Continuing our exploration of fintech in the Caribbean region, we speak with Davinia Bain, of Crypto Isle in The Bahamas. In our conversation, Davinia shares: what has been happening in the fintech and digital assets space in The Bahamas; her thoughts on the prospect of The Bahamas being blacklisted by the European Union; Crypto Isle’s expansion plans in the region; and details on the Crypto Isle accelerator that will soon be launched in partnership with Kanoo Pays and Draper University.

 

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For existing and prospective start-ups and entrepreneurs, having access to a co-working or collaboration space can be invaluable, as it not only offers a place to work but also to meet like-minded people. Many co-working spaces tend to welcome a broad range of ventures, so it can somewhat unusual when a co-working space identifies a very specific niche they would like to support.

In the Caribbean region, there are few co-working spaces. So when the co-working space, Crypto Isle, was launched in The Bahamas, it raised a lot of eyebrows, as it sought to support a niche industry: blockchain and cryptocurrency.

In the year since its launch, Crypto Isle has filled all of its available private offices and has been gaining considerable visibility in The Bahamas and across the region. So in this week’s episode, we delve into Crypto Isle and take the opportunity to learn more about the fintech (financial technology) and digital assets space in The Bahamas.

 

Introducing our guest

Davinia Bain

Davinia Bain is a nation-builder with regional impact. She is the Co-Founder of Crypto Isle and several businesses geared toward establishing an ecosystem for crypto and blockchain integration in businesses throughout the Caribbean.

She most recently served as the founding Executive Director of the Access Accelerator Small Business Development Centre. The Access Accelerator is a non-profit organisation created to empower Micro, Small, and Medium-sized Enterprises (MSMEs) to provide employment, diversify wealth, and drive the development of a robust and resilient Bahamian economy.

With 20+ years of experience in the finance industry, Davinia has served on numerous boards and committees, including being a member of The Bahamas Economic Recovery Council and a Director for the Bahamas Chamber of Commerce and Employers’ Confederation.

Pursuing her passion for national development, Davinia holds an M.Sc. in Decision Sciences from the London School of Economics (L.S.E.) and a B.A. in International Economics from the American University of Paris.

 

Insights into our conversation

Without a doubt, and over the past few years, fintech and digital assets have been receiving a lot of visibility.  The recent and prolonged downturn in cryptocurrency prices, the implosion of well-known platforms, reports of theft, and the spectre of regulation, have loomed large over the space for the past several months. Nevertheless, blockchain and crypto enthusiasts, along with many developing countries, see fintech and digital assets as emerging industries with considerable scope for growth and wealth creation.

In the conversation with Davinia, what comes to light in the difference between a broad-based co-working space and one that is targeting a specific industry is the ways in which it serves or supports its clients. In large part, the success of the space is reflected in the success of its clients, and so there is considerable scope for co-working spaces to help clients on their start-up journey. In Crypto Isle’s case, the soon-to-be-launched accelerator, which is being done in collaboration with Kanoo Pays (of The Bahamas) and Draper University, is a major initiative to build the capacity of its community.

Below are key questions posed to Davinia during our conversation.

  1. To start us off, tell us a bit about yourself, and how you ended up establishing a crypto and blockchain coworking space.
  2. Can you give us a sense of what has been happening in the fintech and digital assets space in The Bahamas and how it has been evolving?
  3. With The Bahamas leaning in considerably into the digital assets space, there has been a concern that it will be blacklisted or earmarked as a haven for crime and money laundering. What are your thoughts on this?
  4. What is it like being an entrepreneur in The Bahamas generally, and more specifically if a start-up is blockchain or crypto-focused?
  5. How are you measuring the success of Crypto Isle?
  6. If someone wants to create a space, similar to Crypto Isle, what might three pieces of advice you would offer?
  7. Where would you like to see Crypto Isle in the next 3 to 5 years?
  8. What’s next for Davinia Bain?

 

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Also, if you or a member of your network is interested in joining us for an episode, do get in touch.

Let’s make it happen!

 

Below are links to some of the organisations and resources that either were mentioned during the episode or otherwise, might be useful:

 

 

Images credit:  D Bain;  Crypto Isle;   Traxer (Unsplash); Raisin Raisin (flickr)

Music credit: The Last Word (Oui Ma Chérie), by Andy Narrell

Podcast editing support:  Mayra Bonilla Lopez