The students of the Business & Economics and the Business Administration Program (majoring in Financial Management) of the University of Curaçao (“UoC”) organized the Wealth Building Seminar on November 17, 2018, at the Auditorium of the University. The seminar served as a fundraising event in order for the students to obtain funds to cover their study trip to New York this year as well as educate the participants on the important of financial literacy. The seminar was chaired by Steven Coutinho.

The event started with words from Christy Hudson, Business & Economics student who came up with the idea to organize this seminar. The first keynote speaker, Edirel Susanna, a lecturer at UoC, discussed the topic of financial literacy and Personal Finance. More specifically he focused on the importance of being financially literate and he also discussed the results from the 2015 S&P Global Survey which provided insights into the financial literacy level in the U.S.

Shekinah Dare from the Central Bank of Curaçao and Sint Maarten (“CBCS”) discussed the topic of Risk and Uncertainty. More specifically one of the definitions of risk which is the effect of uncertainty on objectives. All risk are uncertainties but not all uncertainties are risks. Risk can be measured, understood and mitigated. when talking about financing and investing risks must be mitigated at the very beginning. In addition, it is important to understand that there will always be risks involved when you are investing. There is no easy way to make money instantly when investing. But we regularly see pyramid schemes like the “Flower” which in the end will make you lose your money. In regards to investing she concluded that, if the product sounds too good to be true, it probably is so aware and educate yourself.

Kevin van Trikt from Maduro & Curiel’s Bank (“MCB”) discussed the relationship between risk and return, suitable investments and methods to assess risk tolerance and investment suitability like the MCB tool: www.mcb-bank.com/investment-selector.

The next speaker, our CEO, Renè Römer, talked about the DCSX, investing locally and financial literacy. The DCSX is the marketplace in the Dutch Caribbean where business and investors meet. The players are the investors who require a brokerage account with one of the DCSX brokers in order to invest in a listed company. The listed company is a company that wishes to obtain more capital. The DCSX does not have a direct relationship with the listed company in regards to the listing process. The whole process is guided by one of the registered DCSX listing advisors. The Bond market in the Dutch Caribbean is in development and there are a few local bond instruments listed on the DCSX but there are no local equity instruments listed yet. This is due to the perception that investing in equity is riskier which is not always true. This perception can be changed with financial education: knowing more about financial instruments and how they work. Regarding financial education, the DCSX together with Vertex Investments has been publishing articles in local newspapers “Extra” and “Amigoe” on a bi-weekly basis. These publications are available to you on our website in the education section.

Bharat Bhojwani from the  Curaçao Financial Group (“cfg”) discussed how the bond market works and what is required for a bond issuance. Walter Blijleven provided insights into the successful bond issuance of the Curaçao Heritage Fund.

Up next,  a panel discussion was held where the need for financial literacy was discussed. There are efforts being made to improve financial literacy at a young age like the Money week organized by the CBCS and BDO at primary schools. The CBCS also provides courses to private and public organizations on budgeting and personal finance.

We acknowledge that more needs to be done. in this regards the DCSX together with the CBCS and Vertex Investments are working together on a financial education program for investors and business owners that will be launched in 2019.

The Minister of Economic Development Dr. I.S. (Steven) Martina offered some closing words followed by concluding remarks by chair Steven Coutinho and vote of thanks by Program Director Business & Economics, Guido Rojer. The students managed to raise 45% of the funds required for their study trip.

Congratulations to the students and professors for organizing such valuable information session. We hope to see more in the future.