Curacao Business Magazine - Edition 2, 2020 by Curacao Business Magazine

CUR AÇAO

BUSINESS

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AN ISLAND IN RECOVERY

THE NEW NORMAL

EDITION 2 | 2020

LETTER FROM THE PRESIDENT / CHIEF EDITOR

LETTER FROM THE PRESIDENT UNPRECEDENTED TIMES This edition sheds light on the opportunities to never waste a good crisis. Several countries call these ever changing and improvising times as a “new normal”. However, what we see is an increased awareness towards the items that should have been normal in our day to day in the first place, such as hygiene, personal space, innovation, transparency, now becoming enforced and disr uptive on several levels. It has become an environment of being more aware and alert of your surroundings, neighbors, and markets. As an island, since we are dependent on other markets for not only our survival but also our growth, we need to stay alert and willing to take concrete actions to innovate factors that were already in the pipeline. This is necessary in order to shift faster and allow growth opportunities in these uncertain times. We will get passed this phenomenon eventually and keep on making a decent living for all. As this edition was prepared, Curaçao began to open its borders. It is critical to look not only at the importance for tourism, but balance between the external risk factors in markets and sectors when removing restrictions and opening the borders. Keeping an eye on how the COVID-19 cases are constantly developing in the primary and secondary tourism markets for Curaçao, the safety of every single hospitality service channel and employee will remain top priority. In addition, we need to attentively ensure there is enough space in our health care system in case the open borders results in an increase in imported coronavirus cases for Curaçao. It is “all hands-on deck”, with joint efforts to secure our chances to be successful. These times have been far from easy for businesses, essential entities, stakeholders, government and Curaçao as a whole. However, the impact has been on a global level, and this experience can be used to unite, cooperate, and facilitate the concrete action steps for growth opportunities and innovations. It is good to see the private associations, industries and sectors tightening their cooperation and focus on joint efforts for positive developments for Curaçao. Taking these small but firm steps during these challenging times will seem like huge leaps compared to the last decades, but our survival and growth will depend on bold moves. It will be our determination, discipline, resilience, and commitment that will move us forward.

LETTER FROM THE CHIEF EDITOR NEW NORMAL I am always searching for inspiration from all areas of life. Setbacks and challenges will always be part of life, but we can choose to maintain a positive viewpoint. This pandemic has impacted everyone across the globe with farreaching financial consequences. A possible silver lining of this crisis is the opportunity to change for the better. In this time of ambiguity, we cannot predict or control the future and being open to learning allows us to adapt and grow. As we evolve in the new normal, there is an immense opportunity to refocus, reinvent and reimagine our lives and careers. In the constantly changing business environment, seeking strategic solutions is paramount. Being proactive to learn about the latest emerging trends, innovations, data security, and adopting technology while staying focused could improve and save businesses. Keep networking to stay visible, be open-minded, look for new opportunities in unlikely places, get comfortable with remote working and virtual interactions to continue progressing in the “new normal”. No matter how attractive it may seem to return to times before the pandemic, there is no going back. Now is the moment to chart a new path going forward. As the world tries to cope with the impact of the worst economic crisis in living memory, financial anxiety is real and widespread, and the importance of maintaining mindfulness in business and life is more relevant than ever. Experts predict that the mental health effects of coronavirus will last long after the pandemic is over. Health and financial fears, anxiety and confusion over the changing lockdown restrictions combined with political unrest are driving record reports of stress and mental illness. In times of crisis, bringing light to and addressing these issues should remain a priority. Agility and resilience are vital in a recovery phase. The team at Curaçao Business Magazine strive to highlight information, channels, and opportunities which help businesses on their journey to build connections, unlock their potential, create jobs, and accelerate growth. It is important to remember how significant it is to support local businesses. The contribution of the Curaçao manufacturing industry to the economy is substantial and a major factor in rebuilding. A key message remains to encourage people to buy and promote local businesses wherever possible to provide the kick start needed to move forward and build back a vibrant economy. In the new normal, unity and support are indispensable ingredients to success. We hope the next half of this difficult year becomes brighter for each one of you with health, safety, and peace of mind.

A rising tide lifts all boats; the time to rise the tide is NOW - Together. Billy Jonckheer President Curaçao Chamber of Commerce and Industry

Truly and with gratitude Risa Schonbaum CPA Chief Editor Curaçao Business Magazine

CURAÇAO BUSINESS | EDITION 2 | 2020

INDEX

Rocher Cyrus CPA, CGMA rcyrus@globalintmanagement.com CURAÇAO BUSINESS MEDIA GROUP B.V. CHIEF EDITOR Risa Schonbaum CPA ADDRESS ON CURAÇAO Julianaplein 36 Willemstad, Curaçao +599 9 8440057 SUBSCRIPTIONS & ADVERTISING info@cbm.cw

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STRATEGIC PARTNER Van Munster Media BV P1: Postbus 6684, NL6503 GD Nijmegen The Netherlands P2: Kerkenbos 12-24a NL-6546 BE Nijmegen The Netherlands T: +31(0) 24 373 8505 F: +31(0) 24 373 0933 I: www.vanmunstermedia.nl ART PRODUCTION Jan-Willem Bouwman The publisher and its staff cannot be held liable for the contents of this magazine, statements, or if advertisements do not necessarily reflect its editorial views. Although the greatest care was given to the accuracy of the information in this publication and checked where possible, the publisher and editors explicitly contest any liability for any incorrectness or incompleteness of the information provided.

CURAÇAO BUSINESS | EDITION 2 | 2020

Curaçao Flag Day

INDEX

PUBLISHER

7 Curaçao Business Magazine – New Era, Modernizing and Continuously Changing with the Times

Employment Law During a Crisis

Mindfulness in Business vs. a Business in Mindfulness

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g r o e p

The Undiscussed Topic of Mental Health

Interview with Jean-Julien Rojer

The Curaçao Manufacturing Industry

Curaçao Gaming Industry, a Brief Introduction

Innovation Ç

Pushing Boundaries – GRC Mission Control

The Crisis Bank Curaçao

As we all know, end of March 2020, employers in Curaçao were confronted, just like many other employers worldwide, with the fact that they needed to close their business temporarily due to the government imposed measures related to the COVID-19 pandemic.

Let’s start with a truth bomb. Ever notice that when you really want to land that one client, that one assignment, you can’t seem to make the connection and seal the deal. There is nothing wrong with you, or with your intentions for that matter, but maybe your approach in business could use a touch of mindfulness.

12 In a world recovering from the COVID-19 pandemic, where does mental health fit in? Author Harry J. Johnson once said, “Your body is an amazing creation, capable of performing great wonders, but you can destroy that miraculous machine’s potential with an overdose of stress.”

Curaçao-born Jean-Julien Rojer left the island at the tender age of 13 to train in Miami. 25 years later, he plays for the Dutch national team, has won three Grand Slam finals, and currently holds a World Doubles ranking of number 21.

The Curaçao Manufacturers Association (CMA), the successor of the Association of Industrialists of the Netherlands Antilles (ASINA), is founded to represent the interest of the manufacturing companies who form part of this industry in Curaçao.

When asked to write about the Curaçao Gaming Industry, honestly, we had to think twice. On one hand, it is an outstanding opportunity to address an important topic, while on the other hand, it could be risky, given the negative association many people have with the industry. Should that risk be a reason to pass? No, it should not.

What started two years ago as an innovative idea developed into a creative and ambitious platform, consisting of Curaçao professionals from all over the world. Especially during quarantine, Innovation Ç created inspiring online sessions and motivating presentations, which led to an increasing number of members.

