New route for the panamanian Financial Center

The government and the private sector are working on a plan to renew the business model for the financial center, developing specialized services for different market niches.

Wednesday, March 1, 2017

A working group consisting of representatives from government, regulators and the private sector are making an assessment of the financial services platform operating in the country in order to redefine their objectives using the example of best practices in similar jurisdictions which are more developed and adapted to international regulation.

The assessment includes banking, securities, insurance and corporate services. 

Prensa.com explains that "...The first part of the study consists in analyzing other jurisdictions with similar platforms. Singapore has emerged as an example to follow, a country which, according to Ricardo Zubieta, chief of staff at the MEF, 'has positioned itself well, being flexible and complying with international standards. Miami has emerged as a main competitor because of its dominance of the Latin American market, a position that Panama aspires to'."

"... In the area of private banking evaluation is being carried out of promotion of Panama as headquarters for corporate business families. In 2007 the country initiated a strategy to attract multinationals.  Now it is seeking the arrival of family groups that have investments in businesses. 'It aims to have the operation of the business, real business, not just on paper. They want people to come and rent offices, to do business management," said Zubieta."

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