Business Barbados

BARBADOS EMBRACES FINTECH 54 / The financial services sector in Barbados and globally has developed tremendously over the decades, from the early years of persons stashing money in a ‘safe’ place within their homes to savvy investors trusting their hard-earned income to financial institutions such as commercial banks and credit unions. Fast forward to the modern-day financial services, with the introduction of offshore banking, insurance, accounting, wealth management, mutual funds, trusts, stock brokerage firms and more - all businesses that currently comprise financial services. Barbados, in particular, has a well- developed financial services industry and has been regarded as a financial services hub for several years. This industry accounts for approximately 10% of Barbados’ Gross Domestic Product and is an integral component of the country’s business sector. Barbados is home to a number of globally recognized brands such as CIBC, RBC and Scotiabank. The country is known for the soundness of its banking system within Latin America and the Caribbean. Barbados also boasts top accounting firms such as BDO, Deloitte, Kaye Brathwaite CEO, Invest Barbados