FinTech & Positive Social Impact: Jamaica Meets Bly

Voiceover

Presenter(s)

La-Doniea Nisbeth

Abstract or Description

After research and gaining the understanding that there is a link between positive social impact and financial technology, I used these observations to get closer to the goal of establishing a FinTech app in Jamaica. FinTech innovation is happening at a rapid pace and there are currently multiple ways to pay for goods and services. FinTech is short for financial technology, and financial technology seeks to improve the delivery and use of financial services.

FinTech has transformed many economies through establishing convenience and unprovoked access for underrepresented populations in industries they care about most. These industries include education, payroll, and personal finance. This Spring, I focused on team building, regulatory review, user testing, and creating a design guide. These would all help with making the first and simplest version of the FinTech app. The results included:

1. Finding a name for the app (Bly:to give a chance).
2. Challenge faced in our efforts was reaching Jamaicans in Jamaican to gain relevant insight through surveys, app testing and interviews to make the application meet their needs.
3. We pitched in the CLIMB competition Fall & Spring.  Semi-finalist with the main review being partnering with an existing institution to make implementation easier. Also, questions on regulations.
4. The legal ramifications of FinTech in the Caribbean aren’t as clear currently because it’s new there.
5. MVP (Minimum Viable Product) screens for first version of app.