Financial inclusion boot camp launched at One FinTech Avenue

Thirteen FinTech companies – including six from TT and the others from Ghana, Barbados, Dominica, Brazil and Sri Lanka – have created an in-person boot camp phase of the Caribbean’s first FinTech sprint for financial inclusion.

This is geared towards developing digital payment solutions to help solve industry-wide issues which impact people’s access to financial services across the region.

In a release, the TT International Financial Centre (TTIFC) said this initiative emerged from the recently launched FinTech Innovation Centre and is an important milestone for the sector.

Five successful FinTechs will have an opportunity to earn up to US$100,000 each to develop solutions to improve access to and usage of digital payment solutions for under served users of credit unions; pilot/scale online marketplace and expand e-commerce solutions for small-holder farmers and; optimise remote on-boarding solution for D-Cash – a digital version of the Eastern Caribbean currency.

The three-day sprint, which is an initiative of the European Union – UN Capital Development Fund – Organisation of African, Caribbean and Pacific States partnership in collaboration with the TT International Financial Centre started on Friday, at One FinTech Avenue at the International Waterfront Centre, Wrightson Road, Port of Spain.

The boot camp is meant to underscore the significance of financial inclusion in reducing crime, improving economic resilience and the importance of regional collaboration.

The release added that the event will provide a platform to share TT and the Organisation of Eastern Caribbean States' (OECS) commitment to digital finance, inspire regional collaboration and guide emerging FinTech solutions.

FinTechs will meet with implementation partners such National Agricultural Marketing and Development Corporation, Clico Credit Union, Rhand Credit Union, OECS and Eastern Caribbean Central Bank to gain a high-level understanding of the challenges they will be required to address, and the nature of the solution envisioned by the partners.

Once this is completed, FinTechs will be invited to refine their proposals and pitch their solutions before a panel of judges.

Successful FinTechs will continue to develop and implement the proposed solutions.