Barbados is charting an ambitious new course to solidify its status as a global insurance hub, with the Financial Services Commission (FSC) unveiling a series of strategic initiatives to boost efficiency, innovation, and regulatory agility in the $174 billion insurance sector. FSC Chairman Oliver Jordan, speaking at the recent Barbados Risk and Insurance Management (BRIM) conference hosted by BIBA –...
The Caribbean Development Bank (CDB) has introduced the SheTrades Caribbean Grow and Go Grant Facility, a USD 500,000 programme designed to strengthen the competitiveness of women-led businesses across the region. The initiative, launched virtually on March 27, 2025, marks a significant step toward enhancing women’s participation in international trade. Targeting women-owned and led micro, small, and...
CIBC Caribbean Bank Limited has reported a net income of US$55.8 million for the first quarter of its 2025 financial year, describing the results as “solid” despite a decline from the US$84.6 million earned in the same period in 2024. Impact of Credit Provisions on Performance Chief Executive Officer Mark St Hill attributed the year-over-year decrease in profit to higher provisions for credit...
The African Export-Import Bank (Afreximbank), Africa’s premier multilateral financial institution, has made history with the groundbreaking of its first-ever Afreximbank African Trade Centre (AATC) in the Caribbean. Located in Bridgetown, Barbados, this landmark project signifies a significant step in strengthening trade ties between Africa and the CARICOM region. A Milestone for Global Trade With...
Imagine being able to send and receive money instantly - no delays, no waiting. That future is on the horizon for Barbados, as the Central Bank takes a major step toward modernizing the nation’s payment system. The bank has issued a Request for Proposal (RFP) to develop a national Instant Payments System (IPS), designed to make transactions faster and more accessible for everyone, regardless of their...
Barbados has successfully passed a key international evaluation, reaffirming its commitment to combating harmful tax practices and upholding global financial standards. The Organisation for Economic Co-operation and Development (OECD) has officially recognized the island’s progress in meeting international tax regulations. According to its latest peer review—conducted through the Forum on Harmful...
Barbados has welcomed Tabit Insurance SCC, a cutting-edge offshore business specializing in Bitcoin-backed insurance policies. The company recently commenced operations after receiving a Class 2 insurance licence from the Financial Services Commission (FSC). Co-founded by William Shihara and Stephen Stonberg, both prominent entrepreneurs in digital assets and financial services, Tabit Insurance SCC...
Barbados has cemented its position as a fintech trailblazer this week with the launch of the Fintech Islands Experience 2025 (FiX25). Held at the historic Sam Lord’s Castle, Wyndham Grand Resort, this dynamic three-day conference (January 22–24) has drawn over 500 global leaders, innovators, and investors from across the Caribbean, the Americas, Europe, Asia, and Africa. Together, they aim to redefine...
The African Export-Import Bank (Afreximbank), a leading pan-African multilateral trade finance institution, has unveiled plans to establish a cutting-edge trade centre in the Carlisle Bay district on the southeastern coast of Barbados. Spanning a 6.4-acre site, the 30,000-square-meter mixed-use complex will feature Afreximbank's Caribbean regional offices, corporate office spaces, a 120-room hotel,...
Barbados has secured an additional US$56 million (BDS$112 million) from the International Monetary Fund (IMF) following a successful fourth programme review. This development underscores the nation’s impressive economic performance and strides in climate resilience under its homegrown economic recovery plan, BERT 2022. The new disbursement comprises US$19 million (BDS$38 million) under the IMF’s...