SINT MAARTEN (COMMENTARY – By Marvio Cooks) - On May 14, 2024, OpenAI proudly unveiled the latest advancements in ChatGPT with the release of ChatGPT 4.0. This groundbreaking update empowers the AI to teach users complex subjects such as math with a natural, human-like conversational style. ChatGPT 4.0 represents a significant leap forward in artificial intelligence, promising to revolutionize the way we learn and interact with technology. As AI continues to evolve, the world is advancing faster than ever before.

Leveraged for St. Maarten

For the first time in history, humanity is unable to predict what the world will look like 20 years from now. The recent strides in artificial intelligence are already beginning to reshape critical sectors such as health and education. To keep pace with these rapid changes, it is imperative that we integrate more STEAM (Science, Technology, Engineering, Arts, and Mathematics) based curriculums in our schools. This includes incorporating STEAM concepts and activities into various subjects to better prepare students for the future.

For instance, in subjects like gym, technology can be used to enhance the learning experience by providing real-time data on students' physical performance, helping teachers to tailor their instruction more effectively. By using wearable devices that monitor heart rate, movement, and other metrics, educators can offer personalized feedback and develop more effective fitness programs. This approach not only enriches the educational experience but also ensures that students are better informed and more engaged in their physical education. This was introduced to the physical educators of Division Public Education and other invited schools during a demo hosted in 2018.

The latest update to ChatGPT offers a unique opportunity for students who need additional support in their studies. With ChatGPT 4.0, students struggling with various subjects can receive personalized tutoring, making education more accessible and effective. This AI-powered tutor can help bridge gaps in understanding, providing explanations and practice that can boost academic performance and confidence.

Creating global citizens requires early investments in developing the minds of the people who will shape the future. As stated by Mr. Cooks, "We have to prepare our workforce, businesses, and government services for the changes that technologies such as AI and automation are making and will continue to make. St. Maarten can’t afford to sit back and arrive late to the ‘party,’ like we have before. Building relationships with regional nations to create collaborative efforts to acquire funding, host awareness campaigns, and draft meaningful legislation. I believe that our country has what it takes to thrive in the new digital world. We just need to start today to safeguard our country’s future."

Marvio Cooks

SINT MAARTEN/CURACAO - The Centrale Bank van Curaçao en Sint Maarten (CBCS) has been upgrading its risk monitoring systems and technical capacities to stay up to date with global developments.

By ensuring a robust risk monitoring mechanism, the CBCS can detect risks faced by our financial system as early as possible. The CBCS' early warning monitoring system (EWMS) is the main tool used to examine systemic Financial Stability risks. Identifying risks in an early stage enables the CBCS to resort to timely policy action.

In addition to the conventional early warning indicators, various forecasting techniques provide the CBCS with insights into how the balance sheets of financial institutions can change in the event of an unfavorable shock.

Moreover, the CBCS is developing a tool to advance housing market research. In this regard, the CBCS uses data analytics to collect supply side data on housing pricing. The insights help to monitor hazards connected with housing market developments and associated risks.

To continue building up the CBCS' capacity to improve risk monitoring, the CBCS, in collaboration with the Caribbean Regional Technical Assistance Center, created a credit risk assessment tool in 2023.

By predicting credit risk, the CBCS can model the impact of macroeconomic shocks on bank asset quality. This allows the CBCS to implement relevant policy actions on time.

In the past year, the CBCS, together with national AML/CFT supervisory agencies, also embarked on a technical assistance trajectory with the IMF to develop a cross-border financial transactions monitoring tool.

With the help of this tool, AML/CFT supervisors can better assess cross-border transactions and monitor money laundering and illicit use of the financial system. More information on our EWMS can be found in the 2024 Financial Stability Report (FSR).

This report presents an analysis of the risks and vulnerabilities affecting the monetary union's financial sector during the previous year. The report presents an informed outlook for each financial sector, while the CBCS' macroprudential framework is highlighted.

Findings in this FSR have been finetuned with input from stakeholders in the financial sector of Curaçao and Sint Maarten.

The 2024 Financial Stability Report is available on the CBCS website at: https://www.centralbank.cw/publications/financial-stability-reports/2024.

SINT MAARTEN/CURACAO - Yesterday, the court hearing of the Hercules case took place, in which two defendants, former civil servants at the Central Bank of Curacao and St. Maarten, formerly known as the Bank Netherlands Antilles, are both suspected of official bribery, forgery and money laundering.

The Public Prosecutor believes that, partly due to their positions, they have enriched themselves and are guilty of criminal acts at the expense of the community of Curaçao.

The public prosecutor demanded unconditional prison sentences of respectively three years and 2.5 years, as well as a removal from office, and a disqualification of, respectively, six years and 5.5 years.

These demands emphasize the seriousness of the crimes committed and the importance of integrity within civil service positions.

Official corruption can have a wide range of negative effects in both the short and long term, profoundly affecting the economic, social, and political aspects of a country.

Fighting corruption is therefore crucial for sustainable development and the well-being of society. The court will rule on the case at a later date.

SINT MAARTEN (GREAT BAY) - Oranje Fonds and Kinderpostzegels are launching the three-year program Strengthening Families Together, for social initiatives in the Caribbean part of our Kingdom. The program focuses on initiatives that support families - children, youth and parents - in vulnerable circumstances.  

“Poverty and livelihood insecurity are major challenges on the Caribbean islands. As foundations, we cannot solve these problems, but we can support initiatives that put their hearts and souls into addressing them.” says Oranje Fonds director Sandra Jetten. “By supporting initiatives that focus on children, young people or their parents, we aim to ensure that families in vulnerable circumstances are not neglected and can participate in society. We have set aside at least 2.5 million euros for the program.  The Ministry of the Interior and Kingdom Relations has made a one-time financial contribution of 500,000 euros.” 

Strengthening organizations   

The main goal of this program is to address problems related to poverty by ensuring that families in vulnerable circumstances are not neglected and they can participate in society. We aim to achieve this goal by supporting civil society organizations that promote equal opportunities for children, support their parents, or combat poverty.  

Through this three-year program, we aim to support fifteen organizations that promote equal opportunities for children and youth, support parents or combat poverty. We will also support the capacity building-infrastructure for these organizations through a number of partners.   

Organizations in Aruba, Curaçao, Bonaire, St. Maarten, St. Eustatius and Saba can apply until July 15th through Samenwerkende Fondsen Cariben. For three years, program participants will receive tools to strengthen their capacities to continue as a sustainable organization after the program.  

About Oranje Fonds  

The Oranje Fonds believes that everyone matters. Therefore, we are committed to a society in which we care for each other, people have equal opportunities and they feel connected with others. We do this by supporting social initiatives. With funding, knowledge and a network. Together we make the difference. Because no one should be left behind.   

About Kinderpostzegels 

Kinderpostzegels is thé charity organization with and for children. We stand for equal opportunities for every child. Unfortunately, too many children are facing problems due to poverty, loneliness, and problems at home. These problems are holding them back in life. Kinderpostzegels is there for these children. Because every child deserves equal opportunities. We provide impactful programs that strengthen children's resilience, near and far away. And programs in which children are enabled to think, act and participate. This is how Kinderpostzegels makes a difference 365 days a year, with and for children.