NASSAU, Bahamas, August 23, 2023 — Mastercard currently is hosting a financial technology (fintech) summit at Rosewood at Baha Mar aimed at exposing trends in the Caribbean’s fintech ecosystem. Prime Minister Philip E. Davis attended the summit today and posted a collection of photos that we decided to share with readers of BAHAMAS CHRONICLE, which has a huge following among the Bahamian diaspora across the United States, Canada and the United Kingdom as well as in The Bahamas and the wider Caribbean.
The Prime Minister posted the photos with the following narrative:
“Tourism has been The Bahamas’ crowning jewel, but our vision is clear as we enter the future. Embracing digitisation and adapting to stringent global standards, we position ourselves as the ideal hub for emerging Fintech opportunities. As the Fintech sector evolves, we’re committed to ensuring The Bahamas remains at the forefront.”
EDITOR’S NOTE: In an article written by Chester Robards that was published in The Nassau Guardian on July 26, Mastercard announced in a statement that during the summit experts from around the region will expound on their roles “as enablers of national digital agendas”.
Mastercard said those experts will also speak about innovation and the impact of digitalization on financial inclusion, among other topics.
“The event is open to all companies and entrepreneurs in the Caribbean financial ecosystem, including fintech’s, enablers, value-added technology partners, processors, non-profit organizations, venture capital firms, fintech associations, and government and state-owned entities promoting digitalization and innovation,” the statement said.
“Mastercard and AMI’s [Americas Market Intelligence] 2023 report on financial inclusion found that over 100 million Latin Americans (25 percent) accessed digital financial services for the first time since 2020.
“However, 21 percent of Latin American adults (91 million) still rely solely on cash and are not part of the financial system,” the statement said. “To address future payment challenges, ecosystem players should transition from a payment network to a network of convergent transactions involving fintech and other actors. These collaborations contribute to the ongoing digital transformation, which enhances consumer convenience, simplicity, and safety.”
