EDITION 2021
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LETTER FROM THE PRESIDENT / CHIEF EDITOR
LETTER FROM THE PRESIDENT CONTINUOUS REINVENTION AND PERSEVERANCE The second lockdown in Curaçao, almost a year after the first one, caused even more pressure on the economy in general, businesses, families, and individuals in specific. Having to deal with another, more serious COVID-19 wave with loss of loved ones included, will remain engraved in the memories of many. Some companies were able to learn, adapt, and adjust after the first lockdown, and thus were prepared to implement innovative solutions in their business for the second lockdown using technology and reinvention. Reinventing ourselves and our businesses is key to being competitive, not only in our local market but globally. In a global pandemic, reinvention and perseverance will determine our competitiveness. We need to be aware of our environment, markets, clients, employees with attention to our own health and growth to be able to reinvent ourselves based on the available information. Steering and reinventing is also based on the right information. Having a vast amount of information at our fingertips means also having to deal with fact-checking: balancing “right” from “wrong” information, before using it to take life-changing decisions for yourself or your business. While this edition was wrapped up, Curaçao was approaching 200.000 applied vaccinations (combination of first and second shots). Some island neighbors are already sold out in the hospitality industry in an “old normal” low season forecast. This means we must be prepared using the common hygiene and COVID-19 measures we all (are supposed to) know by heart now, but also be prepared to be the best host to our visitors, tourists, businesses, and potential investors by showing that the challenges of the past year have made us better, more grateful, and also more hospitable to make beautiful things happen in Curaçao. Being successful in emerging resilient out of this pandemic can only be done through concerted team efforts. You are part of the team. We count on your grain of contribution to persevere in achieving new growths for Curaçao. No matter which sector you represent, no matter what position you hold, or even who you are. You are part of the community, the economy, and the future of Curaçao. Billy Jonckheer President Curaçao Chamber of Commerce and Industry
LETTER FROM THE CHIEF EDITOR There is no doubt that the pandemic has changed all of us. While the crisis is not in our rearview mirror yet, we can start to see the light at the end of the tunnel. As the pandemic created many unexpected challenges, we are all eager to turn the corner on controlling this virus and inch closer to the recovery needed across the world. We are continuously reminded how incredibly important our health is for our future, while keeping the island open for commerce is critical for the financial health of our businesses. We maintain our gratitude to every healthcare professional and volunteer who works tirelessly for the benefit and safety of the community and provides the effective and efficient vaccine process to the people on the island. It is important to keep in mind that vaccinations have contributed significantly to human health outcomes for over the past two centuries and continue to be among the most effective methods of protecting people from diseases. The global business community is fundamentally different and will most likely never go back to the way things were before the pandemic. The way many of us work has dramatically changed, and these changes are here to stay. Embracing change does not always come easy and finding inspiration from rising entrepreneurs with their vibrance for life is just what the world needs right now, as highlighted in an article within this edition. While supporting new technologies and innovative solutions, the role of cryptocurrency and blockchain technology continue to expand and develop in the market with a momentum that is exciting to follow. Additionally, the pandemic has emphasized the huge importance of infrastructure improvement and advancement as a critical step towards greater economic well-being, sustainability, and prosperity for the future of the island. Financial professionals and leaders must be prepared to guide businesses to survive and thrive in these extraordinary, uncertain times. As we look ahead to the end of 2021, COVID-19 will continue to keep the world in its grip for the foreseeable future. Curaçao Business Magazine remains committed to continuing to work alongside the business community on the path to recovery with an optimistic vision for a brighter, healthier world. Truly and with gratitude Risa Schonbaum CPA Chief Editor Curaçao Business Magazine
CURAÇAO BUSINESS | EDITION 2021
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INDEX
Rocher Cyrus CPA, CGMA rcyrus@gim.cpa 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 2021
INDEX
PUBLISHER
10
How to Become an All-Star CFO
12
Proteus Update: The International Space Station off the Coast of Curaçao
14 The Future of Infrastructure on Curaçao 16 Stablecoins Are The Future Of Crypto
Why the CMA® is Essential for Finance Professionals in the Caribbean van 18 munster m e d i a
g r o e p
20
Solange Zindzi: From Professional Dancer to Author
26
Perceptions of the Pandemic
28
Coinbase Went Public - Will This Create Further Crypto Differentiation?
34
Curaçao 2030 – A Vision of the Future
36
Spotlight – New Local Business – PonyClub CW
10
In the last year, businesses and clients have thrust CFOs and finance professionals into the spotlight. CFOs are leaned on more than ever to help businesses ‘survive and thrive’ in these extraordinary times.
16
Headlines by Visa are making waves in the cryptomarket and highlight one important trend; the crypto marketplace is rapidly becoming differentiated, with stablecoins occupying a leading position.
With the launch of her first book, Solo Jump, Solange Zindzi began a new chapter in her life and added author to her many talents. A professional dancer born in Amsterdam with Curacao roots; Solange was performing in a world tour when the pandemic came crashing down on the world.
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As we enter the second year of this pandemic, I have been witnessing a lot of what I call “secondary casualties”. Can we even begin to assess the collateral damage of the crisis? It is important to understand the long-term impact on society as a result of current actions either forced or self-imposed to contain the crisis.
26
The twin forces of the Coinbase direct listing, coupled with the continuing bullish run in the crypto market at large, are clear indicators that crypto is situated to continue its breakout year. It may be easy to overlook this in the current market, but the original idea and concept of cryptocurrency was to develop a real alternative to government issued (and managed) fiat currencies.
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Dr. Miguel Goede is a management consultant, scientist, strategist, and one of the people behind Curaçao 2030, a platform that co-creates a vision for the future of the island. Miguel has been observing trends for a long time.
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The ability to understand something instinctively without the need for conscious reasoning does not come naturally to humans with overthinking, analyzing, and judging the world around us. The heightened level of awareness and intuition for animals does not only come naturally but is a foundation for survival. CURAÇAO BUSINESS | EDITION 2021
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. ------------------------------------------------
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CURAÇAO BUSINESS | EDITION 2021
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, DBA, CPA 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. ------------------------------------------------
ALL-S TAR CFO
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HOW TO BECOME AN ALL-STAR CFO In the last year, businesses and clients have thrust CFOs and finance professionals into the spotlight. CFOs are leaned on more than ever to help businesses ‘survive and thrive’ in these extraordinary times.
From forecasts and scenarios to business model transformations and beyond, finance professionals scaled above and beyond the call of duty, outlining the impacts of government relief packages alongside the increasing complexity of tax compliance. But not all finance specialists are playing on the same field or even the same game, according to Hemant Kumar, CFO of SOL-Millennium Medical, a global medical device company, and one of Sage’s Finance Futurists. I sat down with Hemant—virtually of course—to talk about the impact of the pandemic on finance leaders, the future of finance, and how today’s professionals can be better prepared for times of uncertainty.
CURAÇAO BUSINESS | EDITION 2021
THE IMPACT OF THE PANDEMIC ON FINANCE LEADERS A recent article in the Wall Street Journal revealed that more finance chiefs resigned in 2020 than in any previous year. It’s a brow-raising statistic, citing the pandemic and subsequent increase in pressure on the finance and accounting function as a key contributing factor. Additionally, finance leaders felt the toll and rising pressure of accelerating trends in technology, demographics, and regulation. Hemant describes the impact on finance using three buckets, with each bucket signifying a different type of leader that emerged in response to the pandemic.