CURAÇAO BUSINESS | EDITION 2 | 2020

CONTRIBUTING WRITERS

CONTRIBUTING WRITERS NATHASJA JT PLAIZIER, After graduating at Rijksuniversiteit Groningen w ith her BSc Behav ioral Neuroscience receiving a Bachelor of Honor, she proceeded with the Master Education & Communication in Mathematics and Life Sciences. In February 2014, Nathasja moved to Curaçao. Out of interest, she followed the propaedeutic year of Law at University of Curaçao. Nathasja currently spends her days in corporate life and as a teacher, writer and entrepreneur. -----------------------------------------------ÚNA JANSEN is a writer and journalist with a background in finance and academia. She holds a Master’s Degree in English Literature and is a guest lecturer at the University of Curaçao. Originally from Ireland, Úna is the founder and owner of Dublin Communications, providing writing and editing services to clients across a range of industries. ------------------------------------------------

TIM Q.M. MARTINA, If asked, Tim would most likely describe his perfect world as a place where logic prevails above all, form follows function and mankind has reached a sustainable and highly comfortable way of living through effective use of the ever-increasing technological possibilities. In the meantime, he indulges in pro-actively advocating strategic innovation in Curaçao as the Chief AI Strategist at BRABU. -----------------------------------------------SEAN STEIN SMITH is a professor at the City University of New York – Lehman College. He also is the chairperson of the NJCPA’s Emerging Technologies Interest Group (#NJCPATech). He serves on the Advisory Board of the Wall Street Blockchain Alliance, where he co-chairs the Accounting Work Group. Sean is on the Advisory Board of Gilded, a TechStars ’19 company. He is also a Visiting Research Fellow at the American Institute of Economic Research. ------------------------------------------------

DESI DIJKHUIZEN is the owner of Dcommunicates!, a company that focuses on copywriting, translations and vlogging. In 2010, Desi graduated with a Master’s degree in Latin American Studies at the University of Leiden and gained a meaningful career experience at the Embassy of Chile in The Hague. Back in Curaçao, Desi started working for a local newspaper where she developed her journalism skills. At the beginning of 2019, she made the decision to start the exciting entrepreneurial journey. -----------------------------------------------K IRK PHILLIPS, CPA , CM A , CFE, CBP is a Certified Bitcoin Professional, Managing Director, Global Crypto Advisors, Inc. “A boutique crypto CPA firm”, Principal in Blockchain Catalytics, LLC, Author of the Ultimate Bitcoin Business Guide™, Author of the AICPA Blockchain Fundamentals course, advisor to numerous projects, crypto fund manager to just about everything blockchain and cryptocurrency. ------------------------------------------------

JULY 2ND CURAÇAO FLAG DAY Every year on July 2nd, the island honors the official flag of Curaçao with pride and joy. As a nation, the flag is a significant and valuable part of the identity of the island. Understanding the meaning of the simple yet timeless design will provide insight to how it represents the most important elements of the island. The flag, adopted on July 2nd, 1984, was designed by Martin den Dulk. It is a blue field with a horizontal yellow stripe slightly below the midline and two white, five pointed stars in the upper left corner diagonally set below each other. The blue symbolizes the sea and sky divided by a yellow stroke representing the bright sun which bathes the island. The two stars represent Curaçao and Klein Curaçao, with the five points on each star symbolizing the five continents from which Curaçao’s people descend. Flag Day is a national holiday celebrated with official ceremonies and cultural events, and a special day to highlight the respect from the people.

CURAÇAO BUSINESS | EDITION 2 | 2020

CURAÇAO BUSINESS MAGAZINE

CURAÇAO BUSINESS MAGAZINE NEW ERA, MODERNIZING AND CONTINUOUSLY CHANGING WITH THE TIMES

From the beginning, our goal and vision with the Curaçao Business Magazine was to offer the business community a Unique Comprehensive Business Platform delivering relevant, timely, and valuable information. After acquiring Curaçao Business Media Group B.V., in 2019 we endeavored to build upon and expand the existing his-

torical footprint toward the new modern era and online presence. For that reason, we worked hard on an overall rebranding which was completed in the second quarter of 2020. Now, we are even better equipped to provide information and services to our readers that can help them stay current and take their business to the

next level. We will continue to strive for excellence and innovate, as necessary. Our strong identity is key in staying the largest and most respected Caribbean business publication and resource in exclusive collaboration with the Curaçao Chamber of Commerce and Industry (KvK) for small, medium, and large companies. 7

CURAÇAO BUSINESS | EDITION 2 | 2020

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EMPLOYMENT LAW

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WHAT CAN AND SHOULD EMPLOYERS DO WHEN IT COMES TO CHANGES IN EMPLOYMENT CONDITIONS?

EMPLOYMENT LAW DURING A CRISIS As we all know, end of March 2020, employers in Curaçao were confronted, just like many other employers worldwide, with the fact that they needed to close their business temporarily due to the government imposed measures related to the COVID-19 pandemic. Thus, employers knew they would not be generating income, while the (vast majority of their) costs would remain. We all have to sacrifice, was the message communicated by many, but did and does that also include the employees when it comes to their salary and other employment conditions?

The general rule of thumb is ‘no work, no pay’. However, there are exceptions to this rule, among which when the reason that the employee was not able to work is or should in all reasonableness be for the employer’s account. The fact that the employee could not work cannot be attributed to the employee, but on the other hand it cannot be attributed to the employer either. Normal business risks are always for the employer’s account

CURAÇAO BUSINESS | EDITION 2 | 2020

including some exceptional business risks and force majeure events as well. It pretty much goes without saying that the COVID19 pandemic and government imposed measures as a result thereof was not a normal business risk. But then the question arises whether this situation qualifies as an exceptional business risk or force majeure event that should be for the employer’s risk and account. Based on the limited case law available, I would answer this question

affirmative. Consequently, the employer can be held to continue to pay the salary of its employees. There is much to be said for this, but as of yet, this is the legal system as it has to be applied. So, the starting point is that the salaries of employees must continue to be paid. Businesses have opened again, but with the effects of the pandemic still very present, businesses are by far not operating at

EMPLOYMENT LAW

normal levels and it is expected to take some time before they will. Thus, can a lower salary be paid to the employees and/or can other employment conditions be reduced, so that employers can hopefully bridge the gap? The employment conditions of an employee are based on the agreement that was reached between the employer and the employee. An agreement can, in principle, not be amended unilaterally. In its landmark ruling Stoof/Mammoet in 2008, the Supreme Court of The Netherlands (hereafter: the Supreme Court) determined criteria when it can be expected from an employee to cooperate with a change in the existing employment conditions. The Supreme Court ruled that the following criteria have to be met: (i) are there changed circumstances on the work floor; (ii) do these changes justify proposing changes in the employment conditions; (iii) is the offer made by the employer, acting as a good employer, reasonable; (iv) if the employee refuses the offer, can this be considered unacceptable according to the principle of reasonableness and fairness. The Supreme Court ruled that the main focus should not only be on the question what can be expected from the employee. First and foremost, the employer’s position when making the offer (for the change in the employment conditions) should be looked at critically. When determining whether the employer’s offer is reasonable, all facts and circumstances should be taken into account and weighed against each other. Such relevant facts and circumstances are, for example, the content and extent of the offer, the employer’s interests in respect of the offer, the position of the employee, and the interest of the employee in maintaining the current employment conditions. During the lockdown when businesses were closed, employers would often ask to give them a rule of thumb of what is acceptable, for example, a percentage of reduction in salary that would be acceptable. However, since in each case the relevant facts and circumstances are different, the outcome for each case is or can be different, which means there is no rule of thumb. It will depend on all the specific facts and circumstances of the employer(‘s business) and the employees, along with the abovementioned criteria, that will determine whether the offer in question is

reasonable, as a result of which the employee can in all reasonableness be held to accept it. The only similar situation, not local but interregional, was Hurricane Irma. Case law relating to Hurricane Irma and the question whether the employer was required to continue paying the salary of the employees and whether the employment conditions could be amended unilaterally shows a few things. First, that the employers were required to continue to pay the salary of the employees. Second, that the Stoof/Mammoet criteria was applied. Based thereon the following general conclusions can be drawn when it comes to amending the employment conditions. The damages caused by the hurricane gave the employer cause to make an offer to amend the employment conditions. Thus, it can be assumed the same applies to the COVID-19 pandemic. Further, the employer should be very transparent about its financial situation, what measures it has taken to reduce costs to safeguard the business, whether the employer will receive any funding and what the prognosis is for the future. Finally, it can be concluded from this case law, without intending to create a rule of thumb, that a reduction of more than 25% was generally considered unreasonable. In the meantime, the first COVID-19 judgment on this topic has been rendered in Curaçao and a few have been rendered so far in The Netherlands. In the Curaçao case, following the lockdown the employer (a restaurant business) proposed two options to its employees: accept a zero-hours contract instead of the existing contract or become subject to termination proceedings. One of the employees did not agree to either, following which the employer ceased to continue paying the salary of the employee. The employee subsequently commenced summary proceedings and requested the court to order the employer (among others) to continue to pay the salary in full as of the date that the employer ceased salary payments, including interest. The court also applied the Stoof/Mammoet criteria and ruled that there was cause to make an offer to amend the employment conditions of the employee, but that the employer’s offer was not reasonable in this case. The court ruled that, considering the extent of the offer, the employer should have given insight into why this offer, con-

