After more than a decade of building out a framework to advance Jamaica as an international financial centre (IFC), the Jamaica International Financial Services Authority (JIFSA) is actively pushing to bring increased economic opportunities to the island, once its current legislative efforts are finalised.

Speaking at a Jamaica Observer Business Forum last week, Rickie Davis, acting CEO of JIFSA, highlighted the significant economic benefits expected to follow the formal launch of the entity. These include diversified economic activity, job creation, and an overall boost to gross domestic product (GDP).

“Of the top 10 countries with good GDP right now, about four to five of them offer financial services. Bermuda, Cayman, Singapore are among those up there. In looking at growth there are two types that would be of major importance and these are growth in GDP, and also the building up of value-added services such as the special economic zone — much of which would offset further build-up of our local infrastructure including housing and schools,” Davis explained.

JIFSA Chairman Steven Gooden also emphasised that the updated legislation will improve the overall ease of doing business in Jamaica — not only for international investors but also for local entrepreneurs and business owners.

“As the legislation is refined, it’s about creating a business-friendly environment that will give investors more options,” Gooden said. “We’re eager to reach the point where we can offer broader, higher-value services. Jamaica already has the key ingredients that can help us to grow in this space and to become a major contributor to GDP, bringing more jobs, higher wages, and increased foreign currency inflows.”

Davis, further highlighting the purpose and intention of JIFSA, said that at the heart of its primary focus is to create a proper ecosystem within which financial and fiduciary services can be offered at First-World standards.

“The legislation plays a key role in that, and that is where we are now, even as we look to exit that phase to go into the marketing and sensitisation phase. After these phases, it will then be about going out to find the business opportunities wherever they may exist,” he told the Business Observer.

As Jamaica continues to build the legal foundation for a thriving international financial centre, Davis acknowledged that incidents like the Stocks and Securities Limited fraud case may have presented some reputational damage. However, he believes Jamaica — like many other countries that have faced similar issues — will recover and emerge stronger.

With Jamaica already enjoying global recognition and having a natural cultural appeal on the world stage, Davis believes the country is well-positioned to succeed. To this end, JIFSA, partnering with agencies such as the Jamaica Promotions Corporation (Jampro) and other associate entities, is eagerly awaiting the completion of the new legal framework, now said to be in advance stages.

“Once the legal framework is completed, I won’t say that everybody will come rushing right away to do business in Jamaica, as some investors will be cautious while others will immediately see an opportunity and move quickly to capitalise on it. What I can, however, say is that we have something to look forward to with this new entity…over the last two years, persons have already been reaching out to ask what’s going on with JIFSA as they, too, are eager to jump on the new opportunities and the more options they have to choose from, the better,” Davis said.

Established in 2011 as an agency in the Ministry of Industry, Investment, and Commerce, JIFSA has been on a long-term mission to guide the development of a legal and operational framework aimed at positioning Jamaica as a premier centre of excellence for the provision of financial services and business solutions. Despite operating with a very small team of just six staff members, the authority after 14 years, the directors said, remains even more committed to fulfilling its mandate.

“JIFSA is up and running and we are building the much-awaited IFC and once the legislative phase is complete, we’ll be ready to officially launch,” Deputy Chairman Peter Goldson said during the forum.