About the Client

The Belize Companies and Corporate Affairs Registry (BCCAR) is the central authority responsible for business registration and corporate compliance in Belize. Operating under the management of the Financial Services Commission (FSC) of Belize, BCCAR Belize Companies and Corporate Affairs provides incorporation, registration, and post-registration services Companies (including foreign companies), Business Names, Limited Liability Partnerships, International Trusts, International Foundations, and Limited Liabilities Companies.

With the launch of the Secured Transactions and Collateral Registry (STCR), BCCAR expanded its mandate to include the facilitation of secured lending by administering a digital registry for movable property collateral.

The Challenge

Prior to the introduction of the Movable Property and Security rights legal framework and Registry, Belize faced significant barriers in secured lending:

• Limited Access to Credit – MSMEs, which make up approximately 90% of businesses in Belize, struggled to obtain financing due to reliance on immovable assets as collateral.
• Outdated Legal Framework – The absence of a comprehensive and modern secured transactions legal framework limited lenders’ willingness to accept movable assets as collateral.
• Delayed Loan Processing – Manual processes created delays in credit approval and disbursement.
• Challenges in attaining complete transparency – The absence of an online registry for recording security interests in movable property heightened risks for lenders due to limited visibility and tracking capabilities.
• Underserved MSMEs – According to the World Bank, 80% of MSMEs in developing economies face credit access barriers due to a lack of traditional collateral. Belize’s MSMEs, which make up the vast majority of businesses, were affected.

The Solution

In response to the challenges of accessing credit and securing financing, Belize took a significant step forward by enacting the Movable Property and Security Rights Act No. 21 of 2024 (MPSR) and launching the Secured Transactions and Collateral Registry (STCR) on November 25, 2024. This groundbreaking and innovative initiative empowers businesses, entrepreneurs, and individuals by allowing them to leverage a wide range of movable assets (new and used), such as equipment, vehicles, inventory, and intellectual property as collateral when seeking loans from financial institutions or lenders.

The effectiveness of the STCR is evident in its positive impact on enhancing access to finance, strengthening compliance, and improving overall economic efficiency.

Key indicators include:

• Enhanced Access to Financing Opportunities – The newly implemented regime offers businesses, particularly MSMEs, an alternative and more accessible means of securing credit. By enabling borrowers to utilize either new or used movable assets as collateral, this initiative directly addresses the financing challenges faced by MSMEs. As a result, borrowers now have expanded opportunities to access credit, fostering business growth, entrepreneurship, and economic resilience.
• Productivity Gains – The streamlined and electronic collateral registration process reduces processing times for financial institutions, increasing loan approval rates. The digital registry enables financial institutions and lenders to register and conduct searches efficiently, eliminating the need for time-consuming manual processes. By reducing paperwork and processing times, the system accelerates loan disbursements and improves access to credit.

• Legal Certainty and Efficiency – A clear, equitable process for borrowers and creditors reduces risk and ensures fair practices. The Act defines creditor priority in case of default, providing predictability in loan recovery and facilitating dispute resolution. The presence of a secure and transparent registry encourages lenders to extend credit within a regulated environment, reducing reliance on informal lending and ensuring borrower protection.
• Integrity of the Public Record – The digital nature of the registry enhances transparency and prevents fraudulent claims through online searches. By providing real-time access to registered security interests, the system ensures that lenders, borrowers, and regulators can verify information instantly, reducing the risk of duplicate or conflicting claims. The ability to access information services further safeguards the integrity of the registry, ensuring that any modifications or releases of security interests are accurately recorded and traceable. Automated alerts notify relevant parties of the expiration of secured transaction agreements, enabling timely renewals or necessary actions to maintain legal and financial certainty. This level of transparency not only builds trust in the system but also contributes to a more secure and efficient lending environment, fostering confidence among financial institutions and businesses alike.

“Using the STCR has significantly made the way we do business more efficient. Approval times are much shorter than before, and loan processing is faster overall. We now have greater confidence in collateral enforcement.”

• Testimonial from a financial institution representative

“We’ve had no issues with using the STCR from a data entry standpoint so far, and it has had no immediate impact at this time. However, we anticipate that things may change once the Bank finalizes and implements its strategy for utilizing movable properties as collateral security. One of the standout advantages is that the registration of security rights is far simpler than registering a Bill of Sale under the Bill of Sale Act, which has led to faster loan processing.”