sidering all relevant facts and circumstances, was reasonable, which it failed to do. Simply stating that the restaurant is closed and therefore not generating any income, is not sufficient. The few cases in The Netherlands so far also show that the bar is set very high for employers before they can proceed with reducing the employment conditions of employees (if at all). In conclusion, the employer can be held to pay the salary of its employees during this crisis. However, this crisis does justify making an offer to employees to reduce employment conditions, provided the financial situation of the employer requires this and provided that the employer can substantiate this. It is strongly advised to make the offer in writing, and to specify the extent and proposed duration of the measures. Possibilities that could aid in making the offer reasonable are gradually reducing employment conditions instead of all at once, reduce secondary employment conditions as much as possible instead of primary employment conditions (such as salary) and offer to repay what is reduced if and when possible. Ultimately, the courts will determine whether the employer’s decision to continue or discontinue the salary payment or reduce employment conditions was reasonable (and thus allowed) or not (should their decision be challenged in court proceedings). KDL Legal is specialized in employment law and general corporate law. KDL Legal mainly represents corporations active locally and interregional as well as individual professionals. For more information on this topic or legal advice, please reach out using the contact below: KIMBERLEY DE L’ISLE, Attorney at Law Partner | KDL Legal delisle@kdl-legal.com T +5999 8434300 M +5999 6704300

CURAÇAO BUSINESS | EDITION 2 | 2020

MINDFULNESS IN BUSINESS

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MINDFULNESS IN BUSINESS VS. A BUSINESS IN MINDFULNESS Let’s start with a truth bomb. Ever notice that when you really want to land that one client, that one assignment, you can’t seem to make the connection and seal the deal. There is nothing wrong with you, or with your intentions for that matter, but maybe your approach in business could use a touch of mindfulness. WRITER: ANDY KIRCHNER, MINDFUL MINDSET COACH AT THE RECYCLED PIRATE, ECOSYSTEM DEVELOPER & ENTREPRENEURIAL FACILITATOR AT INNOVATION Ç

Mindfulness in business still seems out of place to many. We are in business to provide a service with an end result to make money. We want to grow our business, period. ‘Go big or go home’ the slogan says, as standing still is a slow death to any business. If you ever listened to John Maxwell or Simon Sinek, two vastly different generation motivational speakers, it’s their profession to guide others how to become great leaders who inspire. And what they have in common is that they

CURAÇAO BUSINESS | EDITION 2 | 2020

are mindful about their business. They are thought provokers and leadership experts who teach focused awareness and effective skills for success. How many of those do you know in business? Or better yet, how many do you know in Curaçao? So, what do I know about business? Basically, as much as anyone. I didn’t set out to become a businessman, as an MBA wasn’t my goal early in life. However, I grew up above an apothe-

cary shop with a stepfather who really loved his business and disliked the competition. Plus, I had another father figure role model that knew how to sell anything anywhere to anyone. We would stand on street corners in Amsterdam selling AJAX t-shirts for Champions League football matches. Other days, we would offer catering at weddings or birthday events. Ok, maybe it was not exactly a business, more hustling but no matter what you call it, it provided me with different real-life experiences.

MINDFULNESS IN BUSINESS

As unpredictable life can be, I started into business when I had no other choice. Freshly out of a wheelchair after a spinal cord injury that should’ve left me paralyzed, I was living off welfare with not much of a future perspective other than that I didn’t want to have the perspective I was having at that moment. I started looking for ways to earn a living and become independent again but just any job wasn’t going to be it. I had hustled all my life. As I left school earlier than I should’ve, there was no other option than to look at all the life lessons learned at age 35. I discovered that I am creative, understand people, empathize with their emotions, and as a result my business story began to take shape. During my rehabilitation to learn to

walk again, I was determined to become a valuable member of society and workforce. I realized that the limitations imposed on me by my upbringing were barriers holding me down. I sensed how we are all programmed by society to become something whether a professional, idea or gimmick, and there is not enough emphasis on developing as a human that has a profession following one’s own ideology. Mental health problems and struggles in life have risen enormously in recent times and developing strategic tools for mental health issue awareness benefits everyone. Unrecognized and unaddressed mental health issues in the workplace can have negative effects not only on employees’ overall health but on the overall business performance as well. As I recycled

myself, I saw the need to help ‘reprogram’ other humans and uplift their emotional well-being to become a better version of themselves. It became my mission explaining that we all deserve an equal opportunity to succeed. Equal meaning that your drive and determination will settle the score. I’m sure that if you let any CEO look at my business, there will be much to improve on. When I meet with CEOs to listen to their challenges and questions on why their message doesn’t come across on the work floor, I help bring to light their missing link. Questions such as how can you improve team performance and motivate employees to get better results? Or why doesn’t the sales team perform as

CURAÇAO BUSINESS | EDITION 2 | 2020

MINDFULNESS IN BUSINESS

this relates to all sectors or industries of business. Being mindful could be an important factor that could make businesses successful. It became clear to me that my calling to help guide others bring mindfulness to their business can create a more mindful business ecology, especially in Curaçao where the business industry can be limited. The advantages of a diverse community that is perfectly located as an international hub provides the foundation for growth opportunities. As I coach people from different continents in different languages with very different professional backgrounds, it becomes more apparent how similar and unified people are once they have purpose and meaning in life and business. As I build a new brand with ethically chosen merchandise used to carry a mindful message, I see a new future blooming for Curaçao. The world needs a small rock full of hope that is mindful about its business.

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they should? And to help them clarify the answers, it is important to understand that life has changed and the values with it. The numbers will always remain significant as they detail the results, but numbers only do not motivate people. The workforce requires more fulfillment and satisfaction in their jobs. There needs to be a personal gain to keep people inspired and engaged. Choosing a mindful approach into business has taken me in an unexpected direction. Looking at sales numbers and giving training in mindfulness to increase productivity previously seemed out of place in the office. Yet the teams that have partaken in mindfulness training sessions have grown closer to each other. Their client approval ratings have gone up, and after a few months sales improved as well. Why the change, you ask? Because the team members learned to engage with each other and their clients in a more meaningful way. The solidarity of the team as a group boosted the confidence of team members individually, thus benefiting the whole team and overall performance. Team meetings weren’t just about hitting targets anymore, but the collective team accomplishments. A company where employees love to come to work and clients feel appreciated is the best marketing and public relations for a business. The world and its demands are

CURAÇAO BUSINESS | EDITION 2 | 2020

changing. People are more conscious of their choices. Business leaders must look beyond the numbers on the statements and intentionally find sustainability within society. And

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MENTAL HE ALTH

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THE UNDISCUSSED TOPIC OF MENTAL HEALTH In a world recovering from the COVID-19 pandemic, where does mental health fit in? Author Harry J. Johnson once said, “Your body is an amazing creation, capable of performing great wonders, but you can destroy that miraculous machine’s potential with an overdose of stress.” We often forget that stress comes in several forms. When we are mentally stressed, we are doing our body a disservice by taking away its capacity of healing. WRITER: SHRUTI TEKWANI, LICENSED MENTAL HEALTH COUNSELOR, CERTIFIED COACH, CHOICE THEORY & REALITY THERAPY TRAINER

During Curaçao’s lockdown, a number of things happened to our bodies, and in turn our minds were also affected. We were given permission to stay home and not required to fulfil our obligations. No matter our age or contribution to society, we were asked to “put life on hold”. Children stayed home from school, adults worked from home if possible. We were given orders to let ourselves go, in a way. From cancelling self-care appointments to not exercising, we had to get used to a different way of living. Some of my clients even expressed relief at being given a break from their hectic lives. They no longer were obliged to spend time with extended family members they didn’t get along with or engage in self grooming since

