MercoPress. South Atlantic News Agency

Report on Falkland Islands Banking Services, published by Chamber of Commerce

FIG, FIDC, SCB and Chamber met with Peter Softley and Fionnbharr Blackman from Queenstown Strategic Advisors during their visit to the Falklands in January 2023

The Falkland Islands Chamber of Commerce is pleased to publish its “Review of Banking Services in the Falkland Islands”. The report is the result of collaboration and input from the Falkland Islands Chamber of Commerce, the Falkland Islands Development Corporation (“FIDC”), Standard Chartered Bank (“SCB”), the Falkland Islands Government (“FIG”), and members of our local business community.

Independent consultants Queenstown Strategic Advisors (“QSA”) were commissioned to create the report to help explore the limitations of the banking services available in the Falkland Islands and how those services can be improved to meet the needs of our community. Their findings conclude that the best solution to bring the Falklands into line with similar jurisdictions is for SCB to work with key stakeholders to improve the overall service proposition, including launching online/mobile banking and improving the availability of commercial finance. Suggested initiatives to encourage this include:

• Migrating the SCB Branch onto a UK sorting code

• Commercial Lending Workshops between SCB, FIDC and FIG

• Raising Falkland Islands profile within executive levels of SCB

• Introducing relationship managers for businesses

• Setting up a Fintech ‘Sandbox’ network with other British Overseas Territories

• Introduction of Green Mortgages

A well-researched and in-depth report

Chamber Chairperson, Mike Summers, said, “Banking services are vitally important to businesses and individuals across the Islands, and this report highlights how we arrived at our current position and how we can work together to modernize those services. QSA has created a well-researched and in-depth report, and we would like to express our since thanks to Peter and Finn for their work. We will continue working with SCB, FIG and FIDC to encourage implementation of the solutions identified, including online and mobile banking solutions.”

Mike then thanked everyone for their contributions to the report, explaining that “without the input from local businesses, government and the bank itself, this work wouldn’t have been possible.”

Sarfraz Rao, CEO of SCB’s Stanley branch, also responded positively to the outcome of the study, noting that “The document includes a well-researched and balanced body of work that supports Standard Chartered Bank’s long-standing commitment to the Falkland Islands, even during times of local or global stressors. We are very pleased to have been involved in this important review of banking services in the Falkland Islands. The report highlights some important areas of focus for Standard Chartered, and we are excited for the opportunity to work closely with other key stakeholders to bring about further improvements for our small Islands.”

Zachary Frankin, Managing Director of FIDC, which co-funded the project, continued, “FIDC was pleased to partner with the Chamber of Commerce to co-fund the study produced by QSA. We are happy to see validation in the role FIDC plays within the Falklands as the lender of choice for businesses and the flexibility offered to clients via the corporations’ financial instruments, among several examples confirmed in the study”. Zachary concluded, “Access to banking services that adequately meet the needs of businesses and individuals is vital. As a result of the banking study, we look forward to seeing Standard Chartered Bank continue to take steps to align itself with the needs of its customers.”

 

Review of Banking Services in the Falkland Islands by MercoPress on Scribd