Presentation of the fintech report to stakeholders.
ORANJESTAD—On August 14, Minister of Finance, Economic Affairs, and Primary Sector, Geoffrey Wever, presented the final FINTECH report to all local stakeholders.
Minister Wever received the final study on the risks, obstacles, and opportunities of the fintech sector for Aruba, as well as an evaluation of the impact of "Blockchain Technology" and "Cryptocurrency" on August 12.
FINTECH is innovative technologies and digital solutions that can be applied in the financial sector to make financial services more efficient, accessible, and easy to use. As part of the economic policy goal to create more economic sectors, the Ministry of Finance, Economic Affairs, and Primary Sector financed this study, conducted by the United Nations Economic Commission for Latin America and the Caribbean (UN ECLAC).
To complement this study, ECLAC has gathered different stakeholders on our island, such as the Central Bank of Aruba, the Chamber of Commerce, ATIA, Setar N.V., the Cybersecurity Center of Excellence, the Insurance Association of Aruba, the Aruba Bankers Association, Digicel, Directie Telecommunicatie Zaken, Qredits, Gamma, and the IT sector in FINTECH.
During the presentation, stakeholders in attendance received an overview of Aruba's current standing in the fintech sector. What are the strengths, weaknesses, dangers, and opportunities to implement innovative technologies and new digital solutions in the business world? This project commenced in 2021 and is already underway.
"Digitalization, blockchain, and crypto are no longer things of the future but things of the present." Minister Wever began by saying, "It is important for us as a country to follow these developments closely and implement them where possible so that as a country we do not stand on the sidelines and fall behind.
The presentation concluded with a question-and-answer session, allowing attendees to ask their questions.
Minister Geoffrey Wever thanks the UN-ECLAC delegation for the study carried out and the Department of Economic Affairs for guiding the process.
Now that the study has been completed and presented, the government will evaluate the feedback received from stakeholders. They will then develop an implementation strategy through Landspakket to diversify Aruba's economy in a concrete and regulated manner.