CURAÇAO BUSINESS | EDITION 2 | 2020

they had nowhere to go. It felt a bit freeing to some. However, as the uncertainty kept being extended, the discomfort started to escalate. At first it was 2 weeks, then another 2 more. The regular updates just highlighted the fact that we didn’t know when the crisis would end. Although I haven’t heard anyone describe the lockdown as “vacation”, I know some took advantage of being home for the extended period. Some learned new languages, built new skills, tried different recipes, and re-connected with family members. Many have shared how they spoke to friends and family worldwide who they hadn’t talked to in years. Integrated with the panic, some found solace,

and attempted to feel in control, as doing what felt good served as a kind of emotional balm to a very rocky and unprecedented situation. For a while, the whole world was on the same playing field. Everyone was on lockdown, missing life and what it normally offers. It was a time of unity and understanding, and we automatically had so much in common. A number of times, I heard “We are all in the same boat”, though even then, I knew this wasn’t true. While we are all in the same storm, we are all in different boats. This statement resonates with me for a few reasons. As a mental health professional, I get to see people at their most vulnerable, when they are not at their best. I saw all around me that even though this virus

MENTAL HE ALTH

leveled the playing field for a lot, we still had different tools available in order to cope. Some of us had supportive families to quarantine with, while others were in abusive situations severely exacerbated by the current reality and the increased amounts of alcohol being consumed. Without the luxury of a home gym, some felt the ramifications of not being able to work out their stress. Every person had a different reality surrounding them, and therefore, required different methods and guidance for coping. When dealing with mental health, we each need to assess how we are adjusting to the new normal and reach out for help to better handle stressful situations. And then suddenly, things changed. Curaçao started opening up, leaving the rest of the world behind. Thanks to the swift action of our government to contain the virus, it was safe for us to resume a normal-ish life. The big question that plagues all of us is “What now?” What happens now that things are open, that we can head back to work and socialize again? Will things ever be the same? When our borders do open completely, will the tourists come? Will life ever be the same again? It is clear that people’s mental health suffered during this time of quarantine. They were forced to face demons as they either spent a lot of time alone or they spent time doing things they didn’t enjoy doing. Granted, it was a time for reflection where some of us got to decide how we spent our time moving forward, but for others, it was a time spent in “survival mode” and not much choice was given in day to day activities. When things opened up, I heard from a few people that they weren’t ready for it. Being in a cocoon that they had built for themselves was starting to feel comfortable, and drastically going back to “normal” was a bit too much. Not only that, but for some people they aren’t able to go back. Restaurants are open and entertainment is being offered, but what about people whose livelihood depends on tourism or on large gatherings? What happens to your mental health when the rest of the island is rejoicing about getting back to their lives, but you don’t have anything to get back to because your souvenir shop is obsolete for now? Not only are you suffering financially, physically, and emotionally, you are likely also suffering mentally.

life, I got a funny look. We so often associate grief with death that it is easy to forget about disenfranchised grief, which is a term coined by Kenneth J. Doka and is defined by grief that is unacknowledged or undefined by social norms.

How do you do this? What does it mean to practice mental health? During chaos, we tend to panic and forget the fundamental basics. Bringing attention to coping tools is now more relevant than ever. Here’s what you can do:

While there are no magic words to help ease that pain and because it is so individualized, the best advice I can offer is to pay attention to yourself. This pandemic changed some of our identities. Some of us need to look for different lines of work, some need to think about relocating or giving up parts of the life they liked. When there is a change in identity, it is so important to listen to what your body and mind are telling you. Learning about yourself and what grounds you are invaluable at a time like this. Anyone who knows me well will tell you that I spend a lot of time thinking about what it is I can control versus what is not in my control. While the pandemic or decisions of our government are not in our control, how we take care of ourselves and respond to outside stimulus is very much in our hands. People have said we were in a financial crisis even before the pandemic, but I will say that we were also in a mental health crisis before the pandemic. If this is the time for change, let’s also change how we view our mental health. Let’s ease up on the stigma and the idea that only the weak seek out help, stop blaming and shaming people for asking for help, and finally support people when they are blatantly asking for guidance. Mental health does not equal the absence of mental illness. Therefore, all of us are at risk of not practicing good mental health. And what does it mean to practice? It means doing what feels right for us, fulfilling our basic needs and recognizing that we will all do that differently. At the end of the day, the one person we spend our whole lives with is ourselves. Shouldn’t we treat ourselves better than anyone else? It is the logical way to survive post COVID-19.

• Get enough sleep. If you are craving more than normal, that is ok. Listen to your body when it is asking for something. • Exercise, even if it is not typically what you do. It is the best natural antidepressant out there. • Make sure you are feeding yourself with good nutrition. It helps your brain functionality and that helps how you feel too. Your brain cannot do its job if it is not nourished properly. • Get out in nature. When the mind is not calm, nature is one of the best ways to get grounded. • Connect with people. This has been a very isolating time, and yet there are ways to connect with people you wouldn’t normally have time for. • P ractice gratitude. There is a lot of research out there that says the art of gratitude can help us feel better emotionally. Being thankful for what we have access to automatically helps us feel better. • Use the time to try new things, get creative, reflect on purpose, and check in on the level of happiness in life and profession. • D on’t feel pressured to do what others are doing. If you are feeling differently than the people around you, it’s ok! It’s also ok not to be ok. RESOURCES: www.thrivecorp.org https://www.mentalhealth.gov/ https://www.nimh.nih.gov/health/find-help/ index.shtml https://mhanational.org/covid19 CONTACT INFORMATION: shruti@thrivecorp.org

Life as we knew it will never be the same and we all have been impacted by COVID-19. As privileged as I feel to be in a place that is relatively safe, I grieve for the items lost. The first time I said to a friend that I was grieving my old

CURAÇAO BUSINESS | EDITION 2 | 2020

INTERVIEW WITH JEAN-JULIEN ROJER

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“I’M A TOURIST AND A LOCAL AT THE SAME TIME”, TENNIS PRO JEAN-JULIEN ROJER ON SPENDING LOCKDOWN ON CURAÇAO

INTERVIEW WITH JEAN-JULIEN ROJER Curaçao-born Jean-Julien Rojer left the island at the tender age of 13 to train in Miami. 25 years later, he plays for the Dutch national team, has won three Grand Slam finals, and currently holds a World Doubles ranking of number 21. In March of this year, when the Coronavirus began to take hold in Amsterdam, Jean-Julien and his wife made the decision to get on a plane back to Curaçao and spend an extended time on the island where he has never spent more than two weeks straight since his teens. WRITER: ÚNA JANSEN

Three months down the line, Jean-Julien is making the most of the unplanned break from his usual punishing routine. He describes the current situation as both “a blessing and a curse”. He is out of a job for the time being, but he has been able to spend time with friends and family, go to the beach, and live a normal life. “I’m still training regularly; running and playing tennis 2 - 3 times a week”, he explains, but this is nothing like his normal regime which includes at least three hours of tennis and two hours at the gym, seven days a week. Here, the

CURAÇAO BUSINESS | EDITION 2 | 2020

main challenge is diet and he has been taking the opportunity to enjoy the local food since the tennis season has been suspended. “To be at the top of my game, I need 4 - 6 weeks of continuous training”, he says and although not having a goal to work towards has been difficult, it’s been great for him to be able to take the time to rest. In fact, this is a trend that Jean-Julien has noticed with many other experienced tennis pros during lockdown. “The younger guys are training hard and the older guys are resting”.

