{"id":167858,"date":"2023-02-08T05:45:00","date_gmt":"2023-02-08T10:45:00","guid":{"rendered":"https:\/\/www.ict-pulse.com\/?p=167858"},"modified":"2023-02-08T05:46:46","modified_gmt":"2023-02-08T10:46:46","slug":"ictp-238-fintech-in-the-caribbean-region-from-an-economists-perspective-with-dr-justin-ram","status":"publish","type":"post","link":"https:\/\/ict-pulse.com\/2023\/02\/ictp-238-fintech-in-the-caribbean-region-from-an-economists-perspective-with-dr-justin-ram\/","title":{"rendered":"ICTP 238: Fintech in the Caribbean region, from an Economist\u2019s perspective, with Dr Justin Ram"},"content":{"rendered":"\n<p><em>To a considerable degree, Caribbean countries are eager to position themselves as leading financial technology (fintech) locations to drive investment and their continued economic growth. However, will the current efforts yield the results envisaged? With Developmental Economist, Dr Justin Ram, we discuss the impact fintech could have on the Caribbean region and economy, and among other things, Justin offers insights into: <\/em> <em>how we might foster more tech entrepreneurship;<\/em>  <em>whether the FTX collapse is sending the wrong signals to the world about the fintech industry in the Caribbean;<\/em>  <em>the<\/em> <em>real opportunity for CBDCs in the region, and with respect to fostering digital transformation; and<\/em> <em>the fintech initiatives and projects the region should be implementing that could have a real impact.<\/em><\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<iframe loading=\"lazy\" width=\"100%\" height=\"166\" scrolling=\"no\" frameborder=\"no\" allow=\"autoplay\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https%3A\/\/api.soundcloud.com\/tracks\/1442276812&#038;color=%23ff5500&#038;auto_play=false&#038;hide_related=false&#038;show_comments=true&#038;show_user=true&#038;show_reposts=false&#038;show_teaser=true\"><\/iframe><div style=\"font-size: 10px; color: #cccccc;line-break: anywhere;word-break: normal;overflow: hidden;white-space: nowrap;text-overflow: ellipsis; font-family: Interstate,Lucida Grande,Lucida Sans Unicode,Lucida Sans,Garuda,Verdana,Tahoma,sans-serif;font-weight: 100;\"><a href=\"https:\/\/soundcloud.com\/user-673719274\" title=\"ICT Pulse Podcast\" target=\"_blank\" style=\"color: #cccccc; text-decoration: none;\" rel=\"noopener\">ICT Pulse Podcast<\/a> \u00b7 <a href=\"https:\/\/soundcloud.com\/user-673719274\/ictp-238-fintech-in-the\" title=\"ICTP 238: Fintech in the Caribbean region, from an Economist\u2019s perspective, with Dr Justin Ram\" target=\"_blank\" style=\"color: #cccccc; text-decoration: none;\" rel=\"noopener\">ICTP 238: Fintech in the Caribbean region, from an Economist\u2019s perspective, with Dr Justin Ram<\/a><\/div>\n\n\n\n<p><strong>This episode is also available on <a href=\"https:\/\/soundcloud.com\/user-673719274\" target=\"_blank\" rel=\"noreferrer noopener\">SoundCloud<\/a>,&nbsp;<a href=\"https:\/\/itunes.apple.com\/us\/podcast\/ict-pulse-podcast\/id1373550291\" target=\"_blank\" rel=\"noreferrer noopener\">Apple iTunes<\/a>, <a href=\"https:\/\/playmusic.app.goo.gl\/?ibi=com.google.PlayMusic&amp;isi=691797987&amp;ius=googleplaymusic&amp;apn=com.google.android.music&amp;link=https:\/\/play.google.com\/music\/m\/Icau5acn2xiyl5yjuh7orl2mt54?t%3DICT_Pulse_Podcast%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16\" target=\"_blank\" rel=\"noreferrer noopener\">Google Play Music<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/3d0U4ZYX80e5lenYLdzyX4\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a>, <a href=\"https:\/\/music.amazon.com\/podcasts\/3f727ec1-de7d-416f-8bdc-31d9a911a09e\/ict-pulse-podcast\" target=\"_blank\" rel=\"noreferrer noopener\">Amazon Music<\/a> and <a href=\"https:\/\/www.stitcher.com\/podcast\/ict-pulse-podcast?refid=stpr\" target=\"_blank\" rel=\"noreferrer noopener\">Stitcher<\/a>!