Barbados’ financial services regulator is promising faster approvals and greater transparency with the rollout of a new digital system designed to cut delays and modernise oversight across the industry.
Chairman of the Board of Commissioners of the Financial Services Commission, Sir Patterson Cheltenham, said the digital platform forms a central part of the commission’s transformation agenda, aimed at improving service delivery and strengthening the island’s competitiveness.
Delivering the keynote speech at the sixth Annual Barbados Risk and Insurance Management Conference at the Wyndham Grand Barbados on Thursday, Cheltenham acknowledged industry frustrations and signalled decisive action.
“The FSC hears this. We are acting on it,” he said.
The former chief justice revealed that the first phase of reform will focus on the introduction of the Application Management System, which is expected to undergo a soft launch in April, followed by full implementation in the third quarter of the year.
“The system will digitise and automate key approval processes, ensuring that complete applications are fast-tracked and that our analysts can focus on complex matters rather than paperwork,” Cheltenham said.
The platform is also expected to significantly improve transparency and accountability within the regulatory process.
“With this tool, transparency and real-time tracking for the industry will become a reality,” he added.
Cheltenham said the commission is pairing technological upgrades with investment in human capital to strengthen regulatory effectiveness.
“We are investing in our people, with targeted training, sharpening risk-based decision-making, and ensuring that our team combines robust oversight with responsive service,” he said.
He added that the FSC is benchmarking its systems against leading international jurisdictions to identify areas where Barbados can enhance its competitive advantage.
“We are benchmarking ourselves against leading jurisdictions, not to copy, but to learn and identify where Barbados can uniquely differentiate itself,” he said.
Cheltenham stressed that digital transformation must form part of a broader strategic shift within the sector, particularly as global risks continue to evolve.
“The future will belong to those who embrace change, think boldly and act decisively,” he said, noting that technology will play a key role in delivering speed, transparency and competitiveness.
He also urged industry stakeholders to view the commission as more than a regulator, positioning it instead as a partner in sector development.
“The time for action is now. Let us build on our current foundation and position Barbados as a go-to jurisdiction for business,” Cheltenham said.
(SZB)
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