Having the chance to spend some time here has given Jean-Julien some insight into the challenges being faced by people on the island during this time. Renting accommodations in Pietermaai allowed him to feel like a tourist and a local at the same time and opened his eyes to all that the island has to offer. It has also made him conscious of how important it is that people stand together and help each other out. One way of doing this, he suggests is by local people supporting local businesses. “We should be doing this all the time, and not just in a crisis”,

INTERVIEW WITH JEAN-JULIEN ROJER

he says. “Simple things like making an effort to buy local products at the supermarket can really make a difference. We need to look at our shopping habits in general too. A lot of us are just so used to buying things when we are abroad or shopping online but the reality is that a lot of the time, we don’t need to go to Miami and we can buy what we need much closer to home.” The same goes for vacationing; Jean-Julien has been spending some time in Banda Abou and he comments on how beautiful it is there with incredible beaches and restaurants. Encouraging local people to have staycations and keep the money on the island is a great way to promote self-sufficiency and boost the economy. Jean-Julien has been trying to give back to the community as much as possible while he is here on the island. He notes the great changes in the world since he himself was a young boy playing at RCC (Racing Club Curaçao). As a child, his mother would drop him off in the morning time and he would spend the entire day at the club, playing, watching, and talking tennis. “Nowadays, kids have a lot more going on; they play and leave”, he comments, so it is more of a challenge for clubs to capture their attention and imagination. The two biggest tennis clubs

on the island have noticed that membership is down, and the majority of players are of an older demographic. Jean-Julien believes that the trainers should hustle to drive interest and get more younger people involved, but it is not as simple as having a court and a tennis racket. Parental involvement and attitude play a big role and can make or break the future of a young player. The real secret to success is having a passion for the sport and parents can easily smother that flame by being over-competitive and putting too much pressure on kids. It means nothing if your child is the under 12 champion as this is the time when kids are developing their game and technique, and winning should not be the focus. It was Jean-Julien’s own parents who made it possible for him to succeed the way that he did. His mother was the nurturing one while his father encouraged him to be the best he could be. They balanced each other out and they were always at matches to watch his games. “Agassi was my idol when I was a kid”, he tells me “and whenever they traveled anywhere, they’d bring me back an Agassi shirt or accessory. I would be so excited, and I couldn’t wait to hit the courts to show it off”. It is those little things like that

which keep kids motivated. He still has the same enthusiasm for tennis now that he did twenty years ago, and it is for this reason that he is so keen on promoting tennis on Curaçao. “Growing up here, playing sports outside and running around means that kids have great hand-eye coordination and that’s why we have so many successful athletes. Sports are amazing for motor skills and social development too”. Tennis is great for teaching discipline and simple things like etiquette. “Learning to pick up your balls and say, ‘good shot’ to your opponent help promote valuable life skills that you can use off the court too”. Jean-Julien believes it would be good to see the government invest in some better sports facilities for young people but ultimately, success is driven by the individual athletes and passion for the sport. He has dedicated an insane number of hours to tennis. It is tough, his social life is minimal, and he does not get to see his family much, but he still has the same love for the sport that he did as a child. “If you can find the thing you love, the other things don’t even seem like a sacrifice”. That is why he always tells kids, “Find your passion! It could be music, arts, sports, or whatever but find it, and then follow that light!” 19

CURAÇAO BUSINESS | EDITION 2 | 2020

CURAÇAO MANUFACTURING INDUSTRY

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The Curaçao Manufacturing Industry

Local owned manufacturing and import substitution, the way to a resilient and thriving future for manufacturing in Curaçao Management Summary – July 2020

CURAÇAO BUSINESS | EDITION 2 | 2020

CURAÇAO MANUFACTURING INDUSTRY

THE CURAÇAO MANUFACTURING INDUSTRY MANAGEMENT SUMMARY INTRODUCTION The Curaçao Manufacturers Association (CMA), the successor of the Association of Industrialists of the Netherlands Antilles (ASINA), is founded to represent the interest of the manufacturing companies who form part of this industry in Curaçao. In 2018, the CMA drafted an industry agenda with the Curaçao government to support, transform, improve, and promote innovation within the manufacturing industry. To revive the agenda, Deloitte Dutch Caribbean conducted a survey among 16 of the 24 members of CMA in April 2020. The purpose of the survey was to both measure the footprint of the manufacturing industry and the impact of COVID-19 on the sector.

FOOTPRINT Overall, we can conclude that the contribution of the manufacturing industry to the economy of Curaçao is significant. With a contribution of 9% to the GDP (2018) and a contribution of 6% to the labor market (2018), excluding the energy sector (refinery and utilities), this industry belongs in the top-5 of non-financial industries in Curaçao. The direct contribution of the manufacturing industry to Curaçao’s export was 13% in 2018. This percentage however is not representative for the goods that are manufactured by the manufacturing industry. This industry is also responsible for manufacturing (and export) of food, beverages, chemical products, etc.

Chart 1: GDP Contribution in 2018 in ANG (cbs.cw)

Still, for reasons unknown, this industry is less popular among people looking for work (4.7%) and produces proportionally fewer start-ups (4.5%). IMPACT OF COVID-19 The impact of COVID-19 on the manufacturing industry was significant. As a direct cause of the closing of the borders in March 2020 and the lockdown in April 2020, the sector’s revenue dropped an average of

Chart 2: Export by commodity in 2018 (cbs.cw)

CURAÇAO BUSINESS | EDITION 2 | 2020

CURAÇAO MANUFACTURING INDUSTRY

22 22

69.4% compared to February 2020. More than 50% of the participating CMA members were operational for less than 25% during this period. With a ratio of 1.35 in 2019, the Debt Service Coverage Ratio (DSCR) of the participating CMA members was above the level of 1.2 which is generally considered as a minimum acceptable level. However due to the abrupt decrease in revenues of 2020, it is expected that many of the participating companies will have more problems to service their debt after the lockdown in April 2020. The cash level in March 2020 showed that on average, companies had enough cash to pay 2.4 months of operating expenses without earning any revenues. Considering this cash ratio, most participating CMA members should be able to overcome the lockdown of April but will have difficulties in covering their operational expenses. However, if a new lockdown becomes necessary due to a second wave, liquidity can become a critical issue for certain CMA members. LOOKING FORWARD While the primary focus of the government is on tourism, the refinery and the

CURAÇAO BUSINESS | EDITION 2 | 2020

financial sector, the manufacturing industry believes it can be a more substantial contributor to the economy, employment, and foreign exchange generation. Focusing on the future, the CMA must become a more important stakeholder of the government as an interest representative of local manufacturers. The manufacturing industry has not yet developed a suitable strategy to the ‘future of work’. Although diversity and talent form part of the strategic goals of the CMA, this has not resulted in concrete action or results. There is a lot of potential in increasing competitiveness through investment in innovation, new technologies, automation, AI, and robotics. These, together with supply chain improvements, are areas in which the industry can improve (cost) competitiveness, and resilience to future disruptions in the short and long term. RECOMMENDATIONS Recommendation 1 and 2: Determine desired skill set that is needed in the manufacturing industry in order to shape the workforce of the future. Join forces with

government’s educational policy makers and the educational sector in closing the gap between the current curriculum and the desired skill set. Join forces with government’s economic and educational policy makers and the educational sector in providing education that promotes and stimulates entrepreneurship. Recommendation 3: Seek out partnerships with universities and institutions of higher education in Europe and America to set up specific traineeships with students in order to attract talent and at the same time inc rea s e the innovat ive st reng th of manufacturing companies. When seeking out talent for traineeships, local students st udy ing abroad should b e targeted specifically. Re co m m e nda tio n 4: Invest in c ur rent workforce and leadership by organizing and facilitating specific training to: (1) further shape the workforce to meet the desired skill set; (2) develop innovative skills of the workforce; and (3) develop leadership skills that enables innovation-stimulated leadership.

CURAÇAO MANUFACTURING INDUSTRY

Recommendation 5 and 6: Invest in new technologies, automation, AI, and robotics. Join forces in the manufacturing industry to investigate best practices for automating back office processes on short term. In order to realize long term development in this area, join forces with government and the financial sector to develop incentives and subsidies to finance investment for implementation of new technologies, automation, AI, and robotics in primary manufacturing processes. This adds to cost effectiveness and makes the industry more attractive for tech-savvy talent. Recommendation 7: Join forces with government’s economic policy makers in order to develop a strateg ic impor t substitution strategy and roadmap for Curaçao. This strategy should be focused on facilitating, stimulating, and promoting the local business in order to generate import substitution w ithout creating market protection or import barriers. The focus should be on increasing local production, creating more diversity in locally manufactured goods, increasing quality of locally manufactured goods, and lowering the costs of doing business. These measures will also directly increase the competitiveness of Curaçao in growing exports. Recommenda tion 8: Join forces w ith government to conduct an extensive study in the complexities of supply and distribution chains for critical goods. Data analytics will provide the necessary insight in the supply chain and will help to make sound policy and business decisions. Greater visibility and coordination across the supply chain will provide valuable insight to work on import substitution, improving cost competitiveness and build a resilient supply chain. Recommendation 9: Government should be requested to address the current tax regimes in order to stimulate and support local manufacturing, keeping in mind the sector’s impact on local employment, import substituting products and generation of foreig n exchange f rom ex por t. A comprehensive tax supporting regime especially designed for local manufacturers should be prepared which should at least include:

• Local manufacturing should be assigned as one of the domestic activities which are taxed at a reduced profit tax rate of 3%; • A more favorable investment deduction of 20% in the first and 10% in the second year of acquisition for investments made in tangible fixed assets which are durable/ energy saving; • T he sales ta x ordinance should be adapted in order to exclude all indirect taxes from the cost of the locally produced goods; • Tax holidays should exclude exemptions for goods which are locally produced, or even include as one of the requirements that a certain % of the investment must include the locally produced goods in order to get a longer or more favorable tax holiday; • T he possibilities of the Caribbean Basin Initiative should be further investigated; where possible, an introduction plan and guidance should be developed.

