FinTech Enhances Digital Payment Solutions

Many Caribbean economies have been grappling with how best to leverage technology to solve the challenge of costly and inefficient payment services, including for cross-border transactions. Remittances and other funds being sent from one island to another island, that can be virtually seen on the horizon just across the water’s edge, tend to be routed through an extra-regional counterparty bank for onward settlement to the recipient in a neighbouring island. Not surprisingly, while there has been the moderate adoption of embryonic FinTech solutions, this has predominantly concentrated on payments innovation.

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