Minister says legislation is not yet in place to properly engage platforms like Revolut

GREAT BAY--Minister of Finance Marinka Gumbs says government intends to advance new financial-sector legislation to support modern payment services and strengthen consumer protection, after public reporting indicated that major digital payment platforms are not currently pursuing the St. Maarten market due to commercial viability and scale.

The Minister stated that a core constraint is legislative. She noted that St. Maarten needs an updated framework to properly engage and regulate modern payment platforms, and to ensure that any expansion of digital services occurs within clear rules that protect consumers and uphold compliance standards.

The Minister acknowledged recent statements by the Central Bank of Curacao and St. Maarten that the market’s small size remains a hurdle for platforms such as Revolut and PayPal, and said St. Maarten must also address its domestic regulatory readiness in order to credibly engage international fintech providers.

The Minister also pointed to long-standing public frustration over high commercial bank fees and limited transparency around fee structures, and said she intends to introduce legislation that would, for the first time, provide Central Bank of Curaçao and Sint Maarten with a clear legal mandate to oversee and regulate banking transaction fees, including the ability to set boundaries where needed.

According to reporting on her earlier parliamentary remarks, the Minister has indicated that neither the central bank nor the Minister of Finance currently has the legal authority to cap or directly regulate these fees, and that new draft ordinances are being finalized to close that gap and strengthen consumer protections.

The Minister said the intended approach is to take the necessary draft legislation to Parliament of St. Maarten, positioning the reforms as part of a broader effort to modernize the payment landscape, improve transparency, and reduce friction for residents and businesses seeking practical online payment options.

‍