Recommenda tion 10: Join forces w ith government on developing a durable energy policy that lifts the cost competitiveness of the manufacturing industry, resulting in lower electricity rates and lowers the cost of doing business. Growth of the manufacturing sector will directly benefit the utilities sector. Deloitte Dutch Caribbean and its multi-disciplinary teams can support your organization in a wide variety of services. For more information, please visit our website https:// www.deloitte.com/an/ or reach out using the contact below. JULIAN LOPEZ RAMIREZ Managing Partner Curaçao | Tax jlopezramirez@deloitte.cw +599 9 433 3333 MENNO GEORGE Senior Manager | Strategy & Operations mennogeorge@deloitte.cw

CURAÇAO BUSINESS | EDITION 2 | 2020

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CURAÇAO GAMING INDUSTRY

CURAÇAO GAMING INDUSTRY, A BRIEF INTRODUCTION When asked to write about the Curaçao Gaming Industry, honestly, we had to think twice. On one hand, it is an outstanding opportunity to address an important topic, while on the other hand, it could be risky, given the negative association many people have with the industry. Should that risk be a reason to pass? No, it should not. 28 28 In most industries, there are many people with good and bad intentions, and companies with good and bad performance. Gaming entrepreneurs and companies, including games of skill and games of chance, are virtually as old as mankind with many sides to the story so we decided to embrace this opportunity and highlight some history, changes and developments in this elusive industry. We at PYGG, a capital structuring group also offering corporate services to a select group of clients, in order to be able to offer clients an integrated service, acquired a trust service provider which already accommodated a limited number of ‘eGambling’ companies. As we venture into this industry, we were curious... Curious to find if and how the gaming industry contributes to the economy of Curaçao in a positive manner. And how Curaçao could better use best practices from other comparable jurisdictions, like Malta. The ingredients are here: • T he global market size is expected to reach almost USD 60 billion in 2020, with a compound annual growth rate (CAGR) of 8.77% from 2019 – 2024 according to market research (Mordor Intelligence).

CURAÇAO BUSINESS | EDITION 2 | 2020

• Curaçao has a competitive recognized Sub IP Licensing infrastructure. • Curaçao has state-of-the-art telecommunication infrastructure with 6+ sub-sea fiber cables and high tier datacenters. • C uraçao is rated largely compliant by the Organization for Economic Cooperation and Development (OECD), and offers a friendly financial climate for enterprises that focus on exports or doing business abroad. • Curaçao has experienced trust and corporate service providers capable of managing or representing the Curaçao based eGambling companies, known as the IP Operators. • T here exists a regulatory framework to protect the interest of the public, integrity, and stability of the Curaçao gaming industry. With the publication of the National Decrees dated January 28, 2019, LB numbers 19/0282 and 19/0283, the Gaming Control Board has officially been tasked with the Anti-Money Laundering/ Combating the Financing of Terrorism (AML/ CFT) supervision of the gaming sector in and from Curaçao. By ensuring as much as possible that all gaming is conducted honestly, responsibly, competitively, and free from criminal and corruptive elements, the Curaçao gaming industry can be elevated and contribute further to the economy of Curaçao.

The gaming industry operating in and from Curaçao is held to compliance with the National Ordinance on identification when rendering services (Landsverordening identificatie bij dienstverlening (LID), PB 2017, no. 92), and the National Ordinance on the reporting of unusual transactions (Landsverordening melding ongebruikelijke transacties (LMOT), PB 2017, no. 99). IP Operators are required to be registered with the FIU (Financial Intelligence Unit Curaçao) and report any suspected conflicts with regulations and compliance. IP Operators are legally required to make sure that their terms of service remain compliant with the OECD’s 5th Anti-Money Laundering Directive. Visible sufficient steps need to be taken to prevent manipulation of Know-YourCustomer (KYC) information in relation to accounts of players. Corporate service providers are expected to assist their IP Operator clients taking notice of regulator warnings worldwide regarding transfer schemes, such as Pumpand-Dump, and Pyramid schemes that may potentially harm their end users. Last but not least, IP Operators are required to have and live up to a clearly visible responsible gaming policy, including a self-exclusion clause. The service providers, including trust and corporate service providers, active in the field are aware of that.

CURAÇAO GAMING INDUSTRY

Together with the IP Operators, they verify and assure that the required checks and balances are in place, monitored and effective. The global online gambling market can be segmented: (1) by gaming type into betting, bingo, lottery, and casino; (2) by device type as desktop and mobile; and (3) by geography. The geographical segmentation is as follows:

compliant OECD status, improving regulatory framework and awareness. In addition, the island is close to one of the fast-growing markets, and as part of the Kingdom of the Netherlands, loosely affiliated with the largest and most mature market, Europe. While it is still illegal to offer online gambling in the Netherlands, this is slated to change soon. With a new law estimated in effect as of January 1, 2021, the Netherlands

cost. This ‘new normal’ is defined by restricted services, higher fees, and limited access to wholesale finance. This development has caused economic and reputational damage throughout much of the region, as well as being a point of friction between regional governments and the advanced economies in North America and Europe. According to Toussant Boyce, Head of the Office of Integrity, Compliance and Accountability at the Caribbean Development Bank, there is a ‘new normal’ in terms of Caribbean finance. But it is questionable whether the new normal is sustainable, and if not, it could represent further economic challenges in the region especially when it comes to access to international finance. AML/CFT rules and regulations are now widely implemented with most governments active in the development of a regional body, such as the Caribbean Financial Action Task Force (CFATF), as well as active participants in cross-border investigations. Although the days of free-wheeling financial fraud are (generally) over, the pressure de-risking has caused clearly is not.

The global online gambling market is projected to grow at a CAGR of 8.77%, during the forecast period from 2019 to 2024. Online betting is the fastest growing segment during the forecast period. Artificial intelligence and machine learning have taken over the market. North America remains the fastest growing region in the market. In 2018, the U.S. Supreme Court ruled in favor of New Jersey in the PASPA (Professional and Amateur Sports Protection Act) case and struck down the federal ban on legal sports betting. Basically, this meant that New Jersey and other states could decide independently whether to allow their residents to bet on sports. Nearly two years later, 75% of U.S. states have either legalized sports wagering or introduced legislation to do so. Canada is largely an unregulated country in terms of online gaming, however there is the possibility of changing legislation by the end of the year. Additionally, Mexico is reviewing its gambling laws, with the aim to regulate the online gambling sector to bring it in line with the rest of the global gambling industry. Now let us get back to the question, can Curaçao elevate its profile, position, and benefit from the online gambling market’s growth potential. As indicated earlier, it looks as if the ingredients are there: tested licensing structure, state of the art telecommunication infrastructure, largely

Gambling Authority, the Kansspelautoriteit (KSA), has announced that the Netherlands’ regulated online gambling market will open six months after as of July 1, 2021. However even with many of the necessary ingredients, there is an important piece lacking which used to exist: a sound international payment processing infrastructure. That deficiency is among the root cause why many operational activities and payment flows have left the island. The ‘once upon a time’ good connection between our region and the global banks (payment platform) eroded because of ‘de-risking’. De-risking refers to the restriction of correspondent banking relationships or business services from major global banks to certain jurisdictions due to concerns over money laundering or potential involvement in the financing of terrorist activities. For Caribbean countries including Curaçao, de-risking has been a major economic problem. A survey in 2017 by the Caribbean Association of Banks found that 21 of the 23 banks in 12 Caribbean countries lost at least one correspondent banking relationship.

