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TCI Finance Launched at Corporate Event



Dana Malcolm

Staff Writer 


#TurksandCaicos, March 21, 2024 – The Turks and Caicos must diversify its income and TCI Finance will play a key role in that process according to Paul Pirie, CEO of the company. Pirie was speaking at a March 4, corporate launch.

“During the pandemic it was painfully obvious the need for economic diversification— our very close neighbors the Cayman Islands came through the pandemic pretty unscathed economically and that’s because of their diversification,” Pirie highlighted.

He maintained that financial services were an incredibly resilient industry pointing out record years of profit recorded by banks like JP Morgan during the pandemic.

“Financial services make money in any condition,” he stressed.

TCI Finance was born out of recommendations from a 2018 review of the local finance industry and Pirie revealed its mission and vision. The mission of the two-man organization is to protect, promote, develop and grow the TCI financial services industry through engagement and collaboration with domestic and international governments, regulators, organizations, citizens and media.

The vision was to create a sustainable and inclusive financial landscape, delivering elite financial services to forward thinking investors and a place where businesses, communities, families and ecosystems thrive together.

In order to successfully carry out its mandate TCI Finance identified four core pillars to work off of including Proper financial infrastructure, growth of existing businesses, innovation and marketing.

The CEO explained that outside of diversifying the economy, the exponential growth in businesses and capital locally would need matching growth in the financial services sector anyway.

“We can all see around us the incredible growth that’s happening on the islands right now but this growth requires a huge amount of ancillary services. A service critical to any economy is financial services,” he continued “it’s much more than banking. I’m talking about regulatory compliance, wealth management, investment banking, insurance, accounting, auditing. It’s a huge array of services.”

Pirie maintained that despite great potential, right now the TCI isn’t the place of choice for finance.

“I asked our compliance team [at JP Morgan] would you consider doing business in the Turks and Caicos and they said absolutely not; not because it has a bad reputation because its not on the list.”

The goal then, of TCI Finance, the sister agency to Invest TCI, is to establish the islands as a key player on the global finance map. TCI Finance does answer to an established board of government and private sector reps. That board was introduced by Former Chair and Minister of Finance E Jay Saunders who oversaw the creation of TCI Finance. The Board includes:

  • Chair – Minister of Finance
  • Vice-Chair – David Stewart (in his capacity as President of the FIA)
  • Angela Musgrove (in her capacity as CEO of Invest TCI)
  • Athenee Harvey-Basden (in her capacity as PS, Ministry of Finance)
  • Niguel Streete (in his capacity as CEO, Turks and Caicos Financial Services Commission)
  • Drexwell Seymour, Certified Public Accountant
  • Mr Marcus Samuel (in his capacity as Chair of the Bankers association)
  • Sally-Ann Astwood (appointed by the Hon. Leader of the Opposition)
  • Ryan Blain (on behalf of the accountancy association)
  • Rochelle Musgrove
  • Ervine Quelch (corporate development, former NIB board member)

Washington Misick, TCI Premier and current Finance Minister maintained that this push was to make the TCI a leader in Financial Services.

”We want to be careful that our appetite for risk does not confine us to being followers,” he said.

Misick gave his full support to TCI Finance at the event.

”The government is committed to this and we will see it through regardless because at the end of the day the multiplier effect of having TCI Finance reverberates through the entire economy,” he maintained.

While it does this, Independent of the government and the private sector the team is foremost interested in helping local businesses and stakeholders according to Pirie.

“TCI Finance is here for you, the things you need come and see us, call us, email us. We’re here to help you. We’re a non-profit organization so we are here to help grow your business and help you attract new business.”

TCI Finance is located above its sister agency Invest Turks and Caicos Agency at Courtyard Plaza on Leeward Highway.

Caribbean News





Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, has informed that the current inflation target for the Bank of Jamaica will remain at four to six per cent.

Dr. Clarke made the announcement during a statement to the House of Representatives on Tuesday (May 7).

He explained that the process for setting and renewing the target was codified into law via the Bank of Jamaica Amendment Act 2020, which, among other things, formally introduced Jamaica’s inflation targeting regime.

Dr. Clarke stated that in April 2021, after consultation with the Bank of Jamaica, documents were tabled advising of the renewal of the inflation target of four to six per cent, which was effective for three years.

“Following consultation with the Governor of the Bank of Jamaica, who is also Chairman of the Monetary Policy Committee, I confirm and have so tabled documents advising that the inflation target for Jamaica, calculated as the 12-month point-to-point percentage change in the consumer price index as measured by STATIN, will remain at four per cent to six per cent for the next three years,” Dr. Clarke said.