• Testimonial from a financial institution representative

Benefits

• Increased Credit Accessibility – MSMEs now have expanded financing opportunities, driving entrepreneurship and economic activity.
• Faster Loan Approvals – The digital registry significantly reduces processing times for lenders.
• Reduced Risk for Financial Institutions – Clear creditor priorities and legal protections encourage lending.
• Improved Economic Growth – Greater access to credit supports business expansion and job creation.
• Greater Transparency – The registry introduces a reliable, transparent system that builds lender confidence and reduces risks, encouraging broader financial inclusion.

About the Secured Transactions and Collateral Registry Vendor: NRD Companies

NRD Companies is a global information technology and consulting group specializing in building trusted digital infrastructure to support economic growth, good governance, and service modernization. The company delivers solutions for governments, registries, tax administrations, financial institutions, retailers, and postal services.

NRD Companies developed and deployed STCR, leveraging its proprietary SECREG© solution. This solution enables financial institutions to register security interests in movable assets, enhancing access to credit and mitigating lending risks. STCRS ensures compliance with international best practices while providing a secure, efficient, and user-friendly digital registry.

Key Components Implemented:

• SECREG© Digital Registry System – A robust, scalable solution designed for real-time secured transaction management.
• Integration with the Online Business Registration System (OBRS) – Ensuring seamless connectivity with Belize’s broader corporate registration framework.
• Regulatory Alignment and Best Practices Consultation – Provided insights on aligning the system with international best practices, including UNCITRAL’s Model Law and IFC guidelines, supporting regulatory modernization efforts.
• Training and Capacity Building – Conducting workshops for financial institutions, government regulators, and end-users to facilitate system adoption.

Quote from the Client

Results

Since its implementation, STCR has demonstrated significant progress:

• Public awareness efforts and simplified digital onboarding contributed to the early momentum, with registrations reaching 360 as of March 18th.
• A wide variety of movable collateral has been registered, including vehicles, equipment, maritime assets, and floating assets (new and used).
• Immediate perfection on security rights upon registration.
• Reduction of loan processing time as reported by financial institutions.

Future expectations include:

• Continued growth in MSME financing as awareness of the system increases.
• Further integration with Belize’s financial ecosystem, potentially supporting a future credit rating framework.

STCR Recognition for Innovation

In April 2025, the STCR project received international recognition by earning a Commendation Innovation  Award at the 2025 Corporate Registers Forum (CRF) Innovation Awards. The STCR was recognized for its contribution to enhancing financial inclusion, operational efficiency, and service delivery in Belize.

This international recognition highlights Belize’s leadership in secured transactions reform and affirms the significant impact of the STCR in driving sustainable economic growth and improving access to finance.

Replicability

The STCR serves as a replicable model for jurisdictions seeking to modernize secured transactions, enhance financial inclusion, and improve credit market efficiency. Belize’s successful implementation offers practical insights for other countries seeking to undertake similar secured transaction reforms.

Key Lessons for Replication:

• Establishing a Strong Legal Framework – A well-defined legislative foundation, such as Belize’s Movable Property and Security Rights Act, is essential to ensuring enforceability and lender confidence.
• Leveraging Digital Solutions – Implementing a centralized, real-time registry improves transparency, reduces risks, and streamlines the secured lending process.
• Stakeholder Collaboration – Early and continuous engagement with financial institutions, regulators, and businesses ensures smooth adoption and integration into lending practices.
• Gradual Implementation – A phased approach allows financial institutions to adapt internal policies and operations, ensuring long-term sustainability.

NRD Companies’ SECREG© solution, which powers the STCR, is a scalable and adaptable solution designed for customization across diverse legal and economic environments. By leveraging global best practices, this digital registry can be successfully replicated in other regions, strengthening financial systems and expanding economic opportunities.

Countries seeking to enhance secured transactions and improve access to credit can adopt and tailor this model to fit their needs, ensuring greater economic participation for businesses and a more resilient financial ecosystem.

United Nations Sustainable Development Goals Addressed 

The secured transactions system modernization directly contributes to several United Nations Sustainable Development Goals (SDGs):

SDG 8: Decent Work and Economic Growth

Expands credit access for MSMEs, fostering job creation, business development, and financial stability.

SDG 9: Industry, Innovation, and Infrastructure

Establishes a modernized digital framework that enhances the efficiency, security, and transparency of secured transactions.

SDG 16: Peace, Justice, and Strong Institutions

Strengthens the financial regulatory framework by ensuring transparency, legal certainty, and trust in secured lending.