SINT MAARTEN/CURACAO - The Centrale Bank van Curaçao en Sint 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.
This landmark initiative is designed to enhance the resilience, adaptability, and sustainability of the monetary union’s financial sector. The symposium, which took place in Sint Maarten on October 21st and in Curaçao on October 24th, brought together key 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. 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 Sint 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 digitalization, cybersecurity, artificial intelligence, evolving regulation, and internationalization, it becomes necessary to renew strategies.
By positioning itself strategically, the financial sector of the monetary union can capitalize 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: 1. Business as Usual – Focused on stability and incremental improvement 2. Digital Financial Infrastructure – Prioritizing cost efficiency and technological resilience 3. Green Finance & ESG Leadership – Advancing sustainability and climate-focused investment 4. Regional Wealth & 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, emphasizing 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 Sint Maarten and Curaçao for upcoming changes.
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.
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
