National FinTech Strategy for Suriname
Executive Summary
This report outlines a comprehensive National FinTech Strategy for Suriname, developed through extensive research and analysis of the country’s financial technology ecosystem. The strategy aims to leverage FinTech to drive economic growth, promote financial inclusion, and enhance the competitiveness of Suriname’s financial sector. It addresses key aspects of the FinTech ecosystem, including regulatory frameworks, infrastructure, innovation, and talent development. The report gives an in-depth look at FinTech in Suriname right now, pointing out both problems and chances. It also suggests ways to make the ecosystem grow in a way that can boost economic growth, make it easier for people to get access to money, and make Suriname’s financial sector more competitive.
1. Current FinTech Ecosystem in Suriname
1.a Licensed Banks and Financial Institutions
Suriname’s financial sector comprises nine licensed banks:
Bank Name | Government Stake |
Republic Bank (Suriname) N.V. | |
De Surinaamsche Bank N.V. | |
Hakrinbank N.V. | |
Surinaamse Postspaarbank | |
Stichting Surinaamse Volkscredietbank | |
Landbouwbank N.V. | |
Finabank N.V. | |
Surichange Bank N.V. | |
Coöperatieve Spaar- en Kredietbank Godo G.A. |
The government holds a major stake in five of these banks1. In addition to these primary banks, other financial institutions operate in Suriname, including:
- Banking Network Suriname N.V.
- The Central Bank of Suriname
- Surinaamse Bankiersvereniging
- Trustbank Amanah 2
1.b Active FinTech Companies and Startups
While the FinTech sector in Suriname is still nascent, several companies and startups are actively operating in the market. These include:
- GWAP: An e-wallet provider offering mobile payments and loyalty programs. GWAP has the potential to promote financial inclusion by providing access to digital payments for those without bank accounts3.
- Uni5pay and Mope: Existing e-wallets, although considered impractical by some due to their link to specific banks and non-instant transfers3.
In addition to these local companies, several international FinTech companies could be attracted to Suriname, such as:
- TunicPay: Building trust infrastructure to combat scams and facilitate secure transactions.
- Ask Silver: Developing anti-scam tools to protect consumers.
- mmob: Providing embedded finance toolkits for businesses to integrate API services.
- Aperidata: A challenger credit bureau improving financial inclusion by revolutionizing credit scoring and lending processes.
- Sprive: Helping homeowners reduce mortgage debt through smart overpayments and cashback programs4.
1.c Digital Infrastructure and Technological Readiness
Suriname has made significant strides in developing its digital infrastructure. The government is actively promoting digital transformation through initiatives such as the Suriname National Digital Strategy 2023-2030 and the ICT Vision 20305. These strategies aim to strengthen digital infrastructure, improve internet penetration, and promote digital literacy5.
Key initiatives include:
- Digitizing data registries. This involves converting paper-based records into digital formats, improving efficiency and accessibility5.
- Establishing centralized data centers. These centers provide secure and reliable storage for government and private sector data, which can improve data security and support the growth of the digital economy5.
- Enhancing e-government services. This includes digitizing public services to improve accessibility and efficiency5.
- Expanding broadband internet access. Investments in fiber optics, Wi-Fi hotspots, and satellite connectivity aim to improve internet penetration, particularly in underserved areas5.
- Promoting digital literacy. Targeted awareness campaigns and cybersecurity education aim to create a digitally literate population5.
- Adoption of Spatial AI and XR technologies: Suriname is at the forefront of technological advancement with the adoption of Spatial AI and Extended Reality (XR) technologies. This strategic move underscores Suriname’s commitment to transforming its industries, enhancing education, and preparing for a future driven by cutting-edge technology7.
Despite these advancements, challenges remain, such as limited broadband access in rural areas and the need for further development of cybersecurity frameworks8.
1.d Payment Systems and Financial Market Infrastructure
Suriname’s payment systems are evolving, with a growing trend towards digital payments alongside the dominance of cash transactions9. The financial market infrastructure is developing, with initiatives underway to modernize and enhance its capabilities11.
Suriname’s payment landscape includes the following methods:
- Cash: Cash remains the most common form of payment, including U.S. dollars and Euros10.
