A Policymakers Round Table brought together government agencies and industry experts to discuss the future of the financial services industry in the Cook Islands.

The half-day meeting, hosted by the Cook Islands Financial Services Development Authority (FSDA), aimed to highlight opportunities within the financial services industry, strengthen inter-agency relationships and promote a unified approach to industry development.

The event provided a crucial platform for collaboration and strategic development, focused on supporting the sector’s growth and promoting its global appeal.

Vaine “Mac” Mokoroa, Minister responsible for the FSDA, addressed the meeting, reinforcing the government’s support for the financial services industry, encouraging attendees to collaborate and cooperate to grow this crucial economic pillar.

The roundtable featured insightful presentations, with Henry Brandts-Giesen, an experienced lawyer and private wealth specialist delivering the keynote address. With decades of legal experience and a robust international client base, Brandts-Giesen, shared his perspective on the evolving global landscape of financial services, with a focus on the Cook Islands’ role in it. His insights were rooted in his extensive expertise and his strong connections to the Cook Islands, New Zealand and the global offshore industry.

“I’ve really come to raise some awareness, to demonstrate the value that the finance industry adds as a diversifier and as an economic accelerator, and also to bring an objective, non partisan, global view on this industry,” said Brandts-Giesen, who began his career in the industry over 20 years ago in the Cook Islands.

“I do think there’s also opportunities, and there’s a platform there for it to not only survive but grow. And I think that’s important because it reduces reliance on other industries like tourism, and it creates good employment pathways for Cook Islanders.”

Following Henry’s address, Joseph Horn-Smith, chief executive officer of Capital Security Bank (CSB), a Cook Islands financial services success story, offered insights into the growth, success and challenges of the financial services industry.

Alan Taylor, legal and technical advisor at Cook Islands FSDA, provided an overview of the legal and regulatory landscape in the Cook Islands, focusing on current trends and the potential for further development within the sector.

The event provided a platform for a robust roundtable discussion, where policymakers and industry stakeholders discussed the challenges and opportunities facing the financial services industry.

Tony Fe’ao, chief executive of Financial Services Development Authority, said: “The roundtable discussions have identified the key areas where we can strengthen the financial services sector. The Cook Islands built a reputation as a well-regulated and stable jurisdiction for financial services, but we must continue to evolve to stay competitive.”

“Creating an ecosystem of private and public sector stakeholders will be crucial for us to succeed. This roundtable a positive step forward for the growth and sustainability of the financial services industry in the Cook Islands.”

The event was well attended with representatives and leaders from Ministry of  Foreign Affairs and Immigration, Economic Planning Division and Revenue Management Divisions, Crown Law, Business Trade and Investment Board, Financial Supervisory Commission and the FSDA Board of Directors.