BRIDGETOWN, Barbados, CMC—The Barbados-based Caribbean Development Bank (CDB) said Tuesday it will convene a high-level seminar to explore how financial technology (Fintech) can help address the Caribbean’s financial exclusion challenge.
The region’s premier financial institution said that with up to 30 percent of the Caribbean population still unbanked, the June 12 event forms part of its broader effort to support the development and adoption of Fintech across its 19 Borrowing Member Countries(BMC) as a pathway to improving financial inclusion and economic participation.
It said that the “Fintech: Finding the Balance Between Disruption and Creation” will be held during the 55th Annual Meeting of the CDB’s Board of Governors in Brasília, Brazil.
The CDB said that the push comes as women, low-income earners, and rural communities continue to face barriers to accessing banking services, credit, and investment, constraining inclusive growth and development across the region.
“Fintech is important for national and regional entities that may be constrained by tightening fiscal space, falling international and donor partner support, and concessional financing while facing increasing demands for innovative and modern public service delivery,” said Christine Dawson, Acting Director of Economics at CDB.
“This seminar will spark dialogue on the necessary adjustments and support required for the successful modernization of regional financial services and systems,” she said, adding that “Fintech can also reduce financial frictions, improve the efficiency of financial markets, and boost financial inclusion by lowering transaction costs, thereby enhancing the ease of doing business in the Caribbean.
“Therefore, we will also discuss the potential benefits of integrating Fintech within the regional development strategy and Caribbean ecosystem, particularly for micro, small, and medium-sized enterprises and marginalized communities, and to raise awareness around the structural and policy changes that will be required to support such integration,” Dawson said.
The slate of expert panelists includes Mrs. Lilia Burunciuc, the World Bank’s Country Director for Caribbean Countries; Allision Hunte, the chief executive officer and co-founder of Fintech Islands; Mrs. Carolina Pancotto Bohrer, the head of the Financial System Organization Department at Banco Central do Brasil; and Timothy Antoine, the Governor of the Eastern Caribbean Central Bank (ECCB).
The CDB said that the discussion would explore the enabling role of digitalization, highlight Brazil’s experience in advancing Fintech, and examine the resources, partnerships, and enabling policies needed to scale up digital payment systems and other innovations across the Caribbean.
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