The Caribbean is witnessing a financial technology (fintech) revolution driven by a diverse array of start-ups, regulatory shifts, and international partnerships.
That is the assessment of Allison Hunte, co-founder and chief executive officer (CEO) of Fintech Islands.
Fintech Islands is returning to Barbados from January 22 to 24 with the third edition of Fintech Islands Experience (FiX25), which will be held at the Sam Lord’s Castle Wyndham Grand Barbados Resort.
Hunte said that since launching FiX, there was evidence of increased interest in advancing the fintech industry. She added that several regional heads of Government cabinet ministers and central bankers, as well as international fintech CEOs and developers, are already confirmed to speak at FiX25. “We are seeing growing registration numbers and increased participation each year and are confident that FiX has established itself as a fixture in the global fintech landscape,” she said. “With attendees and speakers from around the world, including Europe, North America, South America, Africa, Asia, and the Middle East, FiX is helping to showcase the Caribbean as a centre for financial innovation.”
Hunte referenced a report prepared by the Inter-American Development Bank and Finnovista, which stated that the number of active fintech companies operating in Latin America and the Caribbean increased by 340 per cent between 2017 and 2023.
With the number of companies growing from 703 in 18 countries to 3 069 in 26 countries, her view is that the Caribbean
is undoubtedly poised for further growth in fintech services.
“We have numerous examples of fintech advancements in countries such as The Bahamas, Jamaica, Barbados and Trinidad and Tobago, through the development of e-payment systems, digital wallets, central bank digital currencies, peerto- peer lending platforms, fintech innovation hubs and regulatory sandboxes through which fintech innovation can be tested,” Hunte stated.
She continued, “Clearly, the Caribbean has recognised that fintech is a critical tool for financial inclusion and can create new job opportunities and spur economic growth. “Additionally, our region offers a strategic opportunity for global fintech players to use its regulatory sandboxes as an experimental space, allowing them to refine and perfect new technologies before expanding them on a global scale.”
Hunte said FiX25 aimed to bring together a community of disruptive and innovative leaders who are redefining financial services under its core pillars – entrepreneurship, policy, and talent.
(SC/PR)
