Governor of the Eastern Caribbean Central Bank Mr Timothy Antoine is pushing for the use of innovation and technology to stimulate the economy within the Caribbean region. He is calling on financial regulators to take a collaborative approach and put regulations in place for better use of financial technologies.
The world today has been largely made possible by innovations in technology – more recently the mobile phone and the internet which have made trade and commerce much easier.
While technological innovation can be considered a double-edged sword, if used wisely and correctly, it can help drive awareness and engagement as well as promote convenience which can impact positively in stimulating local economies in the region by looking at cashless systems among other things.
Therefore the Caribbean region should leverage the high usage of smartphones to propel economic growth.
But…is the region ready to embrace such a change both technologically and culturally?
According to Mr Antoine, the region needs to quickly embrace FinTech development.
Due to Fintech, payment, investment and lending innovations are all digitalized, financial services have become much more accessible, and affordable.
Mr Antoine made the comments recently during a panel discussion by the ECCB at which rebuilding Caribbean Economies was the topic of discussion.