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Whenever you consider cutting-edge fintech you in all probability don’t take into consideration the Caribbean. However some attention-grabbing developments are taking place there that we should always all be being attentive to.

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 shall 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 robust entrepreneurial spirit and a thriving fintech trade 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 People ought to care about Caribbean fintech.
• The necessary fintech developments within the area.
• Particulars concerning the Fintech Islands occasion.
• The totally different matters being coated on their agenda.
• How their startup competitors will work.
• How individuals can have interaction with Caribbean fintech past the occasion.

Learn a transcript of our dialog under.

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. Should you appreciated this podcast, it is best to try our sister exhibits The Fintech Blueprint with Lex Sokolin and Fintech Espresso Break with Isabelle Castro, or hearken to all the pieces we produce, by subscribing to the Fintech Nexus podcast channel.

Peter Renton  00:31

Earlier than we get began, I need 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 a very powerful fintech tales into your inbox each morning, with particular commentary on the highest story of the day. Keep on high of fintech information by subscribing at information.fintechnexus.com/subscribe.

Peter Renton  01:09

At this time 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 understand 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 will be, I feel, a captivating occasion. So we clearly discuss concerning the particulars of the occasion. However we’ll additionally discuss fintech within the Caribbean. What are the most important developments, why it’s necessary, why People ought to really care about it. And we clearly undergo additionally a few of the particulars of the occasion so far as the social actions, what’s going to be coated 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

Hiya.

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 somewhat 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 bought 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 understand, I met up with just a few nice individuals alongside the best way. 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 guide within the funds trade, I used to be an government 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 while 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 subsequent yr, I met the founders and have become the primary head of content material, the Chief Content material Officer at Money20/20. So via 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 affect you possibly can have on the trade and the group. And with the ability to have a look at a extremely massive image of issues which can be taking place, reasonably than essentially being a deep skilled in just one factor, you could possibly look throughout the panorama. And I loved that side 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 could possibly simply type of tease out why you determined to start out this occasion and what was the considering there?

Curt Persaud  04:28

The impetus for this was actually across the want to contribute and to present again to the communities that you understand, 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 best way that issues are transacted within the Caribbean are, you understand, just a few 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 somewhat bit annoyed with the truth that we had been to this point behind. So I had this concept of, Hey, what’s one of the best ways to affect innovation? What’s one of the best ways to affect affect inside, you understand, our house area. And, you understand, the thought of bringing those that had been consultants, thought leaders, those that had been innovating from world wide and bringing them into the world that you simply’re attempting to affect, and having them contribute or share their tales, might turn out to be a catalyst for that motion. Allison, who’s the co-founder, who was sadly not in a position to make it at the moment, she’s been a longtime good friend of mine. She lives in Miami with me, I reached out to her I stated, Hey, do you thoughts let’s seize espresso at the moment. So we attached over espresso and I shared my concept along 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 along with her and some people that got here alongside later, we type of developed the thought of the convention, creating the Fintech Island convention. And it was actually about two particular targets once we first talked about it when it comes to division was actually bringing a group of, of disruptive individuals to the island. Leaders and folks 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 essential targets once we began. After which ever since then, you understand, expanded and has a lifetime of its personal, and it’s type of rising, the group is rising. And the route that we’re taking additionally it is dynamic, and it’s additionally rising. So you understand, we’re trying to see what occurs this yr and, and the way we evolve the convention and what we’re attempting to do.