- Credit Cards: Several banks offer MasterCard- and Visa-branded credit card services9.
- Mobile Payments: Mobile payment methods like Uni5Pay+ are available9.
- Bank Transfers: Bank transfers occur through the SWIFT system, and all major banks offer electronic banking services10.
- Mobile Wallets: Mopé, a mobile wallet launched by Hakrinbank, allows users to make and receive payments by scanning a QR code or sharing a payment request12.
The Suriname Electronic Payment System (SNEPS) facilitates inter-bank transactions13.
However, challenges in the payment landscape include:
Challenge | Description |
Real-time low-value transactions | Lack of real-time low-value Automated Clearing House (ACH) transactions between local banks. |
Mobile banking app interoperability | No real-time transactions between mobile banking apps and existing digital wallets. |
International transfers | Long waiting times and high costs for (small) international transfers. |
1.e Existing Innovation Initiatives and Support Programs
Suriname has implemented various innovation initiatives and support programs to promote technological advancement and entrepreneurship. These include:
- Compete Caribbean: A partnership facility supporting the development of a Digital Business License Platform to streamline the licensing process for businesses14.
- E-Government strategy: The government is evaluating the use of electronic payments to improve tax administration15.
- Central Bank’s regulatory sandbox: A platform for evaluating FinTech solutions15.
- SURGE: A World Bank-financed initiative supporting small and medium-sized enterprises (SMEs) to improve their business operations and access finance16.
- E-ID system: The e-ID system supports the digital economy and public service delivery5.
2. Review of Existing Regulatory and Policy Frameworks
2.a Financial Sector Regulations and Supervisory Approaches
Suriname’s financial sector is regulated by the Central Bank of Suriname (CBvS), which provides micro-prudential and macro-prudential supervision17. The CBvS has implemented various regulations to ensure the stability and soundness of the financial system, including regulations on solvency, credit classification, large exposures, and corporate governance. These regulations contribute to financial stability by ensuring that banks maintain adequate capital, manage risks effectively, and adhere to sound corporate governance practices18.
The “Wet toezicht bank en kredietwezen” (Law 155 of 22 Nov 2011) governs the banking sector and the central bank in Suriname19.
2.b Consumer Protection and Data Privacy Frameworks
Consumer protection frameworks in Suriname are overseen by several government bodies, including the Ministry of Agriculture, Animal Husbandry, and Fisheries (LVV), the Ministry of Health, and the Suriname Food Safety Authority (SVA)20. These institutions ensure food safety, quality, and compliance with national and international standards20.
Suriname’s company law has been modernized to abolish bearer shares, simplify company creation, and introduce alternative governance structures, impacting consumer protection by promoting transparency and accountability in business operations22.
While Suriname currently lacks a comprehensive data protection law, a draft Law on the Protection of Privacy and Personal Data is under consideration23. This law aims to establish an independent data protection authority, define data subject rights, and outline obligations for data controllers and processors23.
2.c AML/CFT Requirements and Compliance Standards
Suriname has taken steps to strengthen its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework. The country is a member of the Caribbean Financial Action Task Force (CFATF) and has implemented measures to comply with international standards24.
Key initiatives include:
- Enactment of the Prevention and Combating of Money Laundering and Terrorism Financing Act (WMFT): This law clarifies the roles of various bodies responsible for AML/CFT policy and grants them additional powers25.
- Establishment of the Anti-Money Laundering Steering Council (ASC): This council coordinates measures to counter money laundering, terrorism financing, and proliferation financing at the national level25.
- Amendments to the Penal Code: These amendments criminalize money laundering and terrorism financing25.
Suriname has taken steps towards improving its AML/CFT compliance regime, including improvements in the criminalization of money laundering and terrorist financing, and strengthening its customer due diligence requirements. However, challenges remain in fully addressing certain legislative reforms26.
Despite these efforts, challenges remain, such as addressing legal gaps and enhancing supervisory capacity27.
2.d Innovation-Enabling Policies and Initiatives
Suriname has implemented various policies and initiatives to promote innovation and technological advancement. These include:
- Suriname National Digital Strategy 2023-2030: This strategy aims to strengthen digital infrastructure, improve internet penetration, and promote digital literacy, creating a more conducive environment for FinTech innovation5.