“The midpoint of this range of five per cent will be the operational target for the Monetary Policy Committee. This target remains consistent with Jamaica’s economic structure and stage of development,” he added.

The Minister noted that a lower inflation target than what currently obtains would require higher interest rates for longer, which could be detrimental to growth and to fiscal dynamics.

Furthermore, Dr. Clarke said Jamaica’s recent experience has highlighted that there are constraints to targeting a lower inflation rate at this time.

“In particular, the frequency of economic shocks, labour market rigidities, low productivity, a weak monetary transmission system and regulated price adjustments, constrain the ability of the Bank of Jamaica to deliver a lower inflation rate than what is currently targeted in the near term,” the Minister said.

Dr. Clarke stated that these constraints speak to inherent challenges that as a country “we must tackle if we are to target and enjoy the levels of inflation of our main trading partners”.

“Going forward, I will support all efforts to ameliorate these constraints. On the other hand, setting the target higher than four per cent to the six per cent range would be problematic for most Jamaicans who do not have the independent means to protect themselves against higher targeted inflation,” he noted.

Dr. Clarke explained that it is for these reasons that the inflation target for Jamaica, calculated as the 12-month point-to-point percentage change in the consumer price index as measured by the Statistical Institute of Jamaica (STATIN), will remain at four to six per cent for the next three years.




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#TurksandCaicos, May 2, 2024 – For the fourth consecutive year, Scotiabank Turks & Caicos has secured the ‘Best Bank’ award from renowned North American finance magazine, Global Finance.

The award celebrates banks that demonstrate strength of strategy for attracting and servicing digital customers, success in onboarding clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives, and website and mobile app design and functionality.

Dr. Suzan Snaggs-Wilson, Managing Director for Scotiabank Turks & Caicos said the bank continues to make significant investments in its digital infrastructure to satisfy its customers’ needs. She further lauded her team’s commitment to the bank’s digital transformation, noting that their encouragement among customers solidified the strong adaptation witnessed.

“At Scotiabank, we remain committed to proactively assessing and working to meet the needs of our customers through accessible and easy-to-use banking solutions that enhance their experience. This award underscores our strategic commitment to advancing accessibility and convenience across our services, and we take great pride in being honored with the esteemed Best Bank award for the fourth time running,” she said.

Dr. Snaggs-Wilson also highlighted the Bank’s convenient and customer-focused approach to banking positively impacted its client interactions and satisfaction.

The annual World’s Best Bank award selects the top performers among banks and other providers of financial services and has become a trusted standard of excellence for the global financial community. The magazine recognized 28 banks in Latin America and the Caribbean in this year’s 31st announcement.

Scotiabank Turks & Caicos joins its regional counterparts in Barbados, Jamaica, Trinidad & Tobago, and The Bahamas, in receiving the award.

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Caribbean News

RBC appoints new Head of Caribbean Banking



NASSAU, April 21, 2024 – RBC Financial (Caribbean) Limited, (“RBC”) has appointed Chris Duggan, a  native of the Cayman Islands, as Senior Vice President and Head of RBC Caribbean Banking, effective  April 1, 2024. He succeeds Chris Ronald, who has been leading the bank’s operations in the Caribbean  for the last 2.5 years and has recently returned to Canada as Regional President, Atlantic Provinces at  RBC.  

Duggan, who is based in Nassau, The Bahamas, is taking on responsibilities as Head of RBC Caribbean  Banking to carry out the bank’s strategic direction and manage the overall business strategy and vision across the Caribbean region. He has a career spanning more than two decades in the financial industry  across both the United States and the Caribbean. 

Most recently, he was the Cayman Islands Government Representative to North America, in Washington  DC, primarily focussed on financial services. Prior to his tenure for the Cayman Islands Government, he  served as a senior executive at DART Family Office and Butterfield Bank. 

RBC’s Executive Vice President, Personal Financing Products, Erica Nielsen said “We’re delighted to  welcome Chris to RBC. Born and raised in the Caribbean, Chris has a deep understanding of the  regional financial landscape and a passion for representing the culture. He is highly driven, outcome focused, and passionate about building trusted relationships with clients, communities, and employees.  His appointment demonstrates our continued commitment to the region. I am confident that under Chris’  leadership, Caribbean Banking will continue to grow and serve our clients and communities.” 

As an active member of the communities where he lives and works, he has held leadership roles on the  boards of numerous charitable organizations over the years. Duggan was awarded the Queen’s  Certificate and Badge of Honour in recognition of his outstanding service to the Cayman Islands  community during the COVID-19 Pandemic.

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