BUCKET ONE: AHEAD OF THE GAME In the first bucket, finance professionals act as a co-pilot to the CEO and senior management team. Increasingly in the past year, they’ve advised the company on various scenarios as well as new and emerging business models. COVID-19 created the need for extra visibility into the business. With that came mounting uncer taint y and volatile situations where companies were forced to make hard decisions at a moment’s notice, whereas before they’d have more time to evaluate. Helping companies were these proactive, anticipatory finance leaders that led organizations through this pandemic.
ALL-S TAR CFO
BUCKET TWO: STEPPING UP TO THE PLATE The second bucket contains finance experts on the sidelines, waiting for business leaders to come to them before responding in a strategic way. They waited their turn to be called into the game, but once they got the call, they jumped in and added their voice to the conversation. BUCKET THREE: PLAYING CATCH-UP The third bucket holds the reactive individuals of the finance world. They’re so busy trying to keep up, they didn’t anticipate crucial business changes and just handed over the latest financial reports when asked. Those in buckets two and three find themselves being replaced or leaving because of the stress of trying and failing to keep up. This resulted in a lack of relevance and loss of respect across the organization. Simply put, if you don’t have a seat at the strategy table, you might just be on the menu! WHAT SKILLS DOES A CFO NEED TODAY? Hemant describes his finance function as a true ‘bucket one’ setup, with real-time reporting and a lot of data analytics. It has an ERP, eCommerce platform, and data analytics powered by Microsoft BI. He has his finance leaders embedded across the company geographic markets, working closely with the business unit leaders. But what are the core skills needed to be a truly impactful finance leader?
PROFESSIONAL DEVELOPMENT IN FINANCE No matter what level your career is in, research from the Business Learning In s t it ute on the T-S h ap e d Fin anc e Professional will serve you well as you refine your skill set. Hemant points to the key competencies identified in the research. To be future-ready, finance leaders should focus on learning as much as possible. For those in the early stages of their career, he advises: “Don’t think about titles, don’t think about money. Those are important, but making your foundation strong, creating networks which are going to help you in future is the investment one should make, and everything else will follow.” HOW TO BECOME AN ALL-STAR CFO: THREE TIPS FOR UNCERTAIN TIMES • Start with a deep understanding of your business. Understand how it serves customers, its supply chains, and how it makes money. Get to know your customer, and the business leaders you serve in finance. What are they looking for, what do they do with the reports you provide? What more could they do with those reports? • Next, get your finger firmly on the industry’s pulse. Get an understanding of technology and where it is heading. Finance transformation means automation of technical accounting, freeing up time for more strategic and higher value
work, and building your knowledge about the technology driving that transformation will reap rewards later down the line. • Lastly, continue learning without limits. It’s all about education and focusing on the boundary-crossing skills at the top of the T-Shaped Finance Professional chart. Today’s leaders must be constantly learning new skills to add value and increase their relevance in this constantly changing world. Reprinted by permission from BLI (The Business Learning Institute) TOM HOOD, CPA , C I T P, C G M A i s one of the most influential thinkers in the global CPA Profession. He was named the Second Most Influential Person in Accounting by Accounting Today Magazine for the past eight years and a member of the Accounting Hall of Fame by CPA Practice Advisor. LinkedIn named Tom one of their Top 100 Influencers. Tom is also a member of the Forbes Finance Council. He is the EVP, Business Engagement & Growth for the AICPA-CIMA and the Business Learning Institute. He is on a mission to professionalize Management Accounting in the Americas starting with the CGMA credential and the US CPA.
CURAÇAO BUSINESS | EDITION 2021
11
PROTEUS UPDATE
PROTEUS UPDATE THE INTERNATIONAL SPACE STATION OFF THE COAST OF CURAÇAO Progress continues on PROTEUSTM the ambitious undersea exploration project which will be located off the coast of Curaçao close to the Santa Barbara Beach and Golf Resort. In March, a planning expedition, led by Fabien Cousteau took place in order to determine the exact site for the marine research and observation platform. PROTEUSTM will measure 370m2 and contain research laboratories, a video production studio, greenhouse, and living/sleeping quarters for 12 people. On land nearby, a 2,300m2 building will be constructed to house the dozens of people required to ensure operations on the station run smoothly. WRITER: ÚNA JANSEN
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PROTEUSTM is scheduled to be completed in late 2023/early 2024 and will require approximately 25 full-time employees to support operations. Once the marine habitat is built and installed, an estimated 500 visitors are expected to come to Curaçao each year for multi-week stays to assist research and media activities. Curaçao was chosen as the location for PROTEUSTM because of its rich biodiverse marine ecosystems and accessible coral reefs. The project aims to discover new species of marine life, create a better understanding
CURAÇAO BUSINESS | EDITION 2021
of how climate change affects the ocean and test advanced new technologies for green power, aquaculture, diagnostics, and robotic exploration. Curaçao will also benefit from increased visibility through PROTEUS TM ‘s marketing efforts which are expected to include a documentary, designed to encourage increased tourism to the island. A state-of-the-art production studio on PROTEUSTM will also boost the international profile of the island through worldwide live streaming of educational programming and content from
both inside the station and the beautiful waters of Curaçao. Fabien Cousteau, who descends from the renowned lineage of underwater innovators and explorers, commented: “While having explored many coasts around the world, the pristine, biodiverse waters of Curaçao remain a favorite to dive in. I am continually impressed by the people on the island, and I look forward to further developing the initiatives to benefit Curaçao.”
THE FUTURE OF INFRASTRUCTURE
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THE FUTURE OF INFRASTRUCTURE ON CURAÇAO For Curaçao and most Caribbean islands, infrastructure improvement and advancement are an essential step towards greater economic well-being, sustainability, and prosperity, but ensuring the completion of infrastructure investment projects, including the due diligence and financing, is not an easy task. Partnering with an expert and experienced advisor can bring all-important knowledge to deals, help leaders understand plus reduce risks, and highlight how to take advantage of opportunities. André Wright is Executive Vice President of Standard International Group Inc., a New York City-based boutique financial advisory firm he co-founded in 1996 with a focus on revitalizing critical infrastructure projects across the U.S. Municipal, Caribbean and West Africa. WRITER: ÚNA JANSEN
As a longtime partner to country leadership, government groups and regional experts, Standard International Group’s financial advisory services are built around comprehensive financial and credit analysis, local knowledge, and industry expertise with the goal of creating transformative solutions and successful outcomes. Standard International Group creates and shares opportunities with global investors,
CURAÇAO BUSINESS | EDITION 2021
delivers debt and equity capital to sovereign and municipal governments and corporations, all while emphasizing the importance of positive results on a local level. We caught up with André on Zoom where we talked about the future of infrastructure projects on Curaçao. Originally from Chicago, André graduated from Morehouse College and began his career
on Wall Street in the 1980s. With a decade of Wall Street experience and over thirty years of financial advisory and investment banking expertise, André brings a wealth of knowledge to the Caribbean markets in need of good, workable solutions to their most pressing infrastructure problems. Since its establishment, Standard International Group has facilitated a wide range of high-profile and high-impact
THE FUTURE OF INFRASTRUCTURE
infrastructure projects in the Caribbean, including airports, cruise ports, power plants, water, and solid-waste projects.
drive the project. André predicts that we probably will not get back to full market until 2024.
