Barbados embraces fintech ‘to diversify economy’

In a bid to position itself as a financial technology leader, Barbados is actively courting investments in digital assets and blockchain technology, Minister of Economic Affairs and Investments, Chad Blackman said on Wednesday. 

The government is implementing a series of measures aimed at transforming the island into a global fintech hub, with the potential to create high-skilled jobs and drive economic growth, he said as hundreds of fintech experts and advisers attend the annual Fintech Islands Experience (FiX25) at the Sam Lord’s Castle Wyndham Grand Barbados Resort.

Speaking to Barbados TODAY on the importance of this shift, Blackman referenced the recent establishment of Tabit Insurance SCC, the first company in Barbados to focus on insuring businesses in the digital assets space and the first to hold Bitcoin as part of its capital reserves.

“The Government of Barbados recognises the significant potential of attracting innovative businesses like Tabit Insurance Company, which focuses on digital assets and cryptocurrency,” he said. “These ventures align with our strategic vision to position Barbados as a global hub for fintech innovation whilst diversifying our economy and creating new growth opportunities.”

The minister also outlined the measures being implemented to ensure the country remains competitive and secure within this evolving financial landscape.

“By fostering an environment conducive to blockchain, cryptocurrency and digital asset initiatives, Barbados will continue to attract high-value investments, create highly skilled jobs and drive technological advancement across various sectors,” he said.

Among the measures, Blackman listed a strong regulatory framework for digital assets, collaboration with local and international stakeholders, investments in education to upskill Barbadians and a strengthened cybersecurity infrastructure.

Further adding that through tax incentives, grants and support for research and development, the government aims to attract and retain businesses like Tabit Insurance that contribute to its vision of economic modernisation, Blackman reiterated that the island is poised to lead the way in embracing digital transformation in the financial sector.

“We welcome similar forward-thinking companies to join us in shaping a vibrant and secure economic future,” he said.

Tabit Insurance SCC CEO Stephen Stonberg praised the regulatory environment and highlighted what he said was the unrealised significance of Barbados as a fintech destination.

“Barbados has a very big insurance industry. I’ve been shocked—I don’t think people in Barbados even realise how big the industry is. It’s a top ten player in the captive industry,” he said.

Stonberg explained that Tabit Insurance is addressing a critical gap in the market by providing coverage for institutional clients operating in the digital asset space. “Traditional insurers all have crypto exclusions, so there’s just no insurance for anyone in this sector. That’s where we come in.”

He also noted that the company is the first insurer in Barbados to hold Bitcoin in its capital reserves, calling it “a very innovative move, for anywhere, let alone Barbados”.

Acknowledging the support of the Financial Services Commission (FSC) and other authorities, Stonberg added: “We wouldn’t be able to be here without the government’s pro-business approach. They took the time to learn about this new industry and supported us every step of the way.”

While Tabit’s operations focus on international clients, Stonberg shared plans to contribute to national development by supporting blockchain education initiatives and collaborating with institutions like the University of the West Indies.

 “We are happy to give our time and resources to help build awareness of this industry and support the island’s growth,” he said.

shannamoore@barbadostoday.bb