<\/strong><\/p>\n\n\n\n<p>Across the Caribbean region, countries have been embracing financial technology (or fintech) with the hope that it can drive their economic development, by replacing or supplementing other sectors or industries that have experienced a prolonged downturn or are vulnerable to various shocks and risks. To that end, many countries have been aggressive in their efforts, in order to leverage a first-mover advantage and their attractiveness to prospective investors.<\/p>\n\n\n\n<p>However, some of the technology that underpins fintech has been transformative, such as blockchain technology, the industry that is developing is still nascent. It thus means that some segments are highly speculative, and so far, are not regulated; yet opportunities exist for huge rewards. In essence, although the future of fintech may bear no resemblance to its current incarnation, it is likely to fundamentally change the financial services sector and the global economy as we know them.<\/p>\n\n\n\n<p>When we have discussed fintech here on the Podcast, usually, we are focussing on specific segments, such as cryptocurrencies, central bank-backed digital currencies (CBDCs), non-fungible tokens (NFTs), decentralised autonomous organisations (DAOs), and decentralised finance (DeFi), to name a few. Although most of these segments have established a footing in the Caribbean region, and may even be poised for growth, what might be the economic impact and implications of fintech in the region?<\/p>\n\n\n\n<p>We begin to explore this issue in this episode of the Podcast.<\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Introducing our guest<\/h1>\n\n\n\n<figure class=\"wp-block-image alignright size-full is-resized\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"167860\" data-permalink=\"https:\/\/ict-pulse.com\/2023\/02\/ictp-238-fintech-in-the-caribbean-region-from-an-economists-perspective-with-dr-justin-ram\/justin-ram-j-ram\/\" data-orig-file=\"https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2023\/02\/Justin-Ram-J-Ram-e1675786798107.jpeg?fit=666%2C620&amp;ssl=1\" data-orig-size=\"666,620\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Justin Ram (J Ram)\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Dr Justin Ram&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2023\/02\/Justin-Ram-J-Ram-e1675786798107.jpeg?fit=300%2C279&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2023\/02\/Justin-Ram-J-Ram-e1675786798107.jpeg?fit=666%2C620&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/fgd.dfv.mybluehost.me\/.website_c81a1e61\/wp-content\/uploads\/2023\/02\/Justin-Ram-J-Ram-e1675786798107.jpeg?resize=360%2C335&#038;ssl=1\" alt=\"\" class=\"wp-image-167860\" width=\"360\" height=\"335\" srcset=\"https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2023\/02\/Justin-Ram-J-Ram-e1675786798107.jpeg?w=666&amp;ssl=1 666w, https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2023\/02\/Justin-Ram-J-Ram-e1675786798107.jpeg?resize=300%2C279&amp;ssl=1 300w\" sizes=\"auto, (max-width: 360px) 100vw, 360px\" \/><figcaption class=\"wp-element-caption\">Dr Justin Ram<\/figcaption><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.linkedin.com\/in\/justin-ram-79942a2\/\" target=\"_blank\" rel=\"noopener\" title=\"\"><strong>Dr Justin Ram<\/strong><\/a> is the Chief Executive Officer of Justin Ram Advisory Associates and Managing Partner of Resilience Partners Inc. He has over 20 years of practical, advisory, research, and management experience. He has worked as an economist in over 32 countries across the Caribbean, Central Asia, Africa, and Europe.<\/p>\n\n\n\n<p>Justin has a Diploma in Executive Management from Stanford University and a PhD from the London School of Economics and Political Science. He also holds a Master of Science degree in Economics from University College, London, a Bachelor of Science degree from The University of the West Indies, and a post-graduate certificate in Sustainable Environmental Management from The University of California, Berkeley.