Telecommunications Infrastructure
Liberalization and Deregulation
Electronic Commerce
E-commerce Opportunities
Beginning in 2000, the development of electronic commerce was added to the responsibilities of the Minister of Finance and the government predicts that e-commerce will join tourism and financial services as a third pillar of The Bahamas' services sector.
Significant for the Bahamas as a financial services center, is a worldwide survey conducted in 2000 by PricewaterhouseCoopers and the Confederation of British Industry that emphasised the important role of electronic commerce. The study found that the financial services industry is the sector expected to be most affected by e-business in the immediate future. According to the study, banking and life insurance will be completely revolutionized.
The Bahamas is setting the stage for expansion into the new service industry of information technology by eliminating government-owned monopolies, the privatization of the BaTelCo and the establishment of a Public Utilities Commission (the independent regulatory body). The government of The Bahamas is seeking ways to expand e-business in the Bahamian economy.
The Bahamas Financial Services Board's E-Commerce Working Group is reviewing draft legislation relating to the enabling of e-business.
Legislation supportive of e-commerce is making its way through the legal system. Earlier this year, the Bahamas Financial Services Board presented the government with an E-commerce Position Paper detailing a strategy for The Bahamas to become a global leader as an electronic commerce and communications hub, including the development of enabling legislation. The Paper led to proposed legislation (Computer Misuse Act, 2000, Electronic Communications Act, 2000, and Data Protection/Privacy of Information Act 2000.
B2C
There are several ISPs that function as portals. While many of the links are advertisements for the brick and mortar shops, there are a few sites offering transactions. Bahamas.net, a privately-held corporation, has one product available for sale, Bacardi Rum Cake. However, the shipping charge of $20 is nearly twice the cost of the product and ordering hours are within the traditional shop-keeping times of Monday through Friday 8 a.m. to 4:30 p.m. and Saturday 8 a.m. to 1 p.m. Bahamasb2b.com offers a dozen products including suntan lotion and computer and personal communication equipment.
B2B
Serving business customers with e-commerce and communicatins solutions is Bahamas On-Line, a subsidiary of Systems Resource Group. Systems Resource Group offers business customers technology solutions including e-commerce application development, virtual private networks, Intranets and Extranet development, mail and messaging, voice and data integration, and project management. Systems Resource Group, The Bahamas affiliate of KPMG Consulting since 1990, has offices in Nassau and Freeport.
PREVISIOBAHAMAS.com has a supplier directory, discussion board, and notification of postings. The company researches and gathers public and private RFP/RFQs of products, services and construction. These requests are listed under procurement codes and can be viewed on site or sent by fax or email. There is no charge to buyers and the annual basic subscription rate is $245. Items on the site include: office furniture and materials and equipment for aviation and the marine industry. Services available include contractors, janitorial services, and travel arrangements.
Bahamasb2b.com, based in Nassau, offers the BahamaShop Marketplace(tm). Services include on-line product catalogs, web site hosting, custom services, and a chat room for business discussions. The virtual marketplace networks buyers and sellers of Bahamian products and services. It allows customers to view and purchase items from different vendors using the same shopping cart. The site offers secure electronic transactions. They accept credit cards and checks online and have open accounts with approved members. Next-day delivery is available to buyers living on New Providence for orders placed before 4 p.m. Delivery arrangements are available for other areas. The shipping rates begin at $5 with a minimum order of $25.