- ICT Vision 2030: This vision outlines a roadmap for a digitally enabled society, focusing on innovation, inclusiveness, growth, and collaboration6.
2.e Cross-Border Transaction Regulations
Suriname’s cross-border transaction regulations are governed by the Foreign Exchange Law 194728. This law requires approval from the Foreign Exchange Board for transactions between residents and non-residents28. While the system has been liberalized for current account transactions, capital transactions still require special approvals28.
Suriname’s tariff schedule, with rates ranging from 0 to 50 percent, impacts cross-border transactions by influencing the cost of imported goods29.
3. Ecosystem Challenges and Opportunities
3.a Infrastructure Gaps and Technological Barriers
Despite progress in developing digital infrastructure, challenges remain in terms of broadband access, particularly in rural areas30. Technological barriers include the need for a more robust legal framework for intellectual property rights (IPRs) and data protection31.
3.b Funding and Investment Landscape
The funding and investment landscape for FinTech in Suriname is still developing. While there are opportunities for investment in the sector, challenges include limited access to venture capital and a lack of awareness among investors about the potential of FinTech32.
3.c Talent and Skills Development Needs
Suriname needs to develop a skilled workforce to support the growth of the FinTech ecosystem. This requires investment in education and training programs focused on areas such as software development, cybersecurity, and data analytics33.
3.d Market Access and Competition Issues
Market access and competition issues in Suriname’s FinTech ecosystem include the need for a more enabling regulatory environment and addressing potential anti-competitive practices34.
3.e Regional Integration Possibilities
Regional integration presents opportunities for Suriname’s FinTech ecosystem. Collaboration with neighboring countries can facilitate knowledge sharing, cross-border payments, and the development of regional FinTech hubs35.
4. Institutional Frameworks and Governance
4.a Regulatory Coordination Mechanisms
The Central Bank of Suriname (CBvS) plays a key role in coordinating regulatory frameworks for FinTech. The CBvS has established an InnovationHub to support market participants with questions about regulations and to facilitate the evaluation of innovative financial products and services36.
4.b Innovation Support Structures
Innovation support structures in Suriname include the CBvS’s InnovationHub, the Compete Caribbean partnership facility, and the SURGE initiative14. These structures provide support for FinTech startups and SMEs, facilitate access to finance, and promote innovation.
4.c Public-Private Partnerships
Public-private partnerships (PPPs) are essential for the development of Suriname’s FinTech ecosystem. Collaboration between the government, the private sector, and academia can facilitate investment, knowledge sharing, and the development of innovative solutions37.
4.d International Cooperation Frameworks
International cooperation frameworks play a crucial role in supporting Suriname’s FinTech ecosystem. Collaboration with international organizations, such as the IMF, the World Bank, and the IDB, can provide access to funding, technical assistance, and best practices38.
4.e Capacity Building Initiatives
Capacity building initiatives are essential for developing a skilled workforce and strengthening institutional capacity in Suriname’s FinTech ecosystem. These initiatives can include training programs, workshops, and knowledge sharing platforms39.
5. Stakeholder Perspectives
5.a Central Bank and Regulatory Consultations
The Central Bank of Suriname (CBvS) actively engages in consultations with stakeholders to gather input on FinTech-related policies and regulations37. These consultations help ensure that regulations are aligned with market needs and promote innovation.
5.b Financial Institution Interviews
Interviews with financial institutions provide valuable insights into their perspectives on FinTech adoption, challenges, and opportunities40. These interviews can help identify areas where support is needed and inform the development of targeted policies.
5.c FinTech Company Surveys
Surveys of FinTech companies can provide data on the size and scope of the FinTech sector, as well as insights into the challenges and opportunities faced by FinTech startups and SMEs15.
5.d Consumer Feedback Studies
Consumer feedback studies can help assess the demand for FinTech products and services, identify barriers to adoption, and inform the development of consumer protection frameworks34.
5.e Academic and Research Input
Academic and research input provides valuable insights into the latest trends and developments in FinTech, as well as best practices for fostering a thriving FinTech ecosystem32.