<\/p>\n\n\n\n<p>Justin was previously Director of the Economics Department at the Caribbean Development Bank (CDB). Prior roles include Senior Global Economist with WorleyParsons; Supervisory Economist with the Mayor of London\/Greater London Authority; Technical Director with Jacobs Engineering; and an Economist with the United Kingdom Government&#8217;s Department for Transport. He has also been a Class Teacher at the London School of Economics and Political Science and was a Lecturer in Economics at the University of the West Indies. Justin also worked as an Analyst with Thomson\/Reuters.<\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Insight into our conversation<\/h1>\n\n\n\n<p>The conversation with Justin did not go as expected, as I thought that we would focus almost exclusively on fintech. But from the outset, Justin sought to have us consider the Caribbean economy through a much broader lens \u2013 particularly if we want to improve the lives and livelihoods of <strong>ALL<\/strong> citizens in our countries.<\/p>\n\n\n\n<p>To that end and knowing that fintech cannot solve all of our problems, Justin encourages us to go deeper, as there are fundamental societal issues that need to be addressed, some of which have their root in our colonial past. However, cognisant that we are living in the 21<sup>st<\/sup> century and trying to grapple with the Fourth Industrial Revolution, we also need to ensure that our countries are relevant and competitive.<\/p>\n\n\n\n<p>This dichotomy \u2013 addressing the fundamentals against present imperatives \u2013 is the balance that Caribbean countries, and by extension the region, ultimately need to tackle. Below are key questions posed to Justin during our conversation.<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\">\n<li>As an Economist, what are your thought about fintech and the impact it can have on the Caribbean region and the Caribbean economy?<\/li>\n\n\n\n<li>How might we foster more tech entrepreneurship in the region?<\/li>\n\n\n\n<li>What is your current view of cryptocurrencies and their pertinence in the Caribbean, given that there are large numbers of unbanked and under-banked populations in the region?<\/li>\n\n\n\n<li>Do CBDCs offer a real opportunity to help with digital transformation?<\/li>\n\n\n\n<li>Do you think the FTX collapse has sent the wrong signals to the world about the FinTech industry in the Caribbean?\u201d<\/li>\n\n\n\n<li>What other fintech initiatives and projects do you see in the region that will have a real impact?<\/li>\n\n\n\n<li>What are the next steps for the Caribbean to really drive good use of fintech?<\/li>\n\n\n\n<li>What are some key next steps that Caribbean countries ought to consider to drive fintech development and adoption?<\/li>\n<\/ol>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>We would love to hear from you!<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\">Do leave us a comment either here beneath this article, or on our&nbsp;<a href=\"https:\/\/www.facebook.com\/ICTPulse\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Facebook<\/strong><\/a>&nbsp;or&nbsp;<a href=\"https:\/\/www.linkedin.com\/company\/ict-pulse-consulting-limited\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>LinkedIn<\/strong><\/a>&nbsp;pages, or via Twitter,&nbsp;<a href=\"https:\/\/twitter.com\/ICTPulse\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>@ICTPulse<\/strong><\/a>.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><em>Also, if you or a member of your network is interested in joining us for an episode,&nbsp;<\/em><\/strong><a href=\"https:\/\/fgd.dfv.mybluehost.me\/.website_c81a1e61\/contact\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>do get in touch<\/em><\/strong><\/a><strong><em>.<\/em><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><em>Let\u2019s make it happen!