With a combination of frankness, ingenuity, forethought and consideration, I believe that we can mitigate the differences and dangers facing the digital finance field, thereby unlocking great economic potential.

There is a real sense in traditional finance circles that the technology companies introducing digital financial tools and services are not being scrutinised in a manner sufficient to temper fraudulent or criminal activity.

The institutions have even shown a reluctance to handle funds, both macro-economically as is evident by the devastating correspondent banks’ de-risking exercise and micro-economically, where local banks have implemented or raised fees to manage accounts.

While both public and private sectors may have taken advantage of technology to automate, reduce and otherwise optimise back-office operations, neither governments nor Caribbean financiers have spent as much time addressing changes in consumer needs and desires.

We live in the creeping shadow of a technological and social tsunami. Since the last decade of the twentieth century, we have experienced the mass adoption of computers for industrial, commercial and personal use, as well as the interlinking of these devices through the Internet.