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Whenever you consider cutting-edge fintech you in all probability don’t take into consideration the Caribbean. However some fascinating developments are taking place there that we should always all be taking note of.
On this episode of the Fintech One-on-One podcast, I discuss with Curt Persaud, the Co-founder and CTO of Fintech Islands and Andrew B. Morris, the Chief Content material Officer at Fintech Islands. That is the most important fintech occasion within the Caribbean and it’s taking place subsequent week (January 24-26) in Barbados. I might be there together with many different U.S. and Caribbean fintech leaders.
The Caribbean is an under-appreciated area, it’s in our yard with extra individuals (45 million) than Canada. There’s a sturdy entrepreneurial spirit and a thriving fintech business there already, that’s poised to develop considerably within the close to future.
On this podcast you’ll study:
- The founding story of Fintech Islands.
- Why Individuals ought to care about Caribbean fintech.
- The necessary fintech tendencies within the area.
- Particulars in regards to the Fintech Islands occasion.
- The totally different subjects being lined on their agenda.
- How their startup competitors will work.
- How individuals can interact with Caribbean fintech past the occasion.
Learn a transcript of our dialog beneath.
Peter Renton 00:01
Welcome to the Fintech One-on-One podcast. That is Peter Renton, Chairman and co-founder of Fintech Nexus. I’ve been doing this present since 2013, which makes this the longest operating one on one interview present in all of fintech. Thanks for becoming a member of me on this journey. When you appreciated this podcast, it is best to take a look at our sister reveals The Fintech Blueprint with Lex Sokolin and Fintech Espresso Break with Isabelle Castro, or hearken to every part we produce, by subscribing to the Fintech Nexus podcast channel.
Peter Renton 00:31
Earlier than we get began, I wish to remind you about our complete new service. Fintech Nexus Information not solely covers the most important fintech information tales, our each day publication delivers an important fintech tales into your inbox each morning, with particular commentary on the highest story of the day. Keep on prime of fintech information by subscribing at information.fintechnexus.com/subscribe.
Peter Renton 01:09
At the moment on the present, we’re doing one thing fairly a bit totally different. We’re speaking about fintech within the Caribbean. Sure, I’m delighted to welcome Curt Persaud. He’s the co-founder and CTO of Fintech Islands, together with Andrew Morris, who lots of you recognize from his Money20/20 days, he’s the Chief Content material Officer of Fintech Islands. And what’s Fintech Islands? Nicely, it’s the main occasion within the Caribbean for fintech. It’s taking place later this month in Barbados, I’m going to be there and it’s going to be, I feel, a captivating occasion. So we clearly discuss in regards to the particulars of the occasion. However we’ll additionally speak about fintech within the Caribbean. What are the key tendencies, why it’s necessary, why Individuals ought to truly care about it. And we clearly undergo additionally a few of the particulars of the occasion so far as the social actions, what will be lined from a content material perspective, the startup scene, and and far more. It was a captivating dialogue. Hope you benefit from the present.
Peter Renton 02:13
Welcome to the podcast Curt and Andrew.
Curt Persaud 02:16
Thanks.
Andrew B. Morris 02:17
Good day.
Peter Renton 02:17
Okay, let’s kick it off by doing a little brief introductions. Curt, why don’t I begin with you. Inform us a bit of bit about your self and your background.
Curt Persaud 02:27
Yeah, so I’m the founder and the CTO for Fintech Islands. My background is predominantly within the tech area, however extra within the enterprise stage, kind purposes. I obtained concerned in Fintech Islands, simply as part of a broader mission to type of give again to my group, to my area, which is the Caribbean area. You realize, the story of how that was based we’ll get into later, however, you recognize, I met up with a couple of nice individuals alongside the way in which. And so they’ve helped me to place that imaginative and prescient collectively. So now we’re on this journey for Fintech Islands.
Peter Renton 02:58
All proper. And Andrew, what’s your background?
Andrew B. Morris 03:02
So I’ve been concerned in fintech in numerous methods for 25 years or so. And the final, little greater than a decade has been in producing occasions, just like the one which we’re doing with Curt. I used to be a administration advisor within the funds business, I used to be an govt at a financial institution and helped construct a digital banking platform years in the past. And I attended the primary version of the Money20/20 convention. And watch out if you go to conferences, since you may find yourself working for them. As a result of that’s what occurred to me, I spoke on the convention the following 12 months, I met the founders and have become the primary head of content material, the Chief Content material Officer at Money20/20. So by that journey of serving to to construct that occasion, I form of fell in love with the entire course of, the creativity of constructing an occasion, the influence you possibly can have on the business and the group. And having the ability to take a look at a extremely massive image of issues which can be taking place, moderately than essentially being a deep professional in just one factor, you may look throughout the panorama. And I loved that facet as nicely.
