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Michelle Doyle-Lowe, Advisor to the Governor at the Central Bank of Barbados, has authored an article for the July edition of IFC Review, a leading guide to global wealth management and international finance centres.
In the article, titled “FinTech Enhances Digital Payments Solutions”, Doyle-Lowe highlights the progress being made in Barbados’ digital payments landscape, noting “the development of Barbados’ market infrastructure continues to move in the right direction to better manage the inherent risks of FinTech activity such as cyber security, money laundering, and the data privacy concerns of these decentralised operations.” She cites the passing of the Barbados Data Protection Act in 2019 and the approval of a “Guideline for the Treatment of Digital Currency” by the CARICOM Central Bank Governors group as examples.
She notes, however, that several challenges remain, “The payments systems in most territories does not apply to digital currency.”
Nevertheless, Doyle-Lowe recognises that a new era in payments is on the horizon. “The paradigm of COVID-19 presents a sea change for digital activity; compelling us to think about the next step to building greater efficiency in our new normal.”
Read the full article here.