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Bahamas: BCCEC releases position statement on digital economy

NASSAU, BAHAMAS — The country’s digital economy should be a “fair and equitable environment” enabled by payment infrastructure that makes online digital payment transactions equally accessible to SMEs and MSMEs without burdensome costs or implementation challenges, according to the Bahamas Chamber of Commerce and Employers Confederation (BCCEC).

The private sector representative in its position paper on the digital economy said it supports “less complex and less expensive” infrastructure “that protects consumer data and will support the adoption of and access to digital services offered by the private sector, with an emphasis on SMEs and MSMEs”.

According to the BCCEC position statement, feedback on regulatory digital policies will be provided to the government from the perspective of the private sector and the role enterprise plays in the development of the digital economy of The Bahamas.

It noted: “Regulations must drive and facilitate growth of the private sector and new companies in the digital economy. The public interest will also be considered as part of a framework to fully realize the contribution of the private sector and benefits of digital transformation to consumers and to society.”

The BCCEC further noted: “The digital economy inherently reduces or removes the borders to trade. This feature is especially important to the development and expansion of businesses in the Family Islands.

“The BCCEC and partner organizations such as the Small Business Development Center (SBDC) will collaborate on efforts to encourage competition and digital market reach for SMEs and MSMEs.

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