A high-level financial industry conference held on Monday has thrown the spotlight on a major hurdle in Seychelles’ international finance sector: the growing disconnect between corporate service providers (CSPs) and local banks.
Hosted by the Seychelles International Financial Services Association (SIFSA) at the Seychelles National Museum, the event brought together regulatory authorities, financial institutions, and key private-sector players to address a challenge that’s quietly crippling the country’s reputation as an offshore hub—limited or denied banking access for Seychelles-registered companies.
Despite Seychelles’ ongoing efforts to align with global tax transparency and compliance standards, industry stakeholders voiced concern that legitimate international business structures are still facing difficulties in opening and maintaining local bank accounts.
“We are working tirelessly to strengthen our regulatory framework,” said one participant, “but that effort needs to be matched by financial institutions that are willing to facilitate legitimate business.”
The conference emphasized the urgent need for collaboration between CSPs and banks, with calls for more risk-based, not risk-averse, approaches in customer onboarding. Several speakers warned that if this issue is not addressed swiftly, Seychelles risks losing ground in the competitive global financial services market.
Beyond grumbling over red tape, the conference had a clear message: if Seychelles wants to remain relevant in the international financial arena, it must ensure that banks are part of the solution—not another barrier.
As the country looks ahead to tighter compliance rules and rising global scrutiny, stakeholders are hoping this conference will mark a turning point—where dialogue turns into tangible banking support for Seychelles’ non-banking financial sector.