Peter Renton 04:12
Me too.
Andrew B. Morris 04:14
Yeah.
Peter Renton 04:15
Anyway, let’s get to the form of founding story of Fintech Islands. Curt, you touched on it already, however possibly you may simply type of tease out why you determined to begin this occasion and what was the pondering there?
Curt Persaud 04:28
The impetus for this was actually across the need to contribute and to provide again to the communities that you recognize, we’re from, I’m from the Caribbean area. I’m from Barbados. You realize, there’s a stage of frustration that goes into that, the place as we return to the islands, as we return to our house city, we see a considerably lack of progress in sure areas, particularly round know-how, round monetary know-how, round banking, the way in which that issues are transacted within the Caribbean are, you recognize, a couple of years, if not possibly even a decade behind North America and another creating nations. And being within the tech area, I work in North America, I grew to become a bit of bit annoyed with the truth that we had been thus far behind. So I had this concept of, Hey, what’s the easiest way to affect innovation? What’s the easiest way to affect influence inside, you recognize, our house area. And, you recognize, the concept of bringing those who had been consultants, thought leaders, those who had been innovating from world wide and bringing them into the realm that you simply’re making an attempt to influence, and having them contribute or share their tales, might turn into a catalyst for that motion. Allison, who’s the co-founder, who was sadly not in a position to make it at this time, she’s been a longtime pal of mine. She lives in Miami with me, I reached out to her I stated, Hey, do you thoughts let’s seize espresso at this time. So we attached over espresso and I shared my thought together with her. Now, she is within the manufacturing area, she’s within the occasions, planning, large productions, 20,000 kind individuals occasions. And she or he fell in love with it. So partnering together with her and some people that got here alongside later, we type of developed the concept of the convention, creating the Fintech Island convention. And it was actually about two particular targets after we first talked about it by way of division was actually bringing a group of, of disruptive individuals to the island. Leaders and other people which can be redefining know-how within the monetary area, after which tried to make it function a catalyst for constructing a extra inclusive, environment friendly, monetary and know-how sector inside the area. So these had been type of like the 2 fundamental targets after we began. After which ever since then, you recognize, expanded and has a lifetime of its personal, and it’s type of rising, the group is rising. And the course that we’re taking it is usually dynamic, and it’s additionally rising. So you recognize, we’re seeking to see what occurs this 12 months and, and the way we evolve the convention and what we’re making an attempt to do.
Peter Renton 07:02
Okay, and so then Andrew, how did you first become involved right here? Since you’re not you’re not from Barbados.
Andrew B. Morris 07:07
No, yeah, no, I’m I’m engaged on my honorary membership. So it was truly fascinating. One in every of my colleagues from Money20/20 Her identify’s Lucia Jades, is initially from Trinidad. And she or he’s a superb occasion operations chief, and had already met Allison and Curt and was starting to assist them put collectively their imaginative and prescient for Fintech Islands. And she or he launched us, she instructed that, you recognize, with my background, I might be useful to them. And I’m so pleased that occurred. As a result of not solely am I not from Barbados, Peter, I had by no means been to the Caribbean on a trip earlier than I began engaged on this undertaking, proper. So it was this glorious alternative to study in regards to the tradition of the place to study the nuances. You realize, should you’re not conversant in the area, you begin to assume that every one Caribbean islands are the identical. No, they’re not proper. Each island has its distinctive tradition. There’s three totally different languages, there’s 45 million individuals. And there’s a large amount of variety throughout the area. And also you begin to perceive that, and see the expertise that’s there, and the chance there’s for fintech. And so I used to be very drawn to it. After which with the Rolodex that I’ve from years of being within the business and the expertise of placing collectively content material for occasions, I knew that I might be useful, proper, to develop the occasion. So I obtained linked by a mutual pal and helped launch the occasion final 12 months. And that is our second version developing. And as Curt was saying, it’s internet hosting a really world convention within the area. And that’s the way in which that it may be a catalyst for the fintech ecosystem there.
