Fintech could be a game-changer for financial inclusion, business safety, and regional economic transformation in the Caribbean, if it is developed with inclusion, safety, and equity at its core.
That’s the consensus among central bankers, development economists, and international financial experts who recently explored the issue at a high-level seminar hosted by the Caribbean Development Bank (CDB).
As Caribbean countries confront increased inequality, limited access to credit, and persistent vulnerability to economic shocks, fintech solutions offer clear, practical advantages.
Experts point to technology’s potential to improve access to markets and finances for women-led businesses and micro, small, and medium- sized enterprises (MSMEs), reduce risks for entrepreneurs, and enable the region to leapfrog costly legacy systems.
At a broader level, fintech can support entrepreneurship, expand market access, and fuel regional trade, critical components of inclusive and resilient economies. “Many women-led MSMEs rely on non-bank lenders, credit unions and microfinance institutions, [while] traditional financial institutions often overlook them,” said Ms. Lilia Burunciuc, Country Director for Caribbean Countries at the World Bank Group. “Our experience shows these businesses represent real opportunities. Fintech can help bridge that gap.”