As we move forward, Caribbean countries should consider greater use of fintech (financial technology) in the region to offset some of the downside risk from de-risking. Fintech generally refers to a business that uses technology to enhance user experience with their financial transactions. What is the upside to using fintech? According to a 2019 IMF working paper, fintech can: (1) reduce transaction and service costs as well as foster financial inclusion and development; (2) enhance financial sector competition and improve intermediation; and (3) support growth and reduce poverty in the region by strengthening financial inclusion, development, and intermediation. PYGG is a merchant banking ‘boutique’ based in Curaçao where corporate finance, securities intermediary and fiduciary services are combined to work seamlessly together under one roof. PYGG professionals provide customized and integrated financing solutions and represent clients in complex and valuable transactions. For additional information on this topic or other financial advice, please visit our website at https://pygg.nl/ or contact PYGG at Curaçao@pygg.nl or +5999 843 7236.

In many parts of the Caribbean, the majority of banks are now reduced to having only one correspondent bank and at an extremely high

CURAÇAO BUSINESS | EDITION 2 | 2020

INNOVATION Ç

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AN UNEXPECTED POSITIVE CONSEQUENCE OF COVID-19

INNOVATION Ç What started two years ago as an innovative idea developed into a creative and ambitious platform, consisting of Curaçao professionals from all over the world. Especially during quarantine, Innovation Ç created inspiring online sessions and motivating presentations, which led to an increasing number of members. The presentations of upcoming entrepreneurs, digital conferences focusing on positive subjects for the island and uplifting blogs are just some ingredients that made this platform grow. The name says it all. Innovation Ç aims to contribute to the socio-economic growth of Curaçao by connecting individuals and organizations in order to build a better future through innovation. Curaçao Business Magazine had the opportunity to interview Luuk Weber and Andy Kirchner, the forces behind Innovation Ç, about the start, present and future of their exciting plans. WRITER: DESI DIJKHUIZEN

Luuk Weber was part of the Caribbean Blockchain Network in 2018, which led him to create an interesting event in December 2018 that brought creative and innovative minds together. “The idea was to present a more personalized version of TEDx (A TEDx event is a local gathering where live TED-like talks and performances are shared with the community and has the mission of ‘ideas worth spreading’.) This young and positive meet up at Landhuis Chobolobo captured so much attention and quickly became bigger than

CURAÇAO BUSINESS | EDITION 2 | 2020

expected. It was important for the innovative speakers to not only focus on the business part, but also to show the audience the emotional and personal challenges that they experienced through the entrepreneurial journey. The cherry on top was definitely the presence of our Prime Minister Eugene Rhuggenaath at our event, something we never saw coming. One of the speakers was Andy Kirchner, who blew the audience away with his impressive story of survival, determination and passion towards life. Little did I know that two years

later our friendship would bloom into a positive and inspiring platform”, Luuk explains at the beginning of the interview. It was that successful event at Landhuis Chobolobo that started to write the first chapter of Innovation Ç. After a pause of a year due to imperfect timing, Luuk decided to continue with this idea to create events that are ‘more than just’ conferences. His goal was to bring innovation, with a Caribbean twist, creating solutions to problem areas.

INNOVATION Ç

And then the unexpected happen. The COVID19 pandemic hit the world and brought global cities to their knees. “The pandemic hit, and I wanted to create something positive out of it, by connecting to the situation and looking at different perspectives. On March 28, Innovation Ç launched the first digital conference called ‘Remote and Thriving’. In this conference, multiple experts provided deep insights and practical tips on how to successfully navigate this stormy period and prepare for the future of digital work. It’s time to turn our collective future around and become more adaptable and resourceful. Andy Kirchner was also part of the presentation team and his professional attitude, calmness and impressive content made me approach him to become part of the Innovation Ç force”, he continues. “I had a really good feeling at my presentation called ‘Mental and physical health: Guidelines for self-mastery’, a topic that is relevant and can’t be dismissed. When Luuk contacted me, my business was dying, Coronavirus was reaching the island and I felt like no one understood me. ‘Remote and Thriving’ was an important step in my journey, by informing other entrepreneurs who were also working at home during these challenging times”, Andy explains. This successful presentation made both entrepreneurs realize that the island was in need of something like this. A huge necessity existed as people wanted to be part of a positive platform, collectively. “It’s not only to inspire others about business tools and entrepreneurial stories, but it’s the personal touch that makes the difference. In Innovation Ç, we focus on the mental

health and emotional, personal traits. People are still unaware just how important mental health is for success”, Andy adds. Especially during the quarantine weeks, it was remarkable that so many entrepreneurs on the island felt the necessity to get their emotions out of their system. After the ‘Remote and Thriving’ conference, Innovation Ç continued presenting several virtual conferences online, for example ‘Creative Mindset and Entrepreneurship’, ‘The Social Connection’, ‘Business as Unusual’ and many more. During all these presentations, entrepreneurs of Curaçao, living locally or internationally, talked about their road to success. During quarantine, these presentations were definitely ‘food for the soul’ to the presenters and the audience. The team spirit, feedback regarding the presentations, love for our island, and positive energy, all gave the people involved the feeling that there is light at the end of the tunnel. Staying positive when the news is doom and gloom can be difficult, even for the most optimistic people. While it is true we need to take the Coronavirus pandemic seriously, it does not mean we have to let it break us. Yes, it is impacting our economy and causing illness worldwide. And yes, we see, hear and read about these topics literally all day. But in times of constant negative messaging, focusing on positive and inspiring news will help keep a positive attitude to move forward with determination and hope.

find comfort in these uncomforting times. To be successful, we need to improve ourselves first. We need to be open to talk about our problems and become better versions of ourselves. The Coronavirus crisis gave us the confirmation that there are so many opportunities online, and through our platform we can feel connected to each other. With Innovation Ç, we are planting seeds together”, Luuk says. Even though Innovation Ç is relatively a young platform, its popularity has grown in record time. The board members are planning to turn the platform into a foundation to also have more partners, members and sponsors involved. “As a platform, we are there for each other. We walk together in this journey by giving Curaçao that positive power it needs. We discuss important matters on economical, social and inspirational levels, by inspiring others to make a change”, Andy says at the end of the interview. Do you want to be part of Innovation Ç? Visit www.innovationcur.com or send an e-mail to hi@innovationcur.com plus follow the platform on social media. 31

“Our world is different now. We are all feeling especially delicate during these times, and it is at times like these that we must be there for each other. We need to take ownership and

CURAÇAO BUSINESS | EDITION 2 | 2020

GRC MISSION CONTROL

PUSHING BOUNDARIES – GRC MISSION CONTROL Governance, Risk and Compliance – or GRC – is the cornerstone of doing business in a smart way. Yet not all companies actively manage and control their GRC processes. And that is a missed opportunity… Let us explain why.

Organizations, both public and private, are focusing on creating business value. And creating value in fact starts with protecting existing value. That is why risk management and compliance management are crucial and exactly what a company’s governance bodies, like the supervisory board, audit committee and risk committee, look for.

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CURAÇAO BUSINESS | EDITION 2 | 2020

By effectively and actively managing your organization’s governance processes, risk management and compliance procedures, you can prevent the occurrence of significant risk events or at least mitigate the impact when they occur. Protecting the organization from being noncompliant with laws and regulations, internal policies or stakeholder expectations is ensured through a solid process control framework that

allows for effective oversight of processes, risks, controls, and overall company performance. GRC is therefore an essential cornerstone protecting your existing business value. Unfortunately, at the same time, we see many organizations with relatively, in some cases even extremely, immature GRC functions and environments.

GRC MISSION CONTROL

As a result, executive management could be unable to effectively govern their organization. Additionally, they could have information wasted, certain business risks overlooked, and issues with supervisory institutions regarding their compliance requirements. THE ASTRONAUTS When we started thinking about how we can support organizations on their journey to mature GRC capabilities, we soon came to realize that we needed to look for an integrated suite of services, with a specific characteristic: technology enabled. While technology is not the holy grail, it is a particularly important enabler of efficiency and effectiveness – as long as it is applied in the right way. So, while keeping in mind the identified disruptions we typically see in GRC processes, we started looking for ways to take these disruptions out of the equation.

