Decentralised finance and blockchain in agriculture share spotlight at FiX25 | World News
The Fintech Islands Experience 2025 (FiX25), organised in Barbados, spotlighted several transformative trends reshaping the fintech landscape. Attendees delved into topics ranging from fintech’s role in emerging markets to the revolutionary potential of artificial intelligence (AI), the rise of digital currencies, and innovative strategies to enhance financial resilience against disasters.
UNLOCKING FINTECH POTENTIAL
One session featured Kwame Oppong, head of fintech and innovation at the Bank of Ghana, who emphasised the necessity of collaboration between fintechs and traditional banks to spur economic growth and create employment opportunities.
“Collaboration ultimately grows the pie,” Oppong said, highlighting how fintechs bring innovation and accessibility, while banks contribute decades of expertise in compliance, underwriting, and risk management. This synergistic model, he explained, holds the greatest promise for emerging markets by advancing financial inclusion, improving efficiency, and fostering shared prosperity.
INSIGHT
Matt Hamilton, senior developer relations engineer at The Arbitrum Foundation, an organisation that enhances the efficiency of ethereum, a major player in decentralised finance (DeFi), shared insights into the future of DeFi and Web3. His presentation outlined the dual promise and challenges of these technologies.
Hamilton, speaking on the topic ‘DeFi and Web3 are revolutionising finance: what you need to know’, highlighted DeFi’s potential to drive financial inclusion for billions globally who lack access to traditional banking, while smart contracts offer innovative, transparent, and secure solutions. However, he also noted that there are significant challenges, including regulatory uncertainty and the risk of exploits due to inadequately audited smart contracts.
Looking ahead, Hamilton predicted that as user interfaces improve and regulatory frameworks mature, DeFi could achieve mainstream adoption. He also highlighted emerging hybrid solutions that integrate traditional financial institutions with DeFi protocols, enhancing both accessibility and functionality.
BLOCKCHAIN’S EFFORTS
Jeremy Goh, group chairman & CEO of Foodstarter Philippines, introduced the groundbreaking applications of blockchain in agriculture to attendees. He discussed using non-fungible tokens (NFTs) to fund farmers and trace crop production, emphasising blockchain’s capacity for supply chain transparency and fair revenue sharing.
“We worked with multiple blockchains to ensure that, in the future, partners and users can easily understand how to record data on blockchain technology. This data will be publicly accessible and traceable. Additionally, blockchain can be used for various purposes, such as funding, liquidity, and marketing,” Goh stated.
Fellow panellist Pia Bramwell, founder of Verified and True, shed light on the Jamaican agricultural sector, particularly the global demand for Jamaica Blue Mountain coffee. She revealed staggering figures, which showed that the Blue Mountain coffee counterfeit market generates more than US$200 million, compared to the genuine coffee’s US$70 million revenue. Bramwell explained that blockchain has the potential to authenticate genuine coffee beans, protecting the reputation and earnings of local producers.
DISASTER FINANCE RESILIENCE
Meanwhile, in a panel discussion on fintech’s role in disaster recovery, Elizabeth Riley, executive director of the Caribbean Disaster Emergency Management Agency explored how fintech solutions can empower affected communities.
“Integrating fintech solutions post-disaster allows affected individuals to have choices, instead of receiving goods they may not need. This empowers them, helping to restore a sense of control and contributing to their psychological recovery,” Riley explained. She also pointed out the importance of creating tailored fintech solutions, given the varying needs of multi-island jurisdictions and continental territories. She noted that infrastructure disparities between main islands and remote areas require nuanced approaches to ensure equitable and effective solutions.
The second day of the recently concluded conference also covered such topics as ‘The AI advantage in banking to drive smarter lending for the Caribbean economy’; ‘Investing in underrepresented tech founders: Finding industry-transforming startups beyond Silicon Valley’; and ‘Crypto Caribbean: Can progressive regulatory frameworks unlock a virtual assets revolution in the islands?’