Mastercard has issued a call to action for financial technology companies to solve financial issues in the Caribbean. In return, Mastercard offers expertise in complying with regional regulations, market entrance and the ability to license and certify products.

“We’re more a network that enables various fintech to introduce new products into the market within the context of local regulations,” said Dalton Fowles, Mastercard’s country manager for Barbados, Jamaica, Trinidad & Tobago and the Eastern Caribbean.

Fowles cited the example of digital payments for small and midsize businesses, especially local mom-and-pop shops. He said tap-to-pay options will appear in the region soon.

Some estimates put the number of unbanked in the Caribbean at two-thirds of its 45 million inhabitants.

Mastercard studies have found that some Caribbean markets have 30% to 45% of their GDP in cash, which Fowles believes is ripe to be digitized.

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