Banking innovations take spotlight at World Trade Center Georgetown conference

Nov 27, 2024 News

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Kaieteur News- The World Trade Center Georgetown (WTCG) in collaboration with Demerara Bank Limited (DBL) on Tuesday hosted its inaugural flagship event, the “Banking Made Easier” Conference, bringing together industry leaders, local businesses, and members of the diaspora to explore innovative banking solutions.

The conference featured dynamic discussions and actionable insights into how modern banking technologies and strategies can be implemented and improved to drive economic development in Guyana.

According to a press statement, Senior Minister in the Office of the President with responsibility for Finance and Public Service Dr. Ashni Singh, during his address, commended the WTCG and Demerara Bank Limited for hosting the event, describing it as “appropriate and timely, given the transformation and modernization that is taking place in the country at a meteoric rate.”

He lauded the bold initiative of establishing a World Trade Center in Georgetown, adding that out of 320 countries worldwide, Georgetown becoming a host city of a World Trade Center further represents the rate of development.

Dr. Singh highlighted the remarkable progress of DBL in expanding financial accessibility, particularly in previously underbanked communities. “DBL has done an outstanding job at improving accessibility of banking services and improving access to those services in communities that were previously underbanked,” he said.

Recognizing their performance, he noted, “Without a doubt, Demerara Bank’s performance has been phenomenal.  Remarkably, credit to the private sector has grown by 58% over the last three and a half years up to June 2024, and Demerara Bank has outperformed other older banks in the sector.”

The finance minister applauded DBL’s efforts in opening new branches in Mahaica and Leonora, as well as their commitment to leveraging technology to enhance access to banking services.

“We would like to see more citizens being able to access the formal banking system, including areas which are relatively underbanked,” he stated. He encouraged DBL and other financial institutions to remove barriers and deploy innovative solutions, adding, “There will come a time when you won’t have to go into the bank to open a bank account or to apply for a loan. We have a duty to ensure every citizen is able to enter the banking system and that they understand the benefits of being part of the formal banking system.”

Dr. Singh also called on banks to explore opportunities to partner with the government to expand their reach to underserved communities, including those in remote hinterland areas. He emphasized the importance of inclusivity in Guyana’s rapid modernization journey, saying, “We want a Guyana where every citizen, irrespective of where they live and how remote that community might be, is able to participate in and benefit from this remarkable and exciting transformation that is taking place.”

For his part, WTCG’s Executive Chairman Komal Samaroo, in his brief remarks, expressed hope that by the end of the conference, attendees would have the tools to expand their businesses internationally, establish meaningful connections, and acquire the knowledge and best practices necessary for growth and success. He noted that the Guyanese private sector has a critical role in improving the quality of life for Guyanese citizens. Quoting the World Bank’s Business Ready Executive Summary, he stated: “When it functions well, the private sector sparks innovation, unlocks economic opportunities for those who need them most, and drives a more efficient and sustainable use of natural resources.”

The Chairman further emphasized: “Demerara Bank is the only bank in Guyana to be born out of the womb of the private sector of Guyana and, therefore, shares its DNA. The bank understands the struggles and aspirations of Guyanese businesses and has consistently improved its services to help them turn their dreams into reality.” He concluded by wishing attendees an informative and enjoyable session that empowers them with fresh perspectives, new connections, and innovative ideas to help grow their businesses.

The keynote speaker was Robin van Puyenbroek, Executive Director of Business Development at the World Trade Centers Association. His presentation, titled “Supporting Micro, Small, and Medium Enterprises (MSMEs) through US EXIM Bank Products,” emphasized the vital role MSMEs play in Guyana’s economy. He covered various topics, including opportunities for improving financial access, financing models that Guyana could adopt, and strategic recommendations to strengthen the small business community, among other key insights.

Mr. van Puyenbroek’s address provided actionable strategies and highlighted the critical need for collaboration among policymakers, financial institutions, and MSME stakeholders to foster sustainable economic growth. His recommendations aim to empower entrepreneurs, drive innovation, and position MSMEs as a cornerstone of Guyana’s economic transformation.

Other important presentations were delivered by Dr. Gobind Ganga, Governor, Bank of Guyana, and representatives from various departments within Demerara Bank Limited. Each presentation was followed by interactive question-and-answer sessions, which sparked meaningful discussions and valuable exchanges of ideas.

At the conclusion of the event Wesley Kirton, Executive Director, World Trade Center Georgetown, emphasized that “the WTCG does not intend to replace or compete with other businesses organizations but to compliment the work they do and to collaborate to help ensure the growth and sustainability of Micro, Small, and Medium Enterprises”.

(Banking innovations take spotlight at World Trade Center Georgetown conference)

(Banking innovations)

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• Demerara Bank, financial accessibility, formal banking system, WTCG’s Executive Chairman Komal Samaroo

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