Fintech
BELTRAIDE Hosts FinTech Forum to Empower Belizean Businesses – Love FM Belize News & Music Power
In an effort to push Belizean businesses into the digital age, the Belize Trade and Investment Development Service (BELTRAIDE) is working to improve the use of financial technology (FinTech) across the country. Today the organization held a FinTech forum aimed at promoting economic growth and competitiveness in Belize’s evolving business landscape. The event culminates in National Competitiveness Month and was held in collaboration with the International Development Bank (IDB). BELTRAIDE Executive Director Dr. Leroy Almendarez says the goal is to educate businesses on the benefits of using technology to improve their services.
Dr. Leroy Almendarez, Executive Director, BELTRAIDE: “We expect those who in some way offer some kind of digital service to be included or use digital tools or fintech. So you see people there from Atlantic Bank, you see people from Belize Bank and all those other entities and Digi, you know, they’re part of that too. And you also see those providers, digital service providers, because once you create an ecosystem it just means that as we focus more and more on the fact that the world is becoming more and more cashless, you need to find an easier way for payments, for those who are engaged in, you know, digital forums, digital communications. So it’s these kinds of things we’re looking at. And so this afternoon in our networking session all those providers, those of us within the enabling environment on the government side, interacting with each other, getting their feedback and telling us what are some of those other things that they might see as their challenges and how government, through an enabling environment, can help fill those gaps. Because one of the great challenges we face in this country, and many of us have talked about it, is the digital divide. And so with the banks, with projects like the Digital Connect Centers, which not only BELTRAIDE but also the Ministry of Public Services got real support from the UNDP and Taiwan, we were able to help bridge that gap in where those who may not have been participants can now participate.”
Dr. Almendarez noted that financial technology services rely heavily on strong internet connectivity, which is not easily available in rural areas.
Dr. Leroy Almendarez, Executive Director, BELTRAIDE: “This is where it really becomes a challenge and I think the person who gave the IDB presentation mentioned the fact that the backbone of all this is reliable internet service with the kind of bandwidth that wherever you are you can use just your smartphone and be able to access some of these digital services. But what we’re finding now is that there’s almost no area of Belize where you wouldn’t be able to access the internet And that’s why in those digital connection centers that are present practically all over the country, you can’t go to an internet cafe because there’s a cost, but in these centers that we’re setting up you can actually come in and use the services. for free. Right? So they were strategically placed. But yes, now we have to look at the penetration of the Internet, in terms of bandwidth, that means it allows you. You know, actually, sometimes the type of services you’re using or the work you’re doing requires more bandwidth and you may find that things crash. That’s one of the things we don’t want because otherwise it would really delay or affect the use of that service.”
The forum was held in Belize City at the Belize Biltmore Plaza.