Siba changes name to FSA |04 March 2014

Since Saturday March 1, 2014, the Seychelles International Business Authority (Siba) has changed its name to Financial Services Authority (FSA).

The rebranding was officially made during a short ceremony at the Kempinski Resort at Baie Lazare on Friday evening.

It was the Minister for Finance, Trade and Investment Pierre Laporte who had the honour of unveiling the new name and logo in the company of the authority’s chief executive Wendy Pierre. Other guests included members of the National Assembly, the chairman of the FSA board Dr Steve Fanny, board members and representatives of the local business community.

FSA’s logo depicts the ability to fly higher with a paille en queue within a window of opportunity, in a preserved and unique environment.

In a short speech, Minister Laporte paid tribute to what he called the critical engineers who created Siba in 1993 and thanked staff for the organisation’s success.

He said that their work during the last twenty years has resulted into a phenomenal growth in the offshore sector which has now developed in one of Seychelles’ most important economic sectors.
 
This, he said, is testimony to the belief and commitment of the Seychelles government and private business people in the industry which was then new to Seychelles.

The minister added that over the years the industry has faced the challenges it has met with vigour and determination in order to overcome them.

Minister Laporte also announced that FSA will not be a facilitator, but a regulator which will diversify the industry.

“Today we live in a world where we are merely a follower and not a market leader. So we have to adapt to the business environment. The best way to fight it is to adapt to it. With the creation of FSA we have to adapt. FSA will be no longer a facilitator but a regulator. Its role will also be to bring new product to the market and I am confident that the team I have before me here today will deliver,” Minister Laporte said.
 
Mr Laporte ended by wishing success to the FSA and, as finance minister, pledging his support to the new organisation.3

Dr Fanny explained that the change is in line with new emerging trends in international business such as the new norms of business regulations and the new challenges imposed by international regulators.

He added that compared to Siba, which was in the past facilitating international business, FSA will concentrate solely on regulations in terms financial services across the board. These will include insurance, hired purchase, credit sales etc. FSA will also act as a regulator in other sectors such as gambling.

Dr Fanny believes that FSA’s role, whereby it will focus solely on regulations and will not be a service provider, will change the perception that Siba was regulating international business as well as promoting it.

“As a jurisdiction and authority, the FSA has to go inward and make sure that the fundamental jurisdiction is strong in order to provide diversification and value added service. Our objective is to turn it into one of the best jurisdictions in the region, with the philosophy of never ending improvement,” Dr Fanny said.

As Minister Laporte, Dr Fanny was also thankful to Siba staff which he said has achieved great success with the collaboration of all stakeholders especially the corporate service providers.

If Siba had only three employees back in 1994, the organisation had over the years grown to employ a highly qualified personnel of more that seventy persons, all of whom are now part of FSA.
 
Siba has also in a significant way directly contributed to the country’s economy. Last year it remitted 150 million dollars to the government as dividend and paid nine million dollars in taxes.