<\/em><\/strong>&nbsp;<\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Select links<\/h1>\n\n\n\n<p>Below are links to some of the organisations and resources that either were mentioned during the episode or otherwise, might be useful:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.linkedin.com\/in\/justin-ram-79942a2\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Dr Justin Ram<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.justinram.com\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Justin Ram Advisory Services <\/a>&nbsp;<\/li>\n\n\n\n<li>ICT Pulse Podcast episode, <a href=\"https:\/\/fgd.dfv.mybluehost.me\/.website_c81a1e61\/2019\/09\/ictp-071-realising-digital-transformation-caribbean-countries-dr-justin-ram-caribbean-development-bank\/\" target=\"_blank\" rel=\"noopener\" title=\"\"><em>ICTP 071: Realising the digital transformation of Caribbean countries, with Dr Justin Ram, of the Caribbean Development Bank<\/em><\/a><\/li>\n\n\n\n<li>St Kitts Nevis Observer &amp; Nevis article, <a href=\"https:\/\/www.thestkittsnevisobserver.com\/clico-collapse-eastern-caribbean-can-sue-trinidad-and-tobago-for-us60-million\/\" target=\"_blank\" rel=\"noopener\" title=\"\"><em>CLICO Collapse: Eastern Caribbean Can Sue Trinidad and Tobago for US$60 million<\/em><\/a><\/li>\n\n\n\n<li>Loop article,&nbsp; <em><a href=\"https:\/\/caribbean.loopnews.com\/content\/eccu-governments-taking-tt-ccj-over-clicobaico-funds\" target=\"_blank\" rel=\"noopener\" title=\"\">ECCU governments taking T&amp;T to CCJ over CLICO\/BAICO funds<\/a><\/em><\/li>\n\n\n\n<li>The Tribune article, <a href=\"http:\/\/www.tribune242.com\/news\/2023\/jan\/09\/clico-victims-dont-forget-our-35m-need\/\" target=\"_blank\" rel=\"noopener\" title=\"\"><em>CLICO victims: Don\u2019t forget our $35m need<\/em><\/a><\/li>\n<\/ul>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p><em>Images credit: J Ram; micheile dot com (<a href=\"http:\/\/unsplash.com\" target=\"_blank\" rel=\"noopener\" title=\"\">Unsplash<\/a>); Nick Youngson (<a href=\"http:\/\/pix4free.com\" target=\"_blank\" rel=\"noopener\" title=\"\">Pix4free<\/a>); Raisin Raisin (<a href=\"http:\/\/flickr.com\/\" target=\"_blank\" rel=\"noopener\" title=\"\">flickr<\/a>)<\/em><\/p>\n\n\n\n<p><em>Music credit: The Last Word (Oui Ma Ch\u00e9rie), by Andy Narrell<\/em><\/p>\n\n\n\n<p><em>Podcast editing support:&nbsp; Mayra Bonilla Lopez<\/em><\/p>\n\n\n\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With Developmental Economist, Dr Justin Ram, we discuss the impact fintech could have on the Caribbean region and economy, and among other things, Justin offers insights into:  how we might foster more tech entrepreneurship;  whether the FTX collapse is sending the wrong signals to the world about the fintech industry in the Caribbean;  the real opportunity for CBDCs in the region, and with respect to fostering digital transformation; and the fintech initiatives and projects the region should be implementing that could have a real impact.<\/p>\n","protected":false},"author":2,"featured_media":167859,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[355],"tags":[71,305,358,357,212,15],"class_list":["post-167858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcast","tag-businesses","tag-digital-economy","tag-financial-technology","tag-interviews","tag-policy-2","tag-trends","et-has-post-format-content","et_post_format-et-post-format-standard"],"jetpack_publicize_connections":[],"aioseo_notices":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2023\/02\/Featured-Image-%E2%80%93-Justin-Ram.jpg?fit=1024%2C576&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p2iE1G-HFo","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts\/167858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/comments?post=167858"}],"version-history":[{"count":4,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts\/167858\/revisions"}],"predecessor-version":[{"id":167870,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts\/167858\/revisions\/167870"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/media\/167859"}],"wp:attachment":[{"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/media?parent=167858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/categories?post=167858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/tags?post=167858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}