Standard International Group has a longstanding relationship with the Dutch Caribbean, first becoming involved in Curaçao in 2000 when André advised RDK on financing the utility platform at the refinery, facilitating an investment of $200 million. André has also provided advisory services to Curaçao Airport Authority on the Delta Airlines Project and advised on a loan financing of $150 million to Aqualectra which allowed the energy company to make essential upgrades to the power grid and service on the island. Standard International Group has extensive experience in the oil sector, recently facilitating the $220 million refinery sale for the U.S. Virgin Islands and has advised RDK on multiple occasions over the past 15 years. Recently, Standard International Group provided financial advisory services on the $193 million Princess Juliana International Airport Terminal Reconstruction in St. Maarten after the terminal building suffered severe damage during Hurricane Irma in 2017. The firm ensured the airport received the maximum insurance claim payout of $71 million by introducing insurance advisory services provider Willis Towers Watson. They advised on the $50 million loan from the European Investment Bank and a $50 million grant from the World Bank, which combined with $22 million from the Government of St. Maarten in the form of liquidity support, completed the financing required for the reconstruction project. Work is scheduled to begin on the project in 2021. Prior to this, André had already been working with the Princess Juliana Operating Company since 1999, advising on an initial funding in 2004 and their debt restructuring along with an additional injection of $65 million in 2012. The typical project lifecycle for financial advisory in a critical infrastructure project is between 3 and 5 years, depending on what work has already taken place and level of priority on the sponsor’s list, whether that be the government, a public-private partnership, or private investor. Once Standard International Group is engaged, the first step is commercialization (or due diligence), which includes understanding the project’s feasibility, environmental impact, legal and political implications, and most importantly ensuring that it will benefit the community. The next step is to identify
and secure the right capital structure and mix of sponsors and investors potentially comprised of debt, equity, and sub-components. Then, if it is a greenfield project (an entirely new build on an undeveloped site), construction is normally complete within 18 – 24 months. Intentionally remaining a small firm, Standard International Group takes a focused approach to their work, completing just two or three deals per year in order to provide a high level of service and work on high-impact deals and projects that truly transform communities for the better. Additionally, André states, “because of our size, we don’t take on projects that we don’t believe are going to succeed. We’ve been covering the region since 1996 and this is where we focus predominantly.” André notes that the economic climate has been changed drastically by the global pandemic and the increased requirement for remote communication has made the need for digitalization bigger than ever. In addition, he has seen substantial changes concerning risk appetite as investors anticipate interest rate hikes. These will undoubtedly have a knock-on effect on the price of construction materials such as copper, lumber, and crude oil. André anticipates that the increased cost of construction will impact borderline projects, in some cases making them too expensive to complete. Capital is still available, but investors will be more selective than they were before, focusing on projects that will generate a return. Infrastructure projects will still be relatively safe, however developers will need to be able to demonstrate that the demand is there to
He also thinks that the impact will probably be more significant in the Caribbean than in other parts of the world. As the region is not a major focal point for investors and lenders, projects here are more likely to be pushed down the list after the larger countries. Another unknown that will cause delays is a change in hygiene requirements, for example, businesses in the U.S. are being informed that there will likely be changes to air circulation regulations in buildings which will require upgrades to ventilation systems. The last unknown is inflation. At this point, we do not know what that is going to look like, but it will certainly have an impact. Nevertheless, André does not think that it is all doom and gloom for Curaçao. He believes that the island has a lot of unrealized potential and that once political uncertainty has been removed, we will be able to overcome the challenges. “The Kingdom has provided the necessary funds for expansion and there is enough liquidity in the market to keep the market growing for now”, he says. Above all, he asserts that digitalization should be the priority. “In the 1980s it was airports, in the 1990s it was cruise terminals but going forward it is going to be digitalization”. For a community to progress, digital infrastructure is absolutely essential. While Curaçao has a lot of potential, André notes that there have been missed opportunities. As things currently stand, there have been several improvements to the existing infrastructure (such as, Curaçao Medical Center) but not much expansion. For Curaçao to rise to the next level, the island needs to expand telecommunications and broadband, and grow the airport. He believes that in order to secure more investment, Curaçao must provide a stable and reliable infrastructure. “Investors need to know that the broadband is up to the task of supporting 5G communication and that the power will hold up”. Standard International Group has advised clients from all sides of the investment perspective by representing government agencies, institutional investors, commercial banks, corporations, and project sponsors. This experience combined with local knowledge forms the core for Standard International Group to provide the highest standard of financial advice for the most challenging infrastructure projects. To find out more, visit https://www.sig-usa.com
CURAÇAO BUSINESS | EDITION 2021
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S TABLECOIN
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BITCOIN PAYMENTS ARE GREAT, BUT STABLECOINS ARE THE FUTURE OF CRYPTO VISA IS JUST THE BEGINNING Headlines by Visa are making waves in the cryptomarket and highlight one important trend; the crypto marketplace is rapidly becoming differentiated, with stablecoins occupying a leading position. Bitcoin continues to lead the way in terms of crypto conversation, investment trends, and market capitalization, but the reality is a little more complicated than some commentary might have one believe. Especially with the announcement that PayPal is now allowing customers to transact in bitcoin, it is all too easy to assume that is the only main story in the crypto space. WRITER: SEAN STEIN SMITH, DBA, CPA, AS ORIGINALLY PUBLISHED WITH FORBES.COM PROFESSOR, ENTREPRENEUR, CPA, AND ENTHUSIAST FOR EVERYTHING BLOCKCHAIN
Cryptocurrencies and cryptocurrency applications continue to emerge and develop rapidly, but to date the conversation has been dominated by bitcoin. Price volatility (especially upward volatility), of course, does tend to make headlines, draw eyeballs, and lead to increased financial interest as well as conversation. That
CURAÇAO BUSINESS | EDITION 2021
said, more (allegedly) mundane versions of cryptocurrency – stablecoins – look increasingly like the method by which crypto will achieve mainstream adoption and utilization. For the purposes of this conversation, stablecoin s c an b e summ ar i zed a s
cryptocurrencies that are backed, tethered, or otherwise supported by an underlying asset. Stablecoins can be backed or supported by virtually any asset imaginable, but the U.S. dollar seems to be a popular asset to stabilize cryptocurrencies with. This is all well and good, and the stablecoin subset of the crypto space has grown
S TABLECOIN
exponentially since 2018, but what does this mean for the future of the blockchain and cryptoasset space more broadly? One could say that even as bitcoin continues to make all-time highs, and organizations continue to add bitcoin to corporate balance sheets, that the true driving force for crypto moving forward is going to be stablecoins. Let’s take a look at some of reasons why stablecoins are setting up to potentially take the reins from bitcoin as the driving force toward wider implementation and adoption of crypto at large. LOWER VOL ATILIT Y. This can almost go without saying, but the lower price volatility associated with stablecoins is a major benefit that will continue to attract individual and institutional interest. It is difficult to overstate just how important the price discovery process is for bitcoin, both for current holders and for those attempting to integrate bitcoin and other crypto into the wider financial system. Think about this; how many current holders of bitcoin will be willing to actually use bitcoin as a currency, given the recent bull run and the continual making of all time price highs? Stablecoins, if operating as advertised, address this problem successfully. BITCOIN, AND EVERYTHING ELSE. A potential impact of stablecoins actually being used as a legitimate currency option is that the crypto marketplace looks increasingly like it will become bitcoin and everything else. Bitcoin continues to lead in terms of price levels, market capitalization,
investor awareness, and market commentary, but it is starting to look like the rest of the crypto market is evolving beyond just tracking the price of bitcoin on a daily basis. In other words, and while bitcoin w ill definitely have an integral role to play in the crypto market, other applications that have emerged more recently – namely stablecoins – look potentially better positioned to push blockchain and crypto adoption forward. CRYPTO CREATIVITY. Something else that can, and potentially has, been overlooked is that bitcoin – for all of the creativity that is unleashed overall – has not played as central a role to the building out of some of the more recent applications. Namely, decentralized finance (DeFi), and non-fungible tokens (NFTs) are not as
closely connected to bitcoin as they are to stablecoins and other newer cryptocurrencies. In other words, many of the most exciting and interesting use cases for crypto and blockchain more broadly are dependent on a stable underpinning. Stablecoins are looking more and more like the foundation for creative blockchain and crypto applications, specifically because they are the less volatile option. BACK TO THE FUTURE. It may be easy to forget, but the original idea of bitcoin was to create a decentralized and distributed payment system; that has not yet happened. What has happened instead, and a testament to the free market process, is that an alternative (some would say better) version of crypto has emerged in the form of stablecoins. To function effectively as a currency alternative, crypto must be liquid, possess relatively low price volatility, and be integrated w ith established financial institutions. The headlines related to this trend, most notably and recently Visa, seems to indicate that this shift is already happening and is well underway. Crypto applications and use cases continue to mature, expand, and develop in ways that even just a few years ago would have been impossible to predict. That said, one of the most exciting news stories and headlines connected to blockchain and crypto might be that the initial promise of crypto may finally be coming to fruition. Stablecoins, highlighted by the recent pilot launch by Visa, are looking like the future of crypto implementation, and it is a bright looking future for sure.
