The Minister of Finance, