Legal framework for Financial Services Sector – Dr. Ashni Singh
Senior Minister with responsibility for Finance in the Office of the President, Dr. Ashni Singh says the Government will be pursuing a legal framework to guide the functions of financial services sector.
Dr Singh was part of a virtual roundtable with LatinFinance on Wednesday, where the country’s finance and investment in light of the emerging oil and gas sector, was discussed.
Dr Singh told the webinar that the Government finds it “absolutely important” to have a modern financial services sector.
“What we will do is ensure that we put in place a legal framework that is facilitated for this transformation. So, we’re going to make sure that we have in place a legal framework that is suitable to a modern financial sector, but also a legal framework that ensures preservation of stability of the sector as well because obviously, you want to make sure that you safeguard the financial sector stability going forward,” hetold the webinar.
Dr. Singh said for too long the sector has been focusing only on traditional retail banking. He added that the Government recognises the need to grow and adapt to a modern economy’s realities. That, he said, will soon become a reality.
The Finance Minister said there are massive potential and demand for more activities in investment banking. The Government is moving ahead on this front, as there have already been engagements with several major international, regional and domestic banks.
“We will do what it takes to ensure that that framework is in place. We are open to conversations on ways in which the sector can be innovated from the public policy side; things that we can do to promote greater innovation without compromising stability.
And that’s a conversation where you know we are literally having right now with the sector and with other players in the market.” Dr. Singh noted.
The Finance Minister said the opportunities for growth, expansion and innovation in the financial services sector are endless for local and international players.
He said international players could either do business with existing operators or potentially enter the market at the right opportunity.