Priya PatelTLDR:
- Policymakers across the Caribbean region emphasize the importance of advancing financial technology (fintech) to stimulate economic growth and foster financial inclusivity.
- Prominent voices at the Fintech Islands Experience 2024 (FiX24) Conference highlighted the role of fintech in creating job opportunities and improving access to financial services.
- Ministers from Barbados, Bermuda, and Turks and Caicos called for increased support for fintech development and expressed the need to address regulatory and technological hurdles.
Regional policymakers in the Caribbean are showing a keen interest in advancing financial technology (fintech) to drive economic growth and promote financial inclusivity. The Fintech Islands Experience 2024 (FiX24) Conference recently convened policymakers from across the region, who championed the adoption of fintech for its potential to create new job opportunities, reduce poverty, and expand access to the formal financial system.
During a session at the conference focused on sustainable banking, Barbados’ Minister of Economic Affairs and Investment, Chad Blackman, emphasized the importance of collaboration between the public and private sectors. Blackman highlighted the role of the private sector in offsetting the limited fiscal space of governments and contributing to priority areas of spending. He stressed the need for a whole-of-society approach and called on governments to create a regulatory environment conducive to private sector participation.
On the second day of the conference, Bermuda’s Minister of Economy and Labour, Jason Hayward, highlighted fintech’s potential as an economic development tool. Hayward underscored the importance of moving fintech from the fringes to the mainstream. He emphasized its ability to connect individuals to financial services and remove barriers to access. Hayward called on regional governments to support the evolution of fintech, as it leads to business creation, employment opportunities, and improved business operations.
E. Jay Saunders, the Deputy Premier and Minister of Finance, Investment and Trade of Turks and Caicos, focused on the role of fintech in including unbanked and underbanked individuals in the formal banking sector. He acknowledged that regulatory, technological, and financial hurdles need to be addressed to advance fintech in the region. Saunders expressed the desire to foster a Caribbean-owned fintech ecosystem and provide Caribbean entrepreneurs with opportunities for growth and development.
The FiX24 conference, held over three days, aimed to promote dialogue and collaboration among policymakers, industry experts, and other stakeholders in the Caribbean fintech community. By highlighting the benefits of fintech and discussing strategies for overcoming challenges, the conference aimed to advance the adoption of fintech in the region and drive forward economic development and financial inclusion.
