#BTColumn – Catalyzing the C’bean Fintech Industry
Disclaimer: The views and opinions expressed by the author(s) do not represent the official position of Barbados TODAY.
By Alicia Nicholls
A few months ago, I wrote an article arguing that Barbados had many of the key ingredients necessary to become a future global fintech hub as part of its post-COVID-19 economic diversification strategy. Since I wrote that article, the need for small Caribbean developing countries to diversify their economies has never been greater. Fortunately, an upcoming private sector-led event called Fintech Islands is taking a critical step towards strategically positioning Barbados, and by extension the Caribbean, as a key player in the burgeoning global fintech space.
To understand the importance of this event, context is key. After three long years, the COVID-19 pandemic appears to be coming to an end. However, as the International Monetary Fund (IMF) outlined in its July 2022 World Economic Outlook Update, several shocks have hit an already pandemic-weakened global economy and made the outlook for the rest of 2022 “gloomier and more uncertain”. Also, tourism, the lifeblood of most Caribbean economies, is facing the headwinds of a recession in Britain battling high inflation and a falling pound. This development could have a negative impact on both winter arrivals and spending from one of the region’s most important tourism markets.
Building resilience to help combat these headwinds requires diversifying into higher value-added sectors that offer opportunities to earn greater foreign exchange, generate meaningful, high-quality jobs and improve the overall well-being of Caribbean citizens. Barbados’ quest to position itself as a global fintech hub is part of such a strategy.
Governments alone cannot create a fintech hub. What all the world’s most successful fintech hubs boast is an ecosystem that includes decision makers, regulatory authorities, firms, entrepreneurs and financial service providers. In this way, three enterprising diaspora-based Barbadians – Allison Hunte, Peter Stoute-King and Curt Persaud – formulated the vision to host a world-class fintech event in the Caribbean that draws influential speakers and attendees from around the world. Their team was rounded out by senior advisors William ‘Billy’ Griffith and Andrew Morris. They further collaborated with an A-list of partners to put together what promises to be a truly revolutionary event in the Caribbean fintech space to be held on 5-7. October 2022.
Fintech Islands will be the first high caliber global fintech event to be held in Barbados. The mix of over 100 renowned speakers provides fertile ground for the world’s most forward-thinking fintech minds to exchange ideas, experiences and expertise and offer solutions on how fintech can meet some of the development challenges of our time – financial exclusion, poverty, climate change, gender inequality and the like.
Named one of the Times’ 100 Most Influential People of 2022, Prime Minister of Barbados, Hon. Mia Amor Mottley, will be a special guest and provide welcome remarks at this inaugural event. While testifying before the United States (US) House of Representatives’ Finance Committee in September, Prime Minister Mottley had made an impassioned plea about the ways in which the de-risking practices of major US banks were harming the ability of small states to engage. cross-border trade and their investment attraction. For example, she had highlighted the situation of the unbanked and what the lack of access to banking services has meant for these people on a micro level. It is increasingly recognised, through global examples such as Kenya’s M-Pesa for example, the ways in which fintech solutions can tackle financial exclusion and promote philanthropy and financing for development.
To be sure, while Barbados may not become a fintech hub overnight, the many rich and insightful discussions over the next few days could be catalytic for the Caribbean fintech industry for the following reasons.
Firstly, as policy makers and regulators will be among the renowned speakers and participants, there will surely be the opportunity to learn from other countries and share best practices.
Secondly, the event, through its diverse panels, will bring participants to inform about all the exciting things happening in the region’s fintech space, promote fintech innovation and adoption and showcase the region as an attractive place for fintech start-ups and investments. Some of the sessions actually feature fintech entrepreneurs who have decided to base their business here in the Caribbean and who will share their experiences and reasons for investing in the region.
Third, the event provides young fintech entrepreneurs, content creators, industry analysts and those with a general interest in the field a space to meet, network and learn from thought leaders in this landscape.
Fourth, the event will demonstrate that Barbados and the Caribbean can be a choice location to host a world-class fintech event. Like Money20/20, CoinDesk Consensus and the Singapore FinTech Festival, a successful Fintech Island here in Barbados could potentially prove to be a “must attend” event on the calendars of the who’s who of the fintech landscape in the near future.
Alicia Nicholls, B.Sc., M.Sc., LL.B. is an international trade consultant and founder of the Caribbean Trade Law Blog: www.caribbeantradelaw.com.
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