Digital payment solutions will be in focus at this year’s FinTech Island Experience (FIX24) conference.
In its second year running, the three-day event which is being held at the Wyndham Grand Barbados, Sam Lord’s Castle Resort has gathered FinTech start-up businesses from all over the world to find ways to solve problems within the sector.
Co-founder of the FinTech Island Experience, Curt Persaud, emphasized the importance of nurturing start-ups in the FinTech industry.
He noted that young and nimble businesses play a crucial role in generating innovative ideas to address everyday challenges, particularly in the realm of banking transactions.
“Start-ups, believe it or not, are where problems get solved,” Persaud explained. “They’re very nimble and figure out things quickly because they don’t have the burden of big corporate structures. They try to find the most efficient, direct way to solve a problem, leading to creativity and problem-solving.”
He said that FIX24 has doubled down on its support for start-ups and is providing a platform for these innovative companies to showcase their solutions to investors and mentors.
Persaud believes the conference will pave the way for the development of digital banking, offering more streamlined and self-service options for day-to-day banking activities.
He is of the view that focusing on digital transactions, especially wallet-to-wallet transfers, will alleviate the current challenges associated with traditional banking methods.
“We are going to see the development of a lot more digital banking, benefiting everyone, as [FIX24] addresses the current inefficiencies in the system,” Persaud stated.
“The ability to transfer and transact money digitally, especially with the emergence of cost-effective wallet platforms across the region, will revolutionize the landscape.”
He added that the ease of transactional processes between North America, South America, and the Caribbean is expected to witness substantial improvements.
More participants
Co-founder and CEO of Fintech Islands, Allison Hunte, said this year they were able to attract attendees from all over the world.
“We have seen significant growth in terms of our attendees, were probably a little above 500 and we see we’ve seen attendees register from every part of the world. We have people from Ghana, from Brazil, from Austria, Australia, London, the US, Canada, Mexico.”
Hunte who also shared the sentiments of her colleague Persaud, shed light on solutions for micro-lending challenges. She said the predicament of individuals like hot dog vendors, who often find themselves unable to secure traditional bank loans.
“We’re here to say, ‘We’re available for those persons that can’t get loans or assistance,'” Hunte asserted, underlining the tangible impact the conference has had on fostering financial support for those who need it the most.