Peter Renton  07:02

Okay, and so then Andrew, how did you first get entangled 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 really attention-grabbing. Certainly one 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 urged that, you understand, with my background, I may very well be useful to them. And I’m so blissful 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 mission, proper. So it was this glorious alternative to study concerning the tradition of the place to study the nuances. You realize, in the event 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 may be for fintech. And so I used to be very interested in it. After which with the Rolodex that I’ve from years of being within the trade and the expertise of placing collectively content material for occasions, I knew that I may very well be useful, proper, to develop the occasion. So I bought linked via a mutual good friend and helped launch the occasion final yr. And that is our second version arising. And as Curt was saying, it’s internet hosting a very international convention within the area. And that’s the best way 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’ve 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 bought uncovered to lots of the Caribbean there and never fairly nearly as good as they was. However while you had the likes of Vivian Richards and Clive Lloyd and people characters again within the 80s, it was lots of enjoyable to observe. However anyway, I digress. Why ought to People, as a result of that is clearly, I’ve bought a main American viewers for this podcast, why ought to People care? We’re going to speak concerning the occasion in somewhat bit, however I need to discuss concerning the Caribbean first. Why ought to People 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 concerning the measurement of Spain, proper? So it’s many various smaller island nations, lots of variety there, to scale a enterprise, there’s a complexity of doing that, nevertheless it’s an enormous a part of the world. In order that’s one factor. The opposite is that there’s nonetheless lots of money within the Caribbean. And there’s lots of alternative to digitally rework and make issues extra environment friendly and extra inclusive and to assist small companies and to assist shoppers. And so there’s alternative there. There’s super expertise within the area. And there are governments and regulators that care, and try to think about methods to steadiness defending shoppers with innovation. And, you understand, how can we try this, and it’s not straightforward 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 obstacles to strive new issues. And so I feel it makes it engaging.

Curt Persaud  11:11

On high of what Andrew talked about, yeah, it’s, it’s one of many some of the untapped area in the event you have a look at all of the areas that, you understand, individuals are increasing when it comes to know-how and innovation, and fintech particularly, the opposite factor is that, you understand, with the worldwide financial system, you understand, 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 corporations in North America, Europe, Africa, we’ve, you understand, pursuits throughout. After which the opposite factor is that there’s an enormous diaspora in North America, the UK, Europe, you understand, Africa, and so they play such a pivotal position, the quantity of transactions and the {dollars} which can be flowing again into the area forwards and backwards into area is super. And simply tapping into that, and determining how you could possibly make alternatives, or create alternatives from that’s one other space that I feel just isn’t checked out sufficient, and is a possible for enormous upside for any enterprise or any firm attempting to enter the Caribbean area.

Andrew B. Morris  12:21

And the diaspora is a extremely attention-grabbing level. US cities like New York, even Toronto, and Canada, Miami, after all, due to proximity, but in addition Atlanta, the place I’m based mostly, that one in every of our audio system on the occasion is the Chief Monetary Officer of TIAA, proper. Experiences to Thasunda Duckett, this rockstar CEO, enormous 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 lots of affect of the diaspora, globally. And the way that then with the tourism within the area, so many international connections that move via that a part of the world. And it’s simply an incredible melting pot for type of international 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 developments that the individuals ought to concentrate on?

Andrew B. Morris  13:18

One factor that I’m seeing is, you understand, 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 best way they do enterprise. And so they’re doing it by, in some circumstances, by being supportive of fintech startups, which is attention-grabbing. The sponsor of our startup pitch is a financial institution, Republic Financial institution. They’re doing it by partnering with corporations like programs integrators like IBM, financial institution as a service, embedded banking suppliers, like InBank. One other firm referred to as InfoCorp, so that you’re seeing these international 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 best way they do enterprise. In order that’s one factor that’s attention-grabbing. The opposite is beginning to see some startups get some traction, proper? There’s a extremely attention-grabbing firm referred to as First Atlantic Commerce that processes ecommerce funds all throughout the area. That’s doing very nicely. There are a selection of cellular pockets suppliers doing a little attention-grabbing 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 lots of pockets cost, wallets which can be arising within the area. So I feel cashless is an enormous factor. There’s lots 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 lots of push to type of transfer these to a digital, digital type, 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 lots of that. After which, you understand, we’re seeing additionally lots of push from the, from the massive incumbent banks when it comes to monetary inclusion, and lots of training, proper, attempting to push extra into the market the place, in the direction of the younger individuals, and educates them when it comes to like monetary literacy and stuff like that. So lots of them are adopting, and white labeling lots 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. After we first kicked off this occasion, we began it again in 2021, making ready for our launch in 2022. You realize, there was lots of skepticism from a few of the main gamers when it comes to the place this is able to go and whether or not there was an actual true want for any such digitisation and innovation on this area. However we’re blissful to say in such a brief area between 2021 and now, we’re seeing lots of adoption and lots of assist from the massive gamers and within the trade.

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 personal sector in a few of these initiatives, as nicely.

Peter Renton  16:49

Okay, so let’s discuss concerning the occasion itself. Perhaps you could possibly simply give us somewhat 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 anticipate to, who’re going to be attending.

Curt Persaud  17:04

We’re internet hosting a world occasion on the attractive island of Barbados, we’ve a really complete agenda when it comes to 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 lots of worth, particularly from the primary one which we did, I feel that got here out, got here via very clearly that that was some of the necessary points of it. So we’re actually leaning into ensuring we make the best connections, we put individuals collectively, we put individuals, the best individuals in the best room to make these connections, make these offers. The opposite main factor that I might say about it’s that what we actually wished 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 wished to verify we embrace and produce the tradition and produce 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 have now lots of totally different actions that faucet into that and permit individuals to satisfy 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 expect can be extra conducive for higher partnerships and higher conversations. You realize, what we’re attempting to do is super. Folks will get lots 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, when it comes to 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 basic session that options Peter Renton, you could have heard of him. However Peter, we’re excited that you simply’re going to be there and doing an interview with a senior government from MasterCard, who’s one in every of our main sponsors. There’s some nice content material within the morning basic session. After which we’ve organized some what we name deep dives that cowl totally different points of fintech. There are 9 totally different matters, I gained’t rattle all of them off, nevertheless it’s issues like synthetic intelligence and open finance and digital belongings and innovation in banking. So, you understand, alternatives and breakout classes for individuals to study 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 most effective 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 international lineup of audio system. Curiously, greater than half of our audio system are the founder or CEO of the group they signify. So it’s a really senior group. And we’re actually excited concerning 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 trade 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 software course of, we even did some roadshow, smaller occasions, pitch occasions across the area throughout the yr, and chosen 10 early stage startups which can be both a Caribbean founder or they’re clearly you understand, tied to the area. And it’s a really type of various illustration of various islands and totally different points of fintech, however 10 corporations all form of pre-seed, early corporations. And somebody that I feel you and I each know, Matteo Rizzi, you understand, keynote speaker and advisor and investor has began a nonprofit referred to 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 classes 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 curiously, there’s a program via the United Nations Worldwide Commerce Middle, the place additionally they are working to assist startups within the area. And so along with sponsoring the occasion, UN Worldwide Commerce Middle had one other cohort of startups that they’re internet hosting to attend the occasion. By their program, and thru ours, we’re giving lots of assist to these younger entrepreneurs.

Peter Renton  22:25

Past the occasion, how can individuals have interaction? How can individuals keep engaged with Fintech Islands? If they’ll’t make it in January, how do they keep engaged?

Curt Persaud  22:35

Yeah, they’ll join our publication in the event that they go to Fintech Islands.com. And simply join our publication that goes out repeatedly maintaining us abreast of you understand, what we’re engaged on,  matters which can be very related to the area and the trade. After which what’s taking place with the subsequent planning for our subsequent occasion. In order that would be the type of one of the best ways, after which additionally have interaction with us through our social platforms, LinkedIn, Instagram, and on Fb, we’re very, very engaged on these platforms. And at any time when anybody reaches out, we have interaction 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 will be a fast turnaround by the point individuals are listening to this podcast, nevertheless it’s one thing to contemplate, to have a look at buying a move and becoming a member of us this yr. This occasion is actually distinctive for these of us that attend lots 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 a beautiful, lovely island. However there’s an actual authenticity to this group. And, you understand, very mission pushed group of those that need 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 of us that I invited from North America and Europe who attended final yr and made connections, you understand, globally on the occasion. However we’d like to have anybody be a part of us. After which if not this yr, to interact as Curt described for future occasions.

Peter Renton  24:12

Andrew, Curt, thanks very a lot for approaching the present at the moment.

Curt Persaud  24:16

Thanks for having us, Peter.

Andrew B. Morris  24:18

Peter, thanks a lot for having us and we sit 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 assessment on the podcast platform of your alternative and go inform your mates and colleagues about it. Anyway, on that be aware, I’ll log off. I very a lot respect you listening, and I’ll catch you subsequent time. Bye.