CURAÇAO BUSINESS | EDITION 2021
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CMA
WHY THE CMA® IS ESSENTIAL FOR FINANCE PROFESSIONALS IN THE CARIBBEAN The accounting and financial workforce are vital components in the constantly shifting business landscapes. IMA® (Institute of Management Accountants) is the worldwide association of accountants and financial professionals in business. Founded in 1919, it is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. I met with Alain Mulder, Senior Director of Europe Operations at IMA® to talk about why the CMA® (Certified Management Accountant) certification has an edge when it comes to financial qualifications. Alain works with a large number of academic and corporate partners who want to offer the certification to their associates and sees firsthand how and why CMA is proving to be a leading qualification sought by financial professionals and businesses worldwide. WRITER: ÚNA JANSEN
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Alain explains that there are a number of reasons why the CMA certification stands out from others. Firstly, it has been around since 1972 and is the only certification to focus exclusively on management accounting. The CMA has a solid and well-earned reputation, and the certification has become the global benchmark for management accountants and finance professionals. CMA earners tend to have sharp business acumen and a more holistic view of businesses which is essential. The CMA brings strategic thinking, applied work experience, and the ability to convert data into dialogue to explain the why behind the numbers. The CMA is a U.S.-based certification, internationally recognized with certified professionals in nearly every country in the world, and in particular, is a market leader in China. Financial institutions have confidence in this certification because they know that every professional with a CMA has been officially assessed on their skills. While some other professional certifications exempt candidates from certain course content based on previous studies, the CMA does not. As a result, employers know that when they hire a CMA, their knowledge and skill are incontrovertible. A recent survey of CMA professionals showed that on average, they earn 58% more than their non-CMA counterparts and that they were significantly less affected by the COVID-19 crisis. The curriculum for the CMA was recently updated to place more focus on technology, providing graduates with enhanced information and communication technology skills to give them another competitive advantage in the workplace. Now, more than 15% of course
CURAÇAO BUSINESS | EDITION 2021
region in the Netherlands, the USA, or globally. CMA graduates tend to work at the larger multinational corporations including major airlines, technology companies, and Big Four accounting firms. CMA skills allow finance professionals to perform at the highest level in today’s challenging business environment. When evaluating professional goals, the CMA qualification can deliver greater credibility, higher earning potential, and boost senior career advancement opportunities.
content is technology-based, including data analytics and blockchain. Alain believes that for finance professionals, IT skills are crucial, and for this reason, IMA also offers a wide range of continuing education courses for current active CMAs, allowing them to upskill in just a few hours with online courses and webinars on data analytics, SCRUM, AI, and more. The nature of business in the Dutch Caribbean makes the CMA certification an extremely desirable qualification for financial professionals in the region as many financial institutions based here are often serving clients abroad. Its biggest trade partners are international, the USA, China, and the Netherlands. As the CMA certification is internationally recognized, the qualification is ideal for people who wish to work outside the
The CMA exam is comprised of two parts covering 12 competencies. There are multiple ways of preparing for the exams. Many candidates choose to self-study, simply registering as a candidate, purchasing review books, and independently completing them. There are also many commercial course providers offering training (usually virtually) and exam centers all over the world. On average, CMA training takes 12 to 18 months from start to finish. Candidates are required to have a bachelor’s degree from an accredited university or professional accounting certification, and at least two years of working experience. Once they have successfully passed both parts of the two rigorous four-hour exams to attain CMA certification, CMAs need 30 hours of CPE credits and annual IMA membership to maintain active status. IMA membership gives members access to a wide range of conferences and seminars as well as resources for continuous professional development. Right now, upskilling is more important than ever. For a full list of courses and more information on IMA, visit www.imanet.org.
Confirmation Fraud Spotlight
How Confirmation helps uncover and prevent audit confirmation fraud Challenge
The recent $2 billion Wirecard scandal is just the latest example of how confirmation fraud continues to negatively impact both audit firms and financial institutions. Confirmation fraud typically involves fake bank statements that indicate a company has more money in the bank than it really does. Often these forgeries, which are surprisingly easy to do, are created by someone at the company. But sometimes bank employees are coerced into providing false information to auditors.
Solution
1.5 million auditors, bankers, and financial professionals around the world trust Confirmation to validate data and identify fraud. Here’s why: • Audit standards state that audit evidence is more reliable when it’s obtained from independent sources outside of the entity being audited. • Because the entire process is completed in our secure online platform, balance information cannot be tampered with before it gets back to an auditor.
“Confirmation fraud has been at the heart of most of the largest corporate fraud cases of the past several decades.” Brian Fox, founder of Confirmation, in a FORTUNE article on the $2b Wirecard fraud
• Confirmation validates all parties in the process. When an auditor uses Confirmation, they can trust the information they get back from the bank. • Our platform helps auditors complete a reliable audit that investors can trust and helps protect banks from lending to a company that’s committing fraud.
Fraud uncovered by using Confirmation
$215 million
7 year
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financial fraud by Peregrine Financial Group (PFG)
multi-million dollar financial fraud by James A. Shepherd
financial fraud by China MediaExpress
Read the story
Read the story
Read the story
One click away Clients are able to simply click a button in their email, instantly authorizing their auditor to confirm account details with their bank.
Better communication Firm-to-client communication through Confirmation results in a clear, digitized audit trail on each engagement.
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SOLANGE ZINDZI
REINVENTION CAN BE THE SPICE OF LIFE ~ LETTING YOUR PASSION LEAD YOU
SOLANGE ZINDZI
FROM PROFESSIONAL DANCER TO AUTHOR With the launch of her first book, Solo Jump, Solange Zindzi began a new chapter in her life and added author to her many talents. A professional dancer born in Amsterdam with Curacao roots; Solange was performing in a world tour when the pandemic came crashing down on the world. No one could have ever expected the abrupt changes that would challenge everyday life and impact every sector of business. The media and entertainment industry came to a complete halt. WRITER: DESI DIJKHUIZEN
As our world is being reinvented, we reco g ni ze th at reinvent ion re q uire s vulnerability, creativity, motivation, and determination. Fortunately, the success stories emerging onto the scene are a testament to the resilience of new entrepreneurs who inspire people to e m b r a c e c h a n g e . S o l a n g e Zi n d z i ’s contagious energy and vibrance for life is just the dose of inspiration the world needs right now.
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Before the pandemic took over life, Solange was on tour with Chayanne, a Puerto Rican pop singer and actor. As a solo artist, Chayanne has released 21 solo albums and sold over 50 million records worldwide, making him one of the best-selling Latin music artists. She was living her dream performing in large arenas and stadiums in over 50 countries. “We were actually on tour when the pandemic started. I immediately opted to travel to Curaçao, the island of my father and siblings. I felt that I needed to go to my second home to process everything that was going on at that moment. Curaçao has that special touch, this island has always been so great to me. After about 10 days on the island, I decided to start writing my book. Just like that.” Solange explains at the beginning of the interview. “I am not the kind of person that will watch Netflix for hours. I need to feel productive and since the moment I started working on this project, I kept focusing on my goals. My motivation was exploding. But it has also been challenging at times. I had to learn about
CURAÇAO BUSINESS | EDITION 2021
SOLANGE ZINDZI
a completely different field, how to publish a book, invest in the project, understand the print options, marketing … you name it!” For some, the pandemic lockdown was a chance to catch up on rest at home, but for Solange, the unplanned quiet time was just the opportunity she needed to fulfill another dream of becoming an author. Within months, she completed her book, Solo Jump, and a year later, she proudly mentions that sales of the English version are growing rapidly, the Spanish version just recently was put on the market, and her audio book is now available online. “Yes, a lot can change in a year! Reaching for goals does take hard work and it is so worth the effort!” Solange exclaims. Solo Jump focuses on the fact that staying open to new ideas and experiences can help you become a stronger, more vibrant person and completely enrich your life. Between the pages of the book, Solange shares her most valuable life-tools to inspire and motivate you to believe in your own abilities and desires to become your own superhero. “My goal for this book is to inspire others so we start forming a community filled with confident people who believe in themselves,
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their dreams, and who dare to Solo Jump through life”, Solange continues. Her powerful and bright character gave her the drive to always work to become a better version in life. “I cannot just sit and wait for things to happen. I am not a ‘what if’ person, I always wanted to live abundantly. You know, when I travelled back to the Netherlands after spending lockdown in Curaçao, I needed to keep working on my book. I went back home to stay at my mother’s place. I spent a lot of time in my childhood bedroom and honestly, it was definitely an emotional ride. As a kid, I had so many dreams in this room and years later, I was wrapping up my own book. As a teenager, English was never my strongest point, but I learned it and even wrote my book in this complicated language. I pushed myself to learn the procedures to
produce my book for the market. I danced for thousands of people, performed in a world tour with an amazing artist, gained friends from all over the world …. I did it, yes, I did it. I want all my readers to also believe in themselves, their strengths and talents. The time is now! The sky is the limit!” The book highlights fascinating and life changing experiences in Solange’s life. Since a very young age, dance influenced and changed her life. Her dream to become a professional dancer took her around the world to major cities of numerous c o u n t r i e s . T h ro u g h h a r d s h i p s a n d disappointments, Solange kept pushing and made her dreams come true. She describes in the book one of her memorable auditions for Beyonce, a near-death experience, her career as a model, love stories and, without
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SOLANGE ZINDZI
hesitating, how she packs her bags and jumps into the uncertainty of life. She hopes to connect with people through the book and help give them the confidence needed to improve their lives.
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T he popularity of Solo Jump and the adrenaline this process gave her, opened a thoughtprovoking door. She has inspiring plan s on the hor izon in the coaching industry, with the goal to encourage people to pursue being their best self. “I was always interested in the idea of coaching others, but af ter w r iting my book, I made the decision to start working on an exciting project. I am currently taking a course to become an NLP (Neuro-Linguistic Programming) practitioner, EFT (Emotional Freedom Techniques) practitioner, Hypnosis practitioner and Certified Life & Success coach. All the positive feedback that I have been receiving on the book makes it easier for me to jump once again into another new chapter of my life. The process of taking distance from my dancing career has been a tough one. Dancing is not just my hobby; it is a lifestyle and will always be part of me. But my world is being reengineered and I am ready to take another leap!”
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PERCEPTIONS OF THE PANDEMIC
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PERCEPTIONS OF THE PANDEMIC As we enter the second year of this pandemic, I have been witnessing a lot of what I call “secondary casualties”. Can we even begin to assess the collateral damage of the crisis? It is important to understand the long-term impact on society as a result of current actions either forced or self-imposed to contain the crisis. Millions of people worldwide have sadly died from the coronavirus, but there has been enormous intangible loss as well. Companies and businesses have shut their doors, people have moved to other countries to find some solace in re-building a life, and relationships have been torn apart. From where I stand as a mental health practitioner, the loss of relationships has been the most unbearable part for people to bear. WRITER: SHRUTI TEKWANI LICENSED MENTAL HEALTH COUNSELOR, CERTIFIED COACH, CHOICE THEORY & REALITY THERAPY TRAINER
Initially when the world locked down, people feared the unknown and longdistance relationships were tested. There seemed to be this energy worldwide that was filled with anxiety, curiosity, a touch of productivity for some. People cleaned out spaces they had not touched in years, they signed up to learn languages virtually that
CURAÇAO BUSINESS | EDITION 2021
they had always dreamed of learning. There was an interest in using this time wisely to do things there would otherwise never be time for. The mentality seemed to be “since I’m stuck at home anyway, I might as well make the best of it”. Then as the weeks went by, almost every relationship in our lives became a long-distance one. If you
had a ritual to have a glass of wine with your coworkers every Friday after work, that ritual stopped overnight and the time with coworkers stopped existing as well. Some made the effort to continue relationships over Zoom and others experienced Zoom fatigue very quickly, making it difficult to continue those relationships.
PERCEPTIONS OF THE PANDEMIC
While catching up with loved ones all over the world on Zoom, I noticed very early on that although we were all in similar situations, we were still experiencing the pandemic very differently. Friends in India were in complete lockdown and not even leaving their homes for groceries because they had delivery services. Friends in the states were working from home and limiting all social contact without the need of consequence from the government. Here in Curaçao, we were restricted to our homes and only allowed to leave for essential activities on our license plate day. All through this, parents and guardians were learning how to support the kids in their lives with distance learning. While that time may seem like it was in the distant past for us islanders, for some the memories have come rushing back in the past few weeks as we have returned to that phase of lockdown. Since it has been over a year that we have lived this new way of life, it has been interesting to look at people’s perceptions. Perception not only creates our experience of the world around us but directs how we act within our environment. Each of us has different experiences and thus different understanding to interpret how to handle the current situation. There are people all over the world who are doing whatever they can to get vaccinated; yet there are those passing up the chance at the vaccine as they do not believe in it or are not quite trusting of it. People are tired of locking down and ask if all of this is worth it if it is inevitable that they could get sick one of these days. There are also people who have stuck to their rituals of safety from the beginning, who have self-quarantined and maintained distance from others. They continue to wipe down groceries with alcohol before bringing it into the house and make sure they keep 6 feet apart from anyone. Who is to say which one of these practices is right?
and they may have their reasons for doing what they do. In that same line of thinking, I know families have been torn apart because of different views. I have many friends who are staying away from their elderly parents and grandparents so as not to expose them. Yet when I speak to the grandparents, some of them are not in agreement with social distancing because they would rather prioritize their mental health over their physical health. They would much rather take the risk and see their families than continue to isolate indefinitely. All through this, I am reminded that we are all individuals who behave in ways in order to get our basic needs met. Some of us have higher survival needs than others, and for a lot of us our need for love, belonging, and connection has really suffered this past year. Just as Curaçao was starting to feel like the pandemic was easing
up a bit, we are forced to prioritize our survival and physical needs before our emotional and mental ones. It is not easy to be kind to people who are behaving in a way that is opposite from what our own values are but keeping in mind that everyone is acting from their own perceptions has been helpful to me. I always have the option to remove myself from a situation if I feel at risk, and in the meantime, I would rather choose connecting with people than disconnecting over disagreements on how to survive this pandemic. Everyone can only be the expert on themselves and no one else. If we all conduct ourselves from a place of kindness and trust we are all trying to do our best, it is a step in the right direction. Contact information: shruti@thrivecorp.org - www.thrivecorp.org
When I think about it from my perception, of course it seems like I am doing the right thing. I am wearing a mask, not hugging people unless I live with them, I traveled only after I was vaccinated and followed all protocols the best I could. I admit it is frustrating and unnerving when I go into a store and see an employee wear a mask that does not cover their nose, or they pull their mask down to talk to me. In my perception that defeats the whole purpose of wearing a mask thus directly exposing me and making me more vulnerable. I try to remember that everyone is doing the best they know how to do given the circumstances. What I think is right is not necessarily right for someone else,
CURAÇAO BUSINESS | EDITION 2021
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COINBASE
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COINBASE WENT PUBLIC WILL THIS CREATE FURTHER CRYPTO DIFFERENTIATION? The twin forces of the Coinbase direct listing, coupled with the continuing bullish run in the crypto market at large, are clear indicators that crypto is situated to continue its breakout year. It may be easy to overlook this in the current market, but the original idea and concept of cryptocurrency was to develop a real alternative to government issued (and managed) fiat currencies. Especially since 2019, with the rapid influx of institutional investment and interest in various blockchain and cryptoasset applications, it would be easy to forecast that the future of cryptoassets is more as an investable asset rather than currency option. WRITER: SEAN STEIN SMITH, DBA, CPA, AS ORIGINALLY PUBLISHED WITH FORBES.COM PROFESSOR, ENTREPRENEUR, CPA, AND ENTHUSIAST FOR EVERYTHING BLOCKCHAIN
Additionally, and perhaps contradictorily, the direct listing of Coinbase – a centralized crypto exchange that 1) holds keys (custody) on behalf of customers, and 2) derives the vast majority of its revenue from trading fees and commissions (like incumbent brokerages used to) – might be the factor that accelerates crypto acceptance and mainstream utilization. Like has been said before, blockchain and crypto are fantasti-
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cally innovative technologies with an array of applications, but some integration and overlap with existing financial structures is going to be necessary. Given these developments, and the success that these events have coincided with, it would be a simple matter to simply expect cryptoassets at large to continue developing as yet another investable asset class.
Simple, but incomplete. The truth is going to be – unsurprisingly – more complicated and multifaceted, so let’s take a look at a few developments that could be spurred on by the direct listing of Coinbase. BITCOIN PLUS EVERYONE ELSE Based on any analysis of the crypto market it should be readily apparent that bitcoin remains a dominant force in this space.
COINBASE
While the cryptoasset space has topped over $2 trillion in market capitalization, bitcoin is a leading component w ith a market capitalization of over $1 trillion by itself. In terms of headlines, investment inflows, and mass market awareness, bitcoin continues to far outpace other individual crypto. Following the direct listing of Coinbase, leading to the increased interest and awareness of crypto by new potential users/investors, it is reasonable to conclude that bitcoin will benefit from these inflows. In other words, it is rapidly becoming evident that the crypto market is becoming bifurcated between bitcoin, and a large number of other so-called altcoins. CENTRAL BANK DIGITAL CURRENCIES (CBDCs) With the recent uptick in commentary and discussion around CBDCs there are a few items it seems prudent to point out. Firstly, governments across the globe will – inevitably – fully digitize and even potentially tokenize existing fiat currencies. Whether this takes the form of a crypto-fiat hybrid or some other format remains to be seen, but the pivot toward digital payments has only accelerated during the last year or so. Secondly, and perhaps more importantly, these CBDCs are going to be a true test of the scalability and interoperability of the underlying technologies managing these
new digital payment options. Invariably, some projects will fail, and those failures will be illustrative in terms of how different nations will proceed moving forward. Lastly, in order for a CBDC to operate as advertised, it is going to need to be accepted both within the originating nation as well as a form of payment in other nations. This means that some of the fears and doubts around political oversight and privacy concerns will definitely need to be addressed to enable broader utilization. Regardless, CBDCs will play an increasing role in the development
and adoption of both digital payments, and potentially blockchain technology. ALTCOIN EXPANSION While altcoins might have a negative connotation in some circles, the reality is that there is going to be an enormous market for an array of crypto products. Stablecoins, clearly, have filled a role for individuals and firms seeking to transact in crypto without the volatility of decentralized cryptocurrencies, but that is only one aspect of the potential alt-coin marketplace. What potentially is more interesting, spurred by the renewed interest in crypto applications and implied legitimacy of being traded on a publicly traded exchange, is the possibility of tokenized assets of all kinds. Setting aside non-fungible tokens (NFTs) for a moment, the opportunities linked to tokenizing both tangible and intangible assets run the gamut from streaming content to commercial real estate. The direct listing of Coinbase is certainly going to make a splash in the equity markets as well as encouraging further investment and interest in the blockchain and cryptoasset sectors at large. Under the surface of these headlines, of which there are going to be many, this direct listing is also potentially a pivotal event in the further differentiation of the crypto marketplace. It remains to be seen just how exactly crypto will evolve and shake out during the rest of 2021 and beyond, but the fact is that the future certainly looks dynamic and innovative.
CURAÇAO BUSINESS | EDITION 2021
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CPA.com and Confirmation RIVIO Clearinghouse RIVIO.com | Brought to the Dutch Caribbean and Suriname by Global International Management LLC – Authorized partner of RIVIO and Confirmation
Digital, authenticated financial information that you can trust
855.855.5CPA | CPA.com/Audit-Confirmations
Experience the benefits of a modern and centralized document repository RIVIO facilitates communication among three distinct groups: CPA firms, private businesses and third parties, such as investors and lenders. The platform offers features and benefits relevant to the needs of each user type. When you request documents through RIVIO, you will experience:
Increased efficiency:
Provides access to a digitalinformation source that allows banks and other third parties to electronically obtain required business financial statements and other CPA-provided documents from their original source.