5.f Financial Inclusion and FinTech in Suriname
According to an academic research paper on financial inclusion and FinTech in Suriname, the country has the potential to leverage FinTech to increase financial inclusion, particularly for vulnerable groups such as small and micro enterprises, those in the informal sector, and poor and rural communities41. The paper highlights the importance of fostering an enabling environment to harness FinTech opportunities, strengthening broader financial sector policies, addressing potential risks, promoting international collaboration, and addressing critical country-specific challenges41.
6. Market Trends and Developments
6.a Payment Innovation Patterns
Payment innovation patterns in Suriname include a growing trend towards digital payments, with the adoption of mobile wallets and contactless payments13.
6.b Digital Lending Evolution
The digital lending landscape in Suriname is still nascent, with opportunities for growth in areas such as peer-to-peer lending and online loan platforms13.
6.c Investment Tech Growth
Investment tech growth in Suriname is driven by increasing investment in the country’s nascent offshore oil industry and the development of initiatives to support SMEs42.
6.d InsurTech Developments
InsurTech developments in Suriname include the adoption of digital platforms for insurance distribution and the use of technology to improve risk assessment and claims processing43.
6.e RegTech and SupTech Adoption
RegTech and SupTech adoption in Suriname is still in its early stages, with potential for growth in areas such as AML/CFT compliance and regulatory reporting44.
7. Impact Metrics
7.a Financial Inclusion Indicators
Financial inclusion indicators in Suriname include the percentage of adults with bank accounts, access to credit, and usage of digital financial services45.
7.b Digital Payment Adoption Rates
Digital payment adoption rates in Suriname are increasing, with a growing number of users adopting mobile wallets and other digital payment methods46.
7.c Innovation Ecosystem Growth
Innovation ecosystem growth in Suriname is driven by initiatives such as the Suriname National Digital Strategy 2023-2030, the ICT Vision 2030, and the establishment of innovation hubs7.
7.d Market Competition Measures
Market competition measures in Suriname include the number of FinTech companies operating in the market, the diversity of FinTech products and services, and the level of competition among traditional financial institutions and FinTech providers22.
7.e Economic Contribution Data
Economic contribution data of FinTech in Suriname can include its impact on GDP growth, job creation, and financial inclusion47.
8. Forward-Looking Recommendations
8.a Digital Currency Initiatives
Suriname should explore the potential of central bank digital currencies (CBDCs) to enhance financial inclusion, improve payment efficiency, and promote innovation48.
8.b Open Banking Frameworks
The development of open banking frameworks can promote competition, innovation, and consumer choice in the financial sector18.
8.c Innovation Hub Development
Suriname should continue to support the development of innovation hubs to provide a conducive environment for FinTech startups and SMEs49.
8.d Cross-Border Cooperation
Cross-border cooperation with neighboring countries can facilitate knowledge sharing, cross-border payments, and the development of regional FinTech hubs35.
8.e Green FinTech Initiatives
Suriname should promote green FinTech initiatives to support sustainable development and address climate change challenges50.
9. Conclusion
Suriname has made commendable progress in laying the groundwork for a thriving FinTech ecosystem. The country has a growing number of FinTech companies and startups, is actively developing its digital infrastructure, and has implemented various innovation initiatives and support programs. However, challenges remain in terms of infrastructure gaps, technological barriers, funding limitations, and talent development needs.
By addressing these challenges and implementing the forward-looking recommendations outlined in this report, Suriname can unlock the full potential of its FinTech ecosystem. This includes exploring digital currency initiatives, developing open banking frameworks, supporting innovation hubs, fostering cross-border cooperation, and promoting green FinTech initiatives.
A robust FinTech ecosystem can drive economic growth by increasing efficiency, promoting entrepreneurship, and attracting investment. It can also promote financial inclusion by providing access to financial services for underserved populations. Furthermore, a thriving FinTech sector can enhance the competitiveness of Suriname’s financial sector by fostering innovation and attracting talent.
To achieve these goals, it is essential for stakeholders to collaborate and work together. This includes the government, the central bank, financial institutions, FinTech companies, investors, and academia. By fostering a collaborative environment, Suriname can create a dynamic and innovative FinTech ecosystem that benefits all stakeholders and contributes to the country’s long-term economic development.
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