ECLAC Caribbean has completed and handed over to the government of Aruba, a strategic roadmap with actionable recommendations for the development of the fintech (financial technology), artificial intelligence (AI) sectors.

The roadmap was part of a dossier of studies on Aruba’s fintech sector to assess the opportunities, risks, and strategic positioning of Aruba’s digital solutions for finance, business and efficiency. Both the government of Aruba and UN ECLAC believe that the study is important for Aruba’s development and can facilitate technological progress, trigger innovation and improve the cost of services for the people of Aruba.
 

The study, commissioned by the Government of Aruba, reflects months of rigorous research, stakeholder consultations, and comparative analysis. ECLAC Caribbean’s Dale Alexander says the study was timely and it offers a roadmap for Aruba. “A vision of Aruba as a resilient, inclusive, and innovation-driven digital economy. A vision where strategic leadership, regulatory modernization, and public-private collaboration converge to unlock new opportunities for growth, empowerment, and the further diversification of the economy."

“Our major finding from this research is that notwithstanding some strategic gaps and constraints, Aruba is well poised to develop fintech services and leverage AI (artificial intelligence)… what the formal introduction of fintech services will do is bring competition, it will then allow for innovation and it will then improve efficiencies, and as such, there will be a reduction in the cost of services for the average Aruban citizen.”

Delivered to Minister of Finance, Economic Affairs, and Primary Sector, Geoffrey Wever, the reports outline a clear direction for the development of financial technology services and the integration of emerging technologies such as artificial intelligence and distributed ledger technologies (DLT). The research includes:

• A trends analysis of fintech development across OECD and Small Island Developing States (SIDS) contexts
• An assessment of Aruba’s regulatory and institutional environment
• A synthesis of stakeholder perspectives on opportunities and risks

Minister Wever expressed gratitude to ECLAC and acknowledged the Department of Economic Affairs, Commerce and Industry (DEACI) for guiding the process, and stressed how important the work is.

 “Artificial Intelligence (AI), blockchain technology, and digital finance are not future trends, but are present realities that Aruba needs to capitalize on. These technologies are reshaping how the world invests, insures, and transacts… Let me be clear: the development of Aruba’s fintech sector is not a luxury, it is a vital necessity. It is a pathway to economic diversification, increased competitiveness, financial inclusion, and global relevance and resilience."

Minister Wever also noted how important innovations in fintech and AI are for particular groups. 

“To our youth: you are not just the future, but you are the present as your digital fluency and bold ideas are vital. Aruba must create pathways for you to lead, to build, and to shape the Fintech ecosystem of today and tomorrow."

ECLAC reaffirmed its commitment to supporting Aruba and other Associate Members in advancing their sustainable development goals through targeted technical cooperation and policy support.