Peter Renton 09:01
I’ve even have by no means been to the Caribbean both. However I really feel like I do know it nicely, as a result of I’m Australian. And we now have the sport of cricket that the West Indies, after I was rising up, after I was rising up within the 80s in Australia, the West Indies had been the best cricket nation on the planet. So I obtained uncovered to plenty of the Caribbean there and never fairly pretty much as good as they was. However if you had the likes of Vivian Richards and Clive Lloyd and people characters again within the 80s, it was plenty of enjoyable to look at. However anyway, I digress. Why ought to Individuals, as a result of that is clearly, I’ve obtained a major American viewers for this podcast, why ought to Individuals care? We’re going to speak in regards to the occasion in a bit of bit, however I wish to discuss in regards to the Caribbean first. Why ought to Individuals care about this from a fintech perspective, this area?
Andrew B. Morris 09:46
So one, it’s a bigger market than you notice. I threw out the 45 million individuals, that’s the inhabitants of the entire area, and that’s bigger than Canada. It’s in regards to the dimension of Spain, proper? So it’s many alternative smaller island nations, plenty of variety there, to scale a enterprise, there’s a complexity of doing that, but it surely’s an enormous a part of the world. In order that’s one factor. The opposite is that there’s nonetheless plenty of money within the Caribbean. And there’s plenty of alternative to digitally rework and make issues extra environment friendly and extra inclusive and to assist small companies and to assist customers. And so there’s alternative there. There’s great expertise within the area. And there are governments and regulators that care, and are attempting to think about methods to stability defending customers with innovation. And, you recognize, how can we try this, and it’s not simple to do. However there’s experimentation, and there’s a willingness to strive new issues. And so I feel it turns into an thrilling place to issues like Central Financial institution Digital Currencies that…a few of the early experiments with that concept have been within the Caribbean, there’s possibly rather less boundaries to strive new issues. And so I feel it makes it enticing.
Curt Persaud 11:11
On prime of what Andrew talked about, yeah, it’s, it’s one of many one of the untapped area should you take a look at all of the areas that, you recognize, individuals are increasing by way of know-how and innovation, and fintech particularly, the opposite factor is that, you recognize, with the worldwide financial system, you recognize, the boundaries and borders are much less, they’re extra ambiguous. It’s just about non existent, tapping into one other for potential 45 million market is simply an enormous alternative for lots of firms in North America, Europe, Africa, we now have, you recognize, pursuits throughout. After which the opposite factor is that there’s an enormous diaspora in North America, the UK, Europe, you recognize, Africa, and so they play such a pivotal function, the quantity of transactions and the {dollars} which can be flowing again into the area forwards and backwards into area is great. And simply tapping into that, and determining how you may make alternatives, or create alternatives from that’s one other space that I feel shouldn’t be checked out sufficient, and is a possible for large upside for any enterprise or any firm making an attempt to enter the Caribbean area.
Andrew B. Morris 12:21
And the diaspora is a extremely fascinating level. US cities like New York, even Toronto, and Canada, Miami, in fact, due to proximity, but in addition Atlanta, the place I’m primarily based, that certainly one of our audio system on the occasion is the Chief Monetary Officer of TIAA, proper. Experiences to Thasunda Duckett, this rockstar CEO, large job. He’s from Barbados. And he’s coming again to talk, and to be part of our occasion, Dave Dowrich. And so that you see plenty of affect of the diaspora, globally. And the way that then with the tourism within the area, so many world connections that move by that a part of the world. And it’s simply a tremendous melting pot for type of world commerce, if you’ll.
Peter Renton 13:09
So what’s form of the state of fintech within the Caribbean proper now? What are the necessary tendencies that the individuals ought to pay attention to?
Andrew B. Morris 13:18
One factor that I’m seeing is, you recognize, we put collectively the content material for the occasion, is a few of the conventional gamers, the incumbent banks and bigger gamers are working to digitally rework the way in which they do enterprise. And so they’re doing it by, in some instances, by being supportive of fintech startups, which is fascinating. The sponsor of our startup pitch is a financial institution, Republic Financial institution. They’re doing it by partnering with firms like programs integrators like IBM, financial institution as a service, embedded banking suppliers, like InBank. One other firm known as InfoCorp, so that you’re seeing these world suppliers which can be concerned in banking as a service and open finance, starting to associate and have interaction with Caribbean monetary establishments to assist them digitize the way in which they do enterprise. In order that’s one factor that’s fascinating. The opposite is beginning to see some startups get some traction, proper? There’s a extremely fascinating firm known as First Atlantic Commerce that processes ecommerce funds all throughout the area. That’s doing very nicely. There are a selection of cell pockets suppliers doing a little fascinating issues. And so it’s nonetheless early days, which is why this occasion exists, to be that catalyst and to propel the area. However there are indicators of that the area’s receptive and able to type of proceed with this fintech revolution within the Caribbean.
Curt Persaud 14:46
So we’re seeing, as I discussed, there’s plenty of pockets cost, wallets which can be developing within the area. So I feel cashless is an enormous factor. There’s plenty of type of like, small enterprise, micro-type enterprise transactions that occur which can be, predominant within the area, very cash-centric. And there’s plenty of push to type of transfer these to a digital, digital kind, a digital platform, whether or not it’s both cost pockets or direct B2B transactions with the service supplier or banking establishment. So we’re seeing plenty of that. After which, you recognize, we’re seeing additionally plenty of push from the, from the large incumbent banks by way of monetary inclusion, and plenty of training, proper, making an attempt to push extra into the market the place, in the direction of the younger individuals, and educates them by way of like monetary literacy and stuff like that. So plenty of them are adopting, and white labeling plenty of merchandise that train that. In order that they’re embedding these merchandise into their suite of purposes or into their banking profile or portfolio of purposes. So we’re seeing that. So we’re seeing actually, actually optimistic indicators and actually good traction, issues that 5 years in the past, you’ll have by no means seen. Once we first kicked off this occasion, we began it again in 2021, making ready for our launch in 2022. You realize, there was plenty of skepticism from a few of the main gamers by way of the place this is able to go and whether or not there was an actual true want for one of these digitisation and innovation on this area. However we’re pleased to say in such a brief area between 2021 and now, we’re seeing plenty of adoption and plenty of assist from the large gamers and within the business.
Andrew B. Morris 16:29
And the opposite factor I might say is the central banks, and regulators, the innovation that occurs there with Regulatory Sandboxes, and Central Financial institution Digital Currencies, that I feel that’s good for the setting. And there’s partnerships with the non-public sector in a few of these initiatives, as nicely.
Peter Renton 16:49
Okay, so let’s discuss in regards to the occasion itself. Possibly you may simply give us a bit of little bit of a synopsis about a few of the, simply a few of the particulars, the place it’s, when it’s, and what individuals can count on to, who’re going to be attending.
Curt Persaud 17:04
We’re internet hosting a worldwide occasion on the attractive island of Barbados, we now have a really complete agenda by way of bringing thought leaders, innovators, startups, teachers, to the occasion to contribute and share their tales and study and work together. We’re actually actually embracing the networking and the one-on-one kind actions, as a result of I feel that’s the place we see plenty of worth, particularly from the primary one which we did, I feel that got here out, got here by very clearly that that was one of the necessary features of it. So we’re actually leaning into ensuring we make the fitting connections, we put individuals collectively, we put individuals, the fitting individuals in the fitting room to make these connections, make these offers. The opposite main factor that I might say about it’s that what we actually needed to do can also be showcase the host island. We didn’t need it to solely make it about everybody coming to the convention and being caught in a presentation kind setting, we needed to ensure we embrace and convey the tradition and convey the texture of the host island. In order a part of it, we’re actually leaning into the expertise the place we share the tradition of the host island, we share the tradition of Barbados, we share the tradition of the individuals there. And we’re intertwining that into the combination of how we community, proper. In order that is essential. We now have plenty of totally different actions that faucet into that and permit individuals to fulfill and community in a setting that’s not so sterile as a gathering room or a presentation room. However one thing that’s extra pure and natural, the place we predict could be extra conducive for higher partnerships and higher conversations. You realize, what we’re making an attempt to do is great. Individuals will get plenty of profit from attending the convention.
Andrew B. Morris 18:46
I by no means as soon as noticed individuals trade LinkedIn profiles on a catamaran after I was working at Money20/20, however that does occur at Fintech Islands. After which, by way of the speaker lineup and the content material for the occasion, it’s over three days. The primary day is a little more content material heavy than the second two, there’s loads taking place on that first day, a common session that options Peter Renton, you will have heard of him. However Peter, we’re excited that you simply’re going to be there and doing an interview with a senior govt from MasterCard, who’s certainly one of our main sponsors. There’s some nice content material within the morning common session. After which we’ve organized some what we name deep dives that cowl totally different features of fintech. There are 9 totally different subjects, I gained’t rattle all of them off, but it surely’s issues like synthetic intelligence and open finance and digital property and innovation in banking. So, you recognize, alternatives and breakout periods for individuals to find out about what’s taking place in numerous areas of fintech. And there are 140 audio system on the occasion. About half of them are from the Caribbean and we type of function the very best within the area in fintech. The remainder are from the US, Latin America, Africa, Europe, they’re from all around the world. So it’s a really world lineup of audio system. Curiously, greater than half of our audio system are the founder or CEO of the group they symbolize. So it’s a really senior group. And we’re actually excited in regards to the bankers and fintechs, and buyers and policymakers and teachers which can be part of that lineup. And all of the music and tradition of the place the place you share these experiences with individuals within the business means you construct relationships. And that’s that’s how the occasion’s designed.
Peter Renton 18:46
You talked about the startup space, is there a startup competitors? What’s all that about?
Andrew B. Morris 19:17
Thanks for bringing that up. So we’ve chosen, we had an utility course of, we even did some roadshow, smaller occasions, pitch occasions across the area through the 12 months, and chosen 10 early stage startups which can be both a Caribbean founder or they’re clearly you recognize, tied to the area. And it’s a really type of numerous illustration of various islands and totally different features of fintech, however 10 firms all form of pre-seed, early firms. And somebody that I feel you and I each know, Matteo Rizzi, you recognize, keynote speaker and advisor and investor has began a nonprofit known as The TimePledge Community, the place buyers and founders will donate time to mentor founders in numerous markets world wide. So we’ve organized the mentoring periods for the ten founders, and all 10 of them will current on the principle stage at our occasion, on the ultimate day. The highest three will win money prizes, however all of them have this nice alternative to showcase what they’re doing as they construct their firm and obtain complimentary passes. And apparently, there’s a program by the United Nations Worldwide Commerce Heart, the place additionally they are working to assist startups within the area. And so along with sponsoring the occasion, UN Worldwide Commerce Heart had one other cohort of startups that they’re internet hosting to attend the occasion. By means of their program, and thru ours, we’re giving plenty of assist to these younger entrepreneurs.
Peter Renton 22:25
Past the occasion, how can individuals interact? How can individuals keep engaged with Fintech Islands? If they will’t make it in January, how do they keep engaged?
Curt Persaud 22:35
Yeah, they will join our publication in the event that they go to Fintech Islands.com. And simply join our publication that goes out often protecting us abreast of you recognize, what we’re engaged on, subjects which can be very related to the area and the business. After which what’s taking place with the following planning for our subsequent occasion. In order that would be the type of the easiest way, after which additionally interact with us by way of our social platforms, LinkedIn, Instagram, and on Fb, we’re very, very engaged on these platforms. And every time anybody reaches out, we interact with them, and we join with them.
Peter Renton 23:09
Last ideas on the occasion on Caribbean fintech earlier than we shut?
Andrew B. Morris 23:13
I do know that might be a fast turnaround by the point individuals are listening to this podcast, but it surely’s one thing to think about, to have a look at buying a move and becoming a member of us this 12 months. This occasion is absolutely distinctive for these of us that attend plenty of conferences which can be in locations like New York and Las Vegas. And it’s not simply due to the fantastic thing about the place, though it’s an exquisite, stunning island. However there’s an actual authenticity to this group. And, you recognize, very mission pushed group of those who wish to make a distinction on this a part of the world. There’s additionally alternatives to attach with individuals that aren’t from the area, proper. So I’ve people that I invited from North America and Europe who attended final 12 months and made connections, you recognize, globally on the occasion. However we’d like to have anybody be a part of us. After which if not this 12 months, to have interaction as Curt described for future occasions.
Peter Renton 24:12
Andrew, Curt, thanks very a lot for approaching the present at this time.
Curt Persaud 24:16
Thanks for having us, Peter.
Andrew B. Morris 24:18
Peter, thanks a lot for having us and we stay up for seeing you at Fintech Islands right here quickly.
Peter Renton 24:25 Nicely, I hope you loved the present. Thanks a lot for listening. Please go forward and provides the present a overview on the podcast platform of your selection and go inform your pals and colleagues about it. Anyway, on that word, I’ll log out. I very a lot respect you listening, and I’ll catch you subsequent time. Bye.
