WILLEMSTAD – The Curaçao FinTech Association (CFA) is urging Parliament to move swiftly on legislation that would establish a formal licensing framework for payment service providers, warning that continued delays are hurting the island's economy and discouraging investment.
In a letter addressed to Parliament President Fergino Brownbill, the association argues that the absence of a legal framework allowing fintech companies to obtain licenses as Electronic Money Institutions (EMIs) or Payment Institutions (PIs) has become a daily operational obstacle with direct commercial consequences for Curaçao's economic growth.
According to the CFA, current legislation does not provide a mechanism for payment service providers operating in Curaçao to obtain these licenses under local law.
As a result, the association says local fintech companies face several competitive disadvantages, including limited access to banking infrastructure, difficulty attracting international partners that require regulatory certainty, reduced access to investment capital, and an inability to build scalable, properly supervised businesses that serve Curaçao's consumers and merchants.
Delays could damage Curaçao's investment climate
The organization stressed that time is of the essence.
"Every additional month of delay prolongs these restrictions and sends a signal to the international community that Curaçao's digital financial sector lacks the regulatory foundation necessary for responsible business development," the letter states, warning that this undermines the island's attractiveness as an investment destination.
The CFA argues that modernization of the legal framework is inevitable, pointing to Curaçao's international obligations and the rapid evolution of the global digital payments industry.
International standards
In many jurisdictions, including the European Union, companies that issue electronic money or provide digital payment services operate under dedicated licensing regimes. Such licenses are designed to ensure consumer protection, financial stability, anti-money laundering compliance and regulatory oversight while allowing fintech companies to compete with traditional financial institutions.
Although the Centrale Bank van Curaçao en Sint Maarten (CBCS) already requires payment service providers, electronic money institutions and virtual asset service providers to register for supervisory purposes, the CFA argues that registration alone does not provide the comprehensive licensing framework needed for the sector to develop and compete internationally.
Push for new legislation
The appeal comes as lawmakers continue discussing the proposed National Ordinance on the Supervision of Payment Service Providers, legislation that the fintech sector considers essential to modernizing Curaçao's financial ecosystem.
According to the CFA, adopting the law would help position Curaçao as a competitive jurisdiction for financial technology companies, attract new investment and create opportunities for innovation while strengthening regulatory oversight in line with international best practices.