All customers are welcome, local and foreign, at WIB

Windward Islands Bank has consolidated its strong presence on Sint Maarten by appealing to a cross section of society.

Windward Islands Bank, the largest on Sint Maarten, is led by Daisy Carolus who is overseeing a greater digital presence and a continued push to ensure island residents and expats are well served.

Can you introduce the bank to our readers and explain its structure?

Windward Islands Bank (WIB) opened its doors in 1960, making it the oldest indigenous bank in Sint Maarten. This year, we are proud to celebrate 65 years of service. WIB is part of the Maduro & Curiel’s Bank (MCB) Group, which is our majority shareholder. Another key shareholder is Scotiabank from Canada, holding 49% of shares. Originally, WIB operated as an independent entity, but in 2022, the MCB Group streamlined its legal structure by merging us within MCB. Since we share the same regulators under the Central Bank, this restructuring made operations more efficient. However, I continue to run the bank independently with my team here in Sint Maarten.

We have three branches and 20 ATMs across the island, along with point-of-sale machines in many businesses, ensuring convenient access to banking services. Our online banking platform further enhances accessibility for our customers.

Despite strong competition, we remain the largest and most trusted bank on the island—a position we have maintained for over six decades. While banking products worldwide have become commoditized, what sets us apart is our strong balance sheet and prudent management of assets and customer deposits. Our financial strength and responsible investments instil trust in our customers, both locally and internationally.

What is your assessment of Sint Maarten’s digitization and its financial services and initiatives?

Sint Maarten remains a largely cash-friendly society, which has naturally limited the rapid adoption of digital banking. However, significant progress has been made, and today, all banks on the island offer digital services. One major milestone is that no banks in Sint Maarten use cheques anymore—a clear sign of digital evolution.

At WIB, we are taking proactive steps to encourage digital adoption. We recognize that some customers may feel hesitant about online banking, so we focus on education (maybe: providing training, awareness and accessibility is a better use of words?) and accessibility. We offer specialized courses for clients over 65, offering them hands-on training to build confidence in using online banking. Additionally, we run infomercials and demo videos on how to use our point-of-sale machines, ATMs, PIN management, and making transfers.

Our goal is to make digital banking seamless and secure for all customers. While Sint Maarten is still transitioning toward a more digitized economy, we are committed to ensuring that no one is left behind in this transformation.

In October 2023 you unveiled a Mastercard debit card called Bankomatiko+ which promised numerous benefits. How has it been received?

The response has been overwhelmingly positive. Previously, customers used Maestro cards, which had some limitations. The biggest change with Bankomatiko+ is that users can now make online purchases, book hotel reservations, and use their debit cards worldwide—something that was not possible before.

Phasing out the Maestro card was a significant move. These cards officially stopped working on February 17, 2025, ensuring that by then, all customers had transitioned to Mastercard debit. The ability to use debit cards internationally has been a game changer for our clients, and the feedback has been fantastic.

A new currency (XCG) was recently launched in April 2025 jointly between Curaçao and Sint Maarten. How close are your two countries economically and will both benefit?

While Curaçao and Sint Maarten share the same financial regulator, their economies operate quite independently. Within the Dutch Caribbean, Sint Maarten, Saba and Sint Eustatius the islands are more interconnected logistically, while Aruba, Bonaire, and Curaçao form a separate economic cluster. The introduction of the Caribbean guilder won’t drastically change daily life in Sint Maarten. The primary benefit is that the new currency will have enhanced security features, making it much harder to counterfeit. However, the guilder exchange rate remains unchanged and pegged to the U.S. dollar, so there is no financial disruption. In Curaçao, the impact will be more noticeable because the Netherlands Antillean guilder is used more widely in everyday transactions. In contrast, Sint Maarten already operates in U.S. dollars about 80% of the time. The island's economy is heavily influenced by tourism, particularly from the U.S., which explains the widespread use of dollars. The transition to the Caribbean guilder will be smooth, but it won’t significantly alter how people in Sint Maarten conduct their financial transactions.

What are the key factors shaping the economy in the medium term and how is your bank navigating these factors?

One major factor is the high cost of real estate. Sint Maarten is a small, hilly island, which limits available land and drives up property prices. Additionally, many high-net-worth individuals from abroad are purchasing property here, further increasing real estate values. While this brings investment, it can also make homeownership challenging for locals. To support the market, we provide mortgage loans for both residents and non-residents, ensuring that individuals and investors alike can access financing. Additionally, Sint Maarten is highly open to foreign investment. The government is working to stimulate economic growth, though it is still early to measure the full impact of new policies. Americans, in particular, can obtain residency permits relatively easy, which makes the island an attractive option for expatriates and investors. At WIB, we see ourselves as a key player in supporting this economic activity. Whether through business loans, real estate financing, or digital banking services, we aim to facilitate growth and investment on the island.

With a global emphasis on environment, social and governance (ESG), how do you put these goals into practice in your own bank?

Sustainability is a priority for us, and we have taken concrete steps to integrate ESG principles into our operations. On the environmental front, we offer preferential loan rates for customers purchasing solar panels and electric vehicles, encouraging greener choices. We have also partnered with Green Dream to install recycling bins in all our buildings and educate employees on environmental responsibility. During Carnival, one of the island’s biggest events, we launched an ESG awareness campaign through radio and social media. We focused on waste recycling, protecting one’s hearing from loud music, and promoting sun safety—small but impactful steps to encourage responsible behavior. Operationally, we are upgrading to energy-efficient equipment, LED lighting, and implementing sustainable practices to reduce our environmental footprint. Socially, we align with several UN Sustainable Development Goals, including poverty reduction, quality education, and good health and well-being. We also run cybersecurity awareness programs to educate clients on phishing threats and online security. For us, ESG is not just a corporate responsibility—it’s about making a lasting positive impact on the communities we serve.

What would be your final message for our readers about Sint Maarten?

Sint Maarten is the jewel of the Caribbean. It is a unique and vibrant island, and I invite everyone to come and experience it for themselves. Whether for business or leisure, Sint Maarten offers a welcoming environment, and WIB is here to support you with our 20 Bankomatiko/ATMs, convenient branches, and exceptional banking services. For investors, I would say that Sint Maarten is a place where your investments will stand the test of time. The indicators are positive, and the island remains a thriving hub for tourism, business, and real estate.

Read the full report here: https://panorama.uk.com/reports/SintMaarten_report_2025