This is done from multiple angles. The most important one is mindset. At many organizations across the globe, we see that compliance and risk functions are considered to be “loser roles”. These are typically just not the most exciting functions. Yet, since protecting value is the foundation for value creation, we believe GRC roles should be viewed as the astronauts of an organization. They require vision, strategic thinking, risk awareness, creativity, precision, and ability to deal with the great responsibility that lies in their hands. To support the astronauts, we need technology in order to make their lives easier, facilitate their communication, increase the speed of information flows, and make sure that information can be retained. We therefore partnered with a GRC software provider that helps organizations map their risks and controls while allowing

them to easily create workflows between business operations, risk & compliance management, and internal audit. “EAT YOUR OWN COOKING” “Eat your own cooking” is a principle we have taken as a starting point for our collaboration with technology vendors. When we assess the product to be excellent for our clients, it is excellent for ourselves to use as well. That is the reason why we use such a cloud based GRC platform internally for our own GRC processes. You can imagine an audit, advisory and tax firm is subject to many forms of compliance, regulation, and internal policies. We have embedded these in the GRC platform and defined internal control measures to cover the operational risks we have identified for our organization. Furthermore, the application is our central repository

CURAÇAO BUSINESS | EDITION 2 | 2020

GRC MISSION CONTROL

for process descriptions, so these are easily accessible to our employees. This way, a shared technology is helping our firm perform its services in a consistent manner, helps our team members perform procedures in a common way and helps us speak the same language while effectively addressing our risks and ensuring compliance.

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BENEFITS FROM TECHNOLOGY ENABLED GRC: • Cost savings after achieved efficiencies in GRC processes, reduction of incidents with stronger risk and controls management • A real-time Risk Dashboard presents all summarized risk data graphically and structured with filtering and drill down options • F lexibility in easy-to-use screens that can b e develop ed w ith user-configured workflows • M anagers have integrated insight in their risk domain which contributes to organization w ide risk management awareness and adoption • A pro-active system with automatic alerts which are sent when action due dates are becoming overdue or risk appetite breaches occur GRC MISSION CONTROL An online GRC platfor m w ith dashboard functionality therefore acts as the mission control center of the GRC astronauts. Grant Thornton is continuously tailoring the GRC content in order to be able to provide our clients with close to off-the-shelf solutions for local regulations, such as anti-money laundering and privacy regulations. Additionally, ISO certified organizations will benefit from the technology enabled suite-of-services, since we can tailor multiple frameworks simultaneously within the application. For example, this allows organizations to manage, monitor and report on their cyber security programs (e.g. ISO 27001),

while the compliance officer uses it to monitor KYC, AML and GDPR compliance. With the ever-increasing regulatory burden, expanding internal policies, public judgement and scrutiny becoming more important in the views of clients, employers and other stakeholders, effective risk and compliance management is becoming more essential to businesses every day. We frequently discuss these topics with our clients and always explain that it is absolutely key to be proactive in their approach towards risk management and compliance processes. Because if you are too late in responding to a risk event, you might see an immediate diminishing in business value. And it is much more costly to restore that business value, than it is to prevent or prepare for a potential business threat. Are you prepared? Jan Ludolf Heeres

Roy Jansen and Jan Ludolf Heeres are both partners at Grant Thornton Curaçao. With their complimentary backgrounds in IT, GRC, Finance, Information Security, Sustainability and more, they look at risk from every angle in order to reduce negative impact as much as possible, taking your risk appetite into account. For more information on this topic, please visit the website (www.grantthornton-dc.com) or contact Roy or Jan Ludolf via +5999 430 0000.

Roy Jansen CURAÇAO BUSINESS | EDITION 2 | 2020

CRISIS BANK CURAÇAO

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HELPING THOSE WHO NEED IT MOST

THE CRISIS BANK CURAÇAO “Nos a yega leu, pero nos ta leu for di kla!”, as said by Coraline Kooistra, president of the Foundation Against Child Abuse and translates to “We came from far, but we are far from done!” WRITER: NATHASJA JT PLAIZIER

T he Cr isis Bank wa s for med by the Foundation Against Child Abuse in response to the Coronavirus pandemic that paralyzed the island and world. It is an initiative that provides help to less fortunate families in bad situations, who are now experiencing even more difficult times as a result of the COVID19 crisis. Since its initiation, the Crisis Bank has supported and became a savior to many people in need. The effect of the crisis on the island has been devastating and the work of the Foundation each week is critical.

CURAÇAO BUSINESS | EDITION 2 | 2020

The Foundation Against Child Abuse is a nonprofit organization incorporated 12 years ago, with the main mission to help families and protect those in need. With the unexpected hit of COVID-19, the Foundation felt obligated to urgently form a response team. The Foundation was acutely aware of the food shortages in certain communities and growing threat of hunger by families with children. Coraline Kooistra elaborates on one story, an example of the situations the Crisis Bank

regularly gets confronted with: “It was very late one night, when I received a call from a desperate woman. ‘Ma’am, sorry to call you now, but I need your help. I just received your phone number from a neighbor that saw you on Facebook. I actually want to ask you for food. We already are out of food for a week now. I have a 12 year-old son and a 6 year-old daughter. My husband lost his job and we have nothing left in the house.’ Initially I asked her if it was something that could wait until the next morning as it was

CRISIS BANK CURAÇAO

so late already, but when she started to cry, it broke my heart. I could hear in her voice that she was having a hard time. She asked again if I was sure there was nothing I could do at that moment. I asked where they lived and she answered in Seri Kandela, about 30 km away. I thought ... it’s after midnight, a woman all alone on the street, but I always have extra food at home in case of emergency and my thoughts went to those kids with empty stomachs. I have experienced it myself, so I knew exactly how it felt but for children, it is worse ... they are helpless. They are completely dependent on their parents. The worst thing that can happen to a child is going to bed on an empty stomach or going to school without food. There are too many cases like this in Curaçao at the moment. It was bad already, but with COVID-19, it got even worse. Reconsidering everything, I told the woman I would come and be there in half an hour. She started to cry, and I also got tears in my eyes. When she thanked me, I heard her husband’s voice in the background. He said with joy, ‘e ta bin? ahh ... danki Señor!’ (She is coming? Ahh… thank you God!). When I got there, they were already waiting for me at the gate. ‘Are you coming to bring us food?’, was what the little girl asked. I told her I would bring more food and some toys too. The kids looked awful; weak, thin and with dark circles under their eyes. This is neglect. Neglect by the country!

On the way home, I thought of the kids and the father who once had a good job. How difficult not to be able to provide for his family. In recent weeks, we have received requests from people of all backgrounds, musicians, ex-Giro and ex-Isla, who knock on the door for food. I believe that we all need to be ready for each other as human beings, now more than ever, especially in these difficult times. Let’s do it together, please.” During the COVID-19 period, the Crisis Bank delivered food packages to the families with the least resources and in the most deplorable situations, usually during the day, but in extreme cases as above in the middle of the night. Besides the ‘drive-by, drop-offs’ in different neighborhoods, there were also six days with massive hand-outs on location. Thousands of families were registered and able to pick up packages at the different locations. When the Crisis Bank started, there were packages with edibles only. During the last weeks, they also started handing out beds, clothes, furniture and more when it became apparent that additional supplies were needed. By now the Crisis Bank provides transport, medication and vitamins, plus in various cases resources for the family pets. Without help all of this would not be possible. The Crisis Bank receives donations from

people in Curaçao and the Netherlands. The financial support allows the volunteers to buy all items needed to make packages and transport them. Coraline Kooistra expresses, “We are extremely grateful to everyone that helps us!” In the upcoming weeks, the work of the Crisis Bank will continue but also through their new project ‘Adopt a Family’ where people can register to help one specific family with bills and necessities. The Crisis Bank will also start preparing for the school year, in order to ensure schools receive lunch packages and if possible even school supplies for registered children in need. “Poverty often is the reason behind most crimes, by preventing this and providing needed support, we can prevent a lot of problems in our community”, explains Coraline Kooistra. The Foundation Against Child Abuse continues to work tirelessly protecting children and women of abuse, and through the Crisis Bank, the Foundation ensures as many people as possible receive the help needed. To get involved or provide support, please contact Coraline Kooistra at (+5999) 5221235, kindermishandeling@gmail.com or via Facebook: www.facebook.com/pages/category/Nonprofit-Organization/ De-Crisis-Bank-102035434774044/

CURAÇAO BUSINESS | EDITION 2 | 2020