FinTech, an emerging sector with huge potential, says Minister Gayan
A workshop on FinTech and Tourism was organised last Saturday at the Sugar Beach Hotel, Flic en Flac by the Ministry of Tourism in collaboration with the Economic Development Board. The theme was 'The interplay between FinTech and Tourism - The New Wave in Africa'.
The Minister of Tourism, Mr Anil Gayan, highlighted that FinTech, which is an emerging industry that uses technology to improve activities in finance, ranks high on the agenda of Government as it is a sector with huge potential for the millennials. In this context, last year a series of measures were announced in the budget to accelerate the country's move to an age of digitalisation and innovation in the form of Artificial Intelligence and FinTech to promote private investment and a cashless society and create new jobs for the youth.
Mr Gayan stated that it is the latest technological innovation that is today driving the global economy where Finance and Technology are highly integrated in the design and delivery of financial services and products. The application of FinTech cuts across multiple business segments, including lending, investment managements and payments.
The workshop, held in the context of the World Travel Award Gala Ceremony for Africa and Indian Ocean, was a follow up of the International Conference on 'Digitalisation and Sustainable Tourism'. It brought together actors from the tourism and the financial services sector to exchange views and discuss on how FinTech could be leveraged to optimise travel experiences.
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