Small jurisdictions as innovation hubs
Professor Andrew Morriss of Texas A&M University emphasised the strategic advantage that smaller jurisdictions possess. He described The Bahamas as an “innovation lab”, in contrast to larger International Financial Centres (IFCs).The Bahamas’ proximity between government, regulators and industry creates a unique environment which enables creativity, agile and tailored solutions to meet client needs.
He further noted that the accessibility to policymakers and regulators, combined with a well-established legal and judicial framework, affords The Bahamas the ability to respond with agility, while maintaining legal certainty and political stability is one of its key differentiators. He spoke about the importance of promoting this narrative internationally, moving beyond outdated perceptions of “tax havens” and instead positioning The Bahamas as a stabilising force within the global economy.
Strategy through collaboration
One of the key discussions during the bootcamp, led by Niekia Horton, CEO of the Bahamas Financial Services Board, focused on core values that should define The Bahamas’ international positioning: innovation, flexibility, integrity, transparency and regulatory excellence.
The conclusion of the discussion emphasised that formulating a credible global strategy requires collaboration across public and private sectors, underpinned with disciplined implementation. In particular, Niekia highlighted the importance of balancing global ambition with the practical and operational requirements of regulatory compliance.
Digital transformation and financial inclusion
Jamal Ijeoma, Group Chief Financial Officer of Fidelity Bank (Bahamas) and Chairman of the Bahamas Financial Services Board, examined the role of technology in shaping financial access. He stressed that fintech innovation extends far beyond blockchain and artificial intelligence but also encompasses practical tools such as digital wallets and credit cards, which are enhancing efficiency and expanding financial inclusion.
He observed that sustainable innovation must deliver accessibility and trust, delivering tangible benefits to financial institutions and their clients.
Compliance as a strategic asset
The bootcamp concluded with Hubert Edwards, Attorney-at-law and Managing Consultant of NextLevelSolutions, delivering a compelling perspective on compliance. He argued that compliance should be understood not merely as an obligation, but as a competitive advantage which builds trust, mitigates risk and contributes to long-term profitability.
He also discussed the importance of embedding cultural awareness and local perspectives within diversification strategies. For global expansion to succeed and be authentic and sustainable, it must be grounded in a deep understanding of the markets it seeks to serve.
A platform for leaders and emerging professionals
The Financial Services Bootcamp demonstrated the collective responsibility of all stakeholders in shaping the future of financial services in The Bahamas. It also served as a standout platform for both established leaders and young professionals, including potential entrants to the industry. By bringing together seasoned expertise and emerging talent, the program fosters the intergenerational transfer of knowledge essential for long-term sustainability.
The overarching message was clear: The Bahamas’ strength lies in its adaptability, innovation and values. As the jurisdiction engages with the international community, it must articulate a narrative that positions it as a resilient, credible and collaborative financial centre, capable of offering creative and tailored solutions that are both locally grounded and globally relevant.
Oak Bahamas: Embodying values and driving innovation
The themes explored at this year’s Financial Services Bootcamp align closely with Oak. We live the values of innovation, flexibility, integrity, transparency and regulatory excellence, working with clients, regulators and stakeholders to deliver tailored, world-class solutions.
Drawing on the strength of the wider group, Oak Bahamas combines local expertise with global reach to create strategies that are both internationally relevant and locally grounded.
A defining advantage is the unique shareholding structure of Opera, Oak’s parent company. Privately owned and long-term vision allows Oak Bahamas to innovate, deliver best-in-class services and provide leadership within the jurisdiction.
In many ways, Oak Bahamas embodies what the Bootcamp highlighted: collaboration, innovation and values-driven strategies that strengthen The Bahamas’ role as a resilient and competitive financial centre.
Oak Bahamas is committed to shaping the future of financial services in The Bahamas as a trusted partner, innovator and leader. We invite you to connect with our team to explore how we can work together to deliver sustainable solutions.
