On October 4-6, 2023, over 800 Fintech leaders worldwide will convene at the second annual Fintech Islands Experience conference at the magnificent new Sam Lord’s Castle Resort. The members of this diverse global community align around a shared mission to leverage emerging technologies to create a more efficient, inclusive, and sustainable economic system. But why have they chosen this venue on the small island nation of Barbados as the place to cultivate partnerships, share insights and build financial technology businesses?
There are many reasons, starting with the bold leadership of The Honorable Prime Minister Mia Amor Mottley. The delicate balancing act for financial regulators in every global jurisdiction is protecting the vulnerable while also fostering innovation that stimulates economic growth and opportunity. In this regard, Prime Minister Mottley sets a remarkable example. In her keynote address at the inaugural Fintech Islands conference in October 2022, Mottley espoused an insightful approach to regulation that weighs whether each emerging financial solution serves the public purpose while avoiding public mischief and discrimination. “It is in the principles-based approach that we find what is fair to you [the Fintech industry] and what is fair to those with whom you are seeking to serve.”
In addition to regulatory environments that provide a sandbox for Fintech experimentation, the Caribbean and Atlantic also present a receptive market for Fintech companies to establish themselves and expand globally. Across a total population of 45 million people, about two-thirds of Caribbean citizens are unbanked, meaning they are predominantly cash-based. Thus it is critical to the region’s economic future to introduce innovative financial solutions that help overcome cultural and historical barriers to transition from legacy methods and spur the adoption of digital tools.
With its dynamic leadership and gateway access to the world, Barbados has a unique opportunity at this pivotal moment in the Caribbean’s Fintech revolution to become the hub for the region propelling the blue and green industries towards a better economy.