Improved communications:
Gives banks, regulators, exchanges and other third parties the ability to request documents from private businesses and track the status associated with the documents. It also issues notifications when documents are ready to be viewed, and if there are any withdrawals or changes to those documents.
Reduced risk:
Ensures banks, regulators, exchanges and investors receive an authenticated, unaltered digital document. RIVIO confirms the original sources of documents and protects from the use of fraudulent private company audit reports and financial statements.
While alternatives to email and mail such as online portals and file sharing software offer improvements to manual processes, they lack ways to validate the source of information is from a valid CPA firm and that documents are authentic and unaltered.
Bank Portals
RIVIO Clearinghouse
• Designed for bank to client communications
• Designed for 3 distinct user groups with features relevant to each
• Limited system controls governing document and file exchange • Potential to create bottle necks in workflow situations • Does not validate source of client provided financial documents
• Sophisticated controls regarding document exchange (ability to recall, limit access, etc.) • Validates and authenticates the CPA firm as the source and ensures unaltered documents are provided to 3rd parties • Highest level of security • Facilitates real-time communication
855.855.5CPA | CPA.com/Expense-Management +5999 5200270 | RIVIO.com
Digital, authenticated financial information that you can trust The process for collecting financial documents, including audit reports from prospective borrowers and processing this information within your organization often involves multiple touchpoints and communications. For many, the process can be time-consuming to manage and keep track of. In addition to the manual processes, there typically isn’t a way to verify that submitted documents contain authentic, unaltered information, and were issued by a valid CPA firm. The commonly used methods for exchanging financial information, such as mail and email can
leave documents susceptible to fraud through fabricated reports or altered financial information. RIVIO Clearinghouse, developed by CPA.com, in collaboration with Confirmation, was designed to bring heightened efficiency and security to financial document exchange. RIVIO provides a secure platform that confirms the original source of documents as a valid CPA firm, and ensures information is authentic and unaltered. The online platform offers built-in protections to prevent the use of fraudulent private company audit reports and other types of financial documents, delivering information you can trust.
Here’s how the clearinghouse works. The financial document clearinghouse supports a controlled, one-to-many process for exchanging sensitive financial documents.
Financial documents are exchanged between CPA Firm and Business Client.
CPA FIRM (licensed and enrolled in a Peer Review program)
+5999 5200270 | RIVIO.com
Documents are protected from alteration and source is confirmed as a valid CPA firm.
BUSINESS CLIENT
Business Client authorizes Third Party User access to financial documents.
Documents are protected from alteration and source is confirmed as a valid CPA firm.
BANKS, EXCHANGES, REGULATORS, INVESTORS AND OTHER THIRD PARTY USERS
CPA.com and Confirmation RIVIO Clearinghouse RIVIO is built on the same trusted architecture as Confirmation and undergoes 400+ external security reviews and audits every year. • SOC 1, SOC 2, SOC 3 Examinations • ISO 27001 Certification for Service • TRUSTe Privacy Policy Certified • EU-US Privacy Shield Framework
RIVIO for the Dutch Caribbean and Suriname “With RIVIO, financial institutions, regulators, audit firms and private businesses can easily make the transition to digital financial information exchange with a reliable and trusted platform. This will not only help our region to innovate but will also assist in strengthening our financial services landscape” Rocher Cyrus CPA, CGMA.
RIVIO is brought to the Dutch Caribbean and Suriname by Global International Management LLC – authorized partner of RIVIO and Confirmation
Contact us today With RIVIO, your organization can make the transition to digital financial information exchange with a reliable and trusted platform.
Visit RIVIO.com or email info@globalintmanagement.com or call +5999 5200270 to learn more.
The Globe Design is a|trademark owned by the Association of International Certified Professional Accountants and licensed to CPA.com 855.855.5CPA CPA.com/Audit-Confirmations
CURAÇAO 2030
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CURAÇAO 2030 – A VISION OF THE FUTURE Dr. Miguel Goede is a management consultant, scientist, strategist, and one of the people behind Curaçao 2030, a platform that co-creates a vision for the future of the island. Miguel has been observing trends for a long time. In the 1990s, while working at Andersen Consulting (now part of Accenture), he collaborated on a document called “Creating our Caribbean Future” which was presented in 1997. WRITER: ÚNA JANSEN
The document presented a set of scenarios about life in 2020, most of which turned out to be surprisingly accurate, including the growth of the internet, the development of social networks, cryptocurrencies like Bitcoin, and the massive increase in connectedness across the planet. In 2020, Miguel and a group of colleagues involved in the 1997 project got together to review the document, noting that while they had
CURAÇAO BUSINESS | EDITION 2021
been successful in their predictions, they had missed out on the opportunity to bring about positive change on the island. “We didn’t believe in our foresight”, he says. “There was a vision, but no action”. In 2020, Miguel and the group of like-minded people started creating a set of scenarios for 2030 but this time, with the intention of using these to drive positive change on Curaçao. The Curaçao 2030 document posits four
potential scenarios for the future, depending on how the island responds to COVID-19 and environmental, economic, and social factors. The scenarios are: • Scenario 2.0: a centralized and hierarchical society based on neoliberal principles with limited innovation. • Scenario 3.0: a decentralized society based on neoliberal principles and driven
CURAÇAO 2030
by technology with the primary goal of seeking profit. • Scenario 4.0: a centralized society, driven by technology and data which strives to solve societal problems. • Scenario 5.0: a de-centralized, people-focused society in which technology is used to solve societal problems. Curaçao 2030 analyses each scenario in detail, examining the potential economic and social consequences, the mindsets associated with, and the long-term outcomes of each one. The document identifies Scenario 5.0 as the optimal scenario which will provide the greatest economic and social benefits for citizens of Curaçao. This is based on the principles of the doughnut economic model, a visual framework for sustainable development which combines the concept of planetary boundaries with a complementary concept of social boundaries, developed by University of Oxford economist Kate Raworth. It is also influenced by the Green New Deal (GND), a set of proposals calling for public policy to address climate change and reduce economic inequality. In Scenario 5.0, rainwater collection systems and urban gardening programs increase self-sustainability by allowing people to grow food in their gardens and even on their roofs. Universal basic income replaces social welfare, and the island has an efficient public transport system based on electric vehicles. The economy is data-driven, and cryptocurrency is legal tender. Renewable energy sources provide most of the power, and the ecological system is protected by law. Scenario 4.0 shares many similarities with 5.0 but is more hierarchical in structure while both Scenarios 2.0 and 3.0 are based on a scarcity mentality and fail to innovate or adapt to the future. Should we fail, as a society, to plan and adequately prepare for the future, the outcomes that we are likely to end up with include further inequality, political unrest, high unemployment, and crime, as well as environmental disaster. In order to achieve a positive outcome for our future, Miguel believes that we must prioritize environmental protection, honesty, food production, ICT, and entrepreneurship. Collaboration is at the center of Scenarios 4.0 and 5.0 and to get there, people must recognize their role in society and work harmoniously together to achieve success. Curaçao 2030 identifies a need to move from
Shareholder capitalism, which prioritizes profit over all else, to Stakeholder capitalism which aims to increase the wellbeing of people and the planet. Miguel tells me that when COVID-19 arrived in early 2020, it highlighted the fact that ‘normal’ was the problem and made the need for change more obvious than ever before. According to the Curaçao 2030 document, ‘The pandemic has shown that having a sustainable, well-diversified economy and a well-developed international economic network is needed’. Curaçao 2030 emphasizes the importance of digitalization in all aspects of life. Miguel notes that initiatives such as the recently launched, “At Home in Curaçao” program for digital nomads is an example of how Curaçao can benefit from connectedness. Another important aspect is the involvement of the diaspora in the future of the island. Instead of seeing emigration as a ‘brain drain’, we need to maintain the interest of locally born people and former residents who live abroad in the future of the island. They do not necessarily need to be physically here to contribute. Curaçao 2030 also identifies healthcare, health promotion and wellness as an area ripe for change, highlighting the need for more focus on preventative healthcare and the opportunity for Curaçao as a destination for medical tourism. Miguel believes that it is important to set lofty objectives. “If we shoot for the moon, we might land among the stars”. In late 2020, Curaçao 2030 produced a moonshot doc-
ument. (The term moonshot is inspired by the huge collective effort that culminated in the 1969 moon landing of Apollo, just 8 years after John F. Kennedy’s ‘We choose to go to the Moon’ speech at Rice Stadium.) The document sets out five ‘moonshots’ for the island: • Clean Curaçao is Circular Curaçao • Honesty Curaçao • Food Security • Data-driven Island, ICT Sector • P ro m ot in g E nt re p re n eu r s hip (Fo o d , Recycling) He notes that developments are already underway on some of these moonshots. Organizations such as Carib Algae and Green Phenix are combining entrepreneurship with sustainability, and urban gardening initiatives like Kaya Kaya Urban Garden are showing people that agricultural self-sustainability is possible, even in the center of the city. Miguel is keen to emphasize the fact that the Curaçao 2030 platform is inclusive, and everybody is invited to join. The Vision document is being continuously revised and updated, and those involved meet regularly online and contribute via virtual meetings and forums. Currently, most of those involved are mature people, probably because in many cases the younger generation is busy with their careers and raising families. However, for the program to maximize its effectiveness, it is important that everybody is represented. To get involved, visit the webpage www.curacao2030.net.
CURAÇAO BUSINESS | EDITION 2021
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PONYCLUB CW
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SPOTLIGHT – NEW LOCAL BUSINESS
PONYCLUB CW HORSES AND THEIR SIXTH SENSE - INTUITION. The ability to understand something instinctively without the need for conscious reasoning does not come naturally to humans with overthinking, analyzing, and judging the world around us. The heightened level of awareness and intuition for animals does not only come naturally but is a foundation for survival. While most animals can offer an extraordinary amount of emotional support, horses have unique traits that have made them a top choice for animal-assisted therapies.
Horses are keen observers staying vigilant and sensitive to movement and emotion. They often mirror behavior or emotions, conveying understanding and connection that allows you to feel safe. PonyClub CW originated from the dream of two sisters to work with these amazing creatures and share their gift to provide a real peace of mind with others. Inclusivity, selflove and ‘peace of mind’ are central themes within the PonyClub CW. In society, a lot of pressure is placed on children from an early age and with time that
CURAÇAO BUSINESS | EDITION 2021
pressure only increases. When a person does not meet the standard description of how a person should behave or act, this person will be ‘labeled’. Having both experienced being labeled as children, they understand the trauma it can inflict. Chantal Wiertz, the younger of the two sisters, still experiences being ‘pigeonholed’ every day. “I have autism and I am Miss Universe Curaçao 2020, there is no greater contrast than between these two worlds”, Wiertz elaborates. “I think it is important to show that you can achieve all your dreams, despite having a certain label.”
With her participation in Miss Universe, Wiertz is trying to show the world that someone is a lot more than a ‘label’. “At the PonyClub CW, there are no labels. Everyone is welcome with us and no distinction is made. We celebrate that everyone is unique and help our members with self-love and acceptance”, Wiertz explains. CLASSES Currently, there are classes for kids, starting at age 4, and adults. During the classes, children are taught about horses and the value of
PONYCLUB CW
nature as it is an incredible wonder that can provide inspiration for everyday life issues. Nature underlines the economy, society and even our very existence. During the classes, the focus is on happiness and prosperity, and the way nature can help everyone to obtain these. “As nature is free, it is often taken for granted or exploited. We work with the kids in a way that helps them understand the importance of nature and the benefits nature can provide for them”, Wiertz explains. THERAPY Additionally, therapy sessions are available with the goal of helping people develop skills such as emotional regulation, self-confidence, and responsibility. The technical term for the therapy sessions is ‘equine-assisted psychotherapy’ (EAP). EAP incorporates horses into the therapeutic process, where activities such as grooming, feeding and leading a horse are undertaken supervised by the sisters. EAP can be used in a variety of therapeutic settings and beneficial for people of all ages in the treatment of traumas, depression and PTSD, as well as be effective for autism, ADHD and anxiety. Offering a much different experience than traditional office talk therapy, EAP brings people outdoors and provides an opportunity to use all senses while learning and processing through emotional challenges. EQUINE THERAPY FOR KIDS Equine facilitated psychotherapy can be just as effective with children and teens as it is with adult clients. Equine therapy offers a therapeu-
and meaningful”, Nathasja Plaizier, the older of the two sisters, explains. “EAP allows the kids to work on issues such as assertiveness, confidence, emotional awareness, empathy, impulse control, problem-solving skills, trust in others and themselves, developing and maintaining relationships, and social skills.” It can be easier for kids to process through painful experiences and emotional challenges using the horse as a reference point. The deep connection with the horse allows the kids to maintain a sense of self-awareness, using the horse’s behavior and interactions for feedback and opportunities to check in and process what is happening in the moment.
tic environment that can feel less threatening and more inviting than a traditional therapy office as it can be difficult for kids to open up and process painful emotions and experiences. “We have seen the after effect of a session where kids were able to work through their painful memories. Those moments are hard, but we see improvements in their entire behavior and the way they maintain themselves, which makes those moments so worthwhile
CELEBRATE YOUR UNIQUENESS MOVEMENT Life is about stepping out of your comfort zone and into the person you can be. Start celebrating you, your achievements and goals, but also your setbacks and bad days. They all add up to your uniqueness. This idea motivated the sisters to start the ‘Celebrate Your Uniqueness’ movement. The movement was originally an initiative by Wiertz as a Miss Universe project, where she promoted equality for everyone and showed the world that someone can be more than their ‘disorder’ or ‘label’. To raise more awareness, the sisters started their brand: Celebrate Your Uniqueness with PonyClub CW. Their first accessory is a bracelet with ‘Celebrate Your Uniqueness’ written on one side and ‘PonyClub CW’ on the other. The bracelets are a reminder for the ones wearing them, that they are unique and should celebrate it. The movement is based on the principle that no one should be excluded and everyone has the same value. FUTURE PonyClub CW is busy planning more activities and the sisters are actively working on expanding their merchandise to a clothing line and accessories. The expectation is to expand further in the upcoming months as the sisters are currently working on building their own ranch, where they will live together with their horses and other animals. Some activities to be expected are vacation packages, birthday parties, pony-camp, more forms of therapy sessions and different types of classes. More information about PonyClub CW can be obtained via social media, e-mail (ponyclubcw@gmail.com) and Whatsapp (+5999) 6984220.
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