Faisal Ghaffar 
A few fintech companies have emerged since the Cuban government started permitting foreign businesses to conduct business. Although many Cubans still use cash and are wary of new technologies, fintech is becoming more and more popular, especially among younger people.
Fintech companies have thus far concentrated on offering fundamental financial services like payments and money transfers. For instance, budgeting and money-saving mobile applications may become commonplace. Additionally, if internet usage develops in Cuba, we might observe growth in online lending and other digital financial services.
Fintech in Cuba is still in its infancy, but Cuba is a desirable market for fintech companies due to its population of over 11 million and its young, tech-savvy society. Cuba’s fintech landscape will expand and prosper as the nation continues to open up to global business.
Cuba’s Fintech Scene at the Present
A variety of firms and projects are aiming to increase financial inclusion and access in Cuba. The digital banking platform of Banco Popular de Cuba (BPC), 2017, is one of the most noteworthy fintech ventures in Cuba. Other fintech businesses, in addition to BPC’s digital banking infrastructure, are trying to increase financial inclusion in Cuba. One such business is ChicaTech, which is developing a smartphone application that would make financial services accessible to women.
Current Fintech Scene in Cuba
Cuban government supports the growth of the fintech industry and a special zone was established in 2016 for this purpose. As a result it has drawn people and investments from abroad which is increasing investments from foreign investors and many startups can be seen in the industry including CubaWallet which helps in mobile payments.
Other startups include emerging, digital banking, and Cubacel, for prepaid mobile top-up services.
Future of the fintech industry in Cuba
Recently, authorities have introduced reforms to revolutionize the economy including improvements in fintech enterprise. This country includes young and educated people being more receptive to new technology.
Cuba has seen a significant splurge in the fintech industry but the future of this industry is still not certain. Reasons include less capital, less internet connectivity, and rules and regulations. Still, there are reasons for being positive, mobile payments being one of the huge potential areas. After that one can count on banking, because of very few banks here.
Conclusion
Cuba is a potential region for the fintech industry owing to a supportive government and population being receptive to innovative technology and having access to the internet. But there are challenges including less capital, constraints in infrastructure, and strict laws. But despite these challenges, Cuba has great potential for fintech if the Cuban government supports foreign investment.
