Home' Trinidad and Tobago Guardian : November 28th 2015 Contents A19
Saturday, November 28, 2015 www.guardian.co.tt Guardian
Joanna Charles, chairperson of the Caribbean
Association of Banks (CAB), says the financial
services sector is at crossroads and must demon-
strate innovation, enterprise and resilience.
In remarks at the recent 42nd CAB, held in St
Kitts and Nevis, Charles highlighted the major
challenges facing the sector including high delin-
quency ratios resulting in huge loan loss provi-
sioning, eroding margins, increased capital ade-
quacy requirements and increased cyber-attacks.
She said on top of all these issues "rests the huge
costs of compliance and the great volcano that
has erupted this year i.e. the loss of correspondent
Charles said it is time to engage team members
and customers; leverage strengths, and work
together to continue to build the region s banking
and broader financial sectors.
Feature speaker Charles Wilkin CMG, QC said
Caribbean countries must work harder to rank
higher in the World Bank Doing Business Guide,
re-orient their education systems to support serv-
ice-based economies that now exist and put
appropriate legislation and regulation in place to
Dr Everson Hull, business economist and
Permanent Representative for St Kitts and
Nevis to the Organisation of American States
(OAS), outlined the economic position of
Caribbean countries and how they compared
with Central and Latin America. He high-
lighted Mexico, Central and South America
as the new southern frontier and encouraged
the region to explore the opportunities that
exist in these markets.
Participants at the two-day conference exam-
ined the current state of the financial services
industry and identified essential next steps. Key
areas highlighted for action were:
• Reform the legislative and regulatory frame-
work inter alia the harmonisation of secrecy
laws, credit bureau information, obtaining/real-
ising collateral and the overall financial services
infrastructure; to create greater efficiency and
ease of doing business.
• Be more proactive and form greater collab-
oration with key strategic stakeholders and part-
ners to ensure that the region is involved in
international legislative and regulatory decisions
that affect it.
• Invest in innovative technology with
analytical capabilities to create opera-
tional efficiencies and deliver relevant
products and services to customers,
at the right price.
• Recognise that the risks
which financial service institu-
tions now face have changed.
The threat is no longer just
perpetrators with guns; they also face increasing
cyber-attacks, ATM attacks, scheming devices
and sophisticated account hacking. Cyber security
is now a key survival factor. Institutions need to
invest in appropriate mechanisms to combat these
• Invest in people to build a strong performance
culture, governance and enterprise risk man-
agement framework within organisations.
• Amalgamate key functions and organ-
isations, within the industry, to realise
economies of scale and scope.
Kingston, Jamaica---GraceKennedy CEO Don Wehby has
announced that GraceKennedy Money Services will be expand-
ing operations into the Cayman Islands through GraceKennedy
Money Services (Cayman) Limited (GKMS Cayman), a mem-
ber of the GraceKennedy Group and authorized agent of
In response to the official announcement, Cayman s Minister
of Financial Services and Commerce, Wayne Panton said the
re-establishment of Western Union s money remittance serv-
ices, through GKMS, fills an important community need.
"On behalf of the Government and Cayman s residents, I
am pleased---after a lot of hard work and effort by Government
colleagues in particular--- to extend a warm welcome to GKMS,
and applaud the return of Western Union to the Cayman
Islands," he said.
With this new market, GraceKennedy through its
money services subsidiaries now represents Western
Union in ten countries across the Caribbean,
the other nine being Jamaica, T&T, Guyana,
St. Vincent and the Grenadines, St. Kitts
and Nevis, Antigua and Barbuda, Anguilla
and Montserrat and the British Virgin Islands.
"GraceKennedy Money Services is really happy to be offering
our services in Cayman. It is in keeping with GraceKennedy s
strategic vision of becoming a Global Consumer Group delivering
long term consumer and shareholder value, through brand
building and innovative solutions in food and financial services,
provided by highly skilled and motivated people. We have two
and a half decades of expertise in the money services industry,
and we look forward to meeting the needs of our customers,"
Over the past 25 years, the Western Union and
GraceKennedy Money Services partnership has delivered a
wide range of products and services aimed at enhancing cus-
tomer convenience. These include inbound, intra and outbound
money transfer services as well as a Loyalty Programme.
GKMS Cayman will initially have a total of four locations
in Grand Cayman and one in Cayman Brac, all opening Mon-
day to Saturday.
Linda Meehan, far left, and her daughters Nicole Flodin,
second from left, Genna Janenson, second from right and
Emma Rumble, far right, carry bags from their "second
round" of shopping since arriving from their home in
London, England, yesterday, in New York. AP PHOTO
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