Continuing with our series on fintech in the Caribbean region, we talk with Miguel Adwin of Fimi Market Inc., which is championing an important social good: inclusion. In our conversation Miguel shares, among other things, his entrepreneurship journey that resulted in Fimi Market; how the Caribbean can better leverage emerging technologies; what opportunities we should be focussing on, and some of his longer-term plans and goals for Fimi Market.

 

This episode is also available on SoundCloud, Apple iTunes, Google Play Music, Spotify, Amazon Music and Stitcher!

In the Caribbean region, where most of its citizens would be considered Black, Indigenous and People of Colour (BIPOC), being marginalised due to race, colour or ethnicity is not as prevalent as it is in other parts of the world. However, through the lens of technology, globally, BIPOC and women, for example, are underrepresented, and as a result, their needs remain unaddressed. It is thus important – and necessary – that we have organisations that seek to foster greater inclusion, as there are numerous underserved groups that are continually being overlooked.

Social entrepreneurship is still a rarity in the regional and global ICT space, though technology has become one of the great equalisers of our time. It is thus heartening that our very first podcast episode of 2023 features a fintech venture, which although not based in the Caribbean region, is serving Caribbean people and its creatives.

Generally, Caribbean artists, musicians and the wider creative community tend to have a subsistence existence. Though their artistic outputs may be acknowledged and enjoyed, with a few exceptions, they realise little or no wealth from their efforts.

NFTs, or non-fungible tokens, a segment of the financial technology (fintech) sector, have been changing the game for creatives, by allowing them to tap into the longer-term benefits of their digital creations. Leveraging blockchain technology, NFTs are used to certify the authenticity and ownership of the products to which they are attached. According to Statista, revenue from NFTs is expected to reach USD 3. 5 billion in 2023, and up to 2027, is projected to grow with a compound annual growth rate of 22.82% to generate over USD 8 billion by 2027.

 

Introducing our guest

Miguel Adwin

Miguel Adwin is the Chief Executive Officer of Fimi Market Inc., which is based in the United States, and is a technology company committed to leading the future of Web 3.0 in ways that champion equity, education, and access worldwide for women, Blacks Indigenous and People of Colour (BIPOC) and other underserved groups.

Miguel has a true passion for technology and entrepreneurship that directs his work ethic. With over two decades of experience in technology leadership and product architecture, he is the archetype creator and product builder. His extensive experience ranges from financial systems, e-commerce, homeland security, managing enterprise teams and delivering tested and secure products using big data. Having heavily used cryptography before it was cool, the crypto and decentralised finance space provide a healthy environment to merge his entrepreneurial skills with his development and architectural chops.

 

Insights into our conversation

Chatting with Miguel was a great way to start the 2023 podcast season! He is passionate about technology and sees numerous opportunities for it to make meaningful change, and to improve the lives and livelihoods of a wide cross-section of our societies, particularly those who are currently underserved by the systems, processes and even the technologies that are being used.

In focussing on NFTs and establishing an NFT marketplace, the region’s creative community could benefit considerably, but as emerged through our conversation, trust – or rather the lack thereof – was an issue Miguel had to confront. Moreover, this lack of trust, plus not understanding the opportunities available through today’s technologies, are matters that Fimi Market will need to continually address as it tries to foster greater inclusion and equity.

Below are some of the questions posed to Miguel during our conversation.

  1. To start us off, tell us a bit about yourself, and your journey to starting Fimi Market
  2. With the recent upsurge and increased visibility of AI-generated images, what are your thoughts with respect to NFTs?
  3. In championing “equity”, first, what does that mean? there seem to be varying countervailing points, especially with emerging technologies: the benefits of being an early adopter; early adoption often being riskier; the watered-down nature of mass consumer products
  4. How does Fimi Market’s NFT marketplace work?
  5. Beyond NFTs, are there any other areas or activities that Fimi Market is focusing on?
  6. With the downturn in the value of crypto and all of the implosions that occurred recently, people seem a bit more wary. Is that being reflected in the NFT space as well?
  7. As someone from the Caribbean who still has strong ties to the region, what do you think we need to do in order to better leverage blockchain, web 3.0 and other emerging technologies?
  8. Where would you like to see Fimi Market in the next 3 to 5 years?

 

We would love to hear from you!

Do leave us a comment either here beneath this article, or on our Facebook or LinkedIn pages, or via Twitter, @ICTPulse.

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!

 

Select links

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

 

 

Images credit: M Adwin; Mike Petrucci (Unsplash); Maicon Fonseca Zanco (Pixabay); Mika Baumeister  (Unsplash)

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

Podcast editing support:  Mayra Bonilla Lopez