Gambling. We were present at the Colombian Gaming Market 2019, and on the first day of this event, we had the opportunity to interview David Schwartz who is the president and CEO of FIBA bankers (Florida International Bankers Association).
Mundo Video: Mr. David, you as a foreign entity, what perception does Colombia have for foreign investment?
DS: Well, in terms of foreign investment, I think that you are improving despite the existence of several concerns that do not favor you so much, I think that today we are talking about the private sector of casinos and gambling, together with the challenges and image that you have.
Well, you also have a border there that brings some negative and worrisome perceptions.
MV: Now getting a little more into the matter, how do you see the gambling industry in Colombia today?
DS: I think that you have advanced a lot, and that shows in the acknowledgments you have received from both the regulator and the punctual evaluation, where they are shown the progress you have made in terms of training, or in the war against illegality that It exists in the sector. So that is remarkable without a doubt.
MV: How do you observe the strategies that the sector has taken today to be accepted by the country's banks?
DS: It will always be important to organize and hold congresses of this type, because here not only the sector and its actors come together, but also regulators and banks. We really must talk about these issues, because we must discuss frankly about the challenges and expectations of the industry, I think these spaces are the best way to do it.
MV: What do you think about the stigmatization that the industry has had by the banks, and not opening bank accounts to casino operators?
DS: Yes, the problem is that despite all the progress you have made, there is a pressure that comes from abroad, in terms of correspondent banks, because the casino and gambling sector is considered as a major/high risk sector, so these banks abroad do not want to have relations with high risk sectors, and this is problematic for you.
MV: What other strategy could the industry take to open the doors of the banks, especially with foreign banks?
DS: Well, I would say that you should work much more closely with the banks and the government, force a little more the regulator and the government, because according to what we have seen here at the inauguration of this event it is a very important sector for the country, with all its contribution to Colombia in social terms.
So, I reiterate that you must ask for the help of the government and the regulator, especially with the local banking here, and that will help their image abroad.
