrency are some of the terms associated with Fintech.
Fintech can be used to do a lot for many businesses and persons. To facilitate an industry based online such as Fintech, St. Maarten’s internet system will have to be upgraded to accommodate Fintech and other industries based online. Legislation will have to be passed as soon as possible to establish Fintech and other industries. However, it is the only industry I am constantly hearing that the political leadership of St. Maarten is promoting. The Government of St. Maarten needs to look at other industries as well. About 10 other industries can possibly be established on St. Maarten.
This island needs as much industries as possible. Having many industries will create jobs for thousands across different sectors. It will generate possibly billions of dollars in taxes for the Government of St. Maarten. Additionally, it could provide the Government of St. Maarten a chance to save hundreds of millions of guilders in a disaster or crisis fund.
In the past two decades I have mentioned to some members of parliament about the possibility of diversifying St. Maarten’s economy. Some of them responded by asking me what is in it for them? If this country is going to diversify this cannot be in the minds of any member of parliament. All members of Parliament and the ministers must work together to ensure that St. Maarten will have a multi-pillar economy. Efforts should take place right now to accomplish this.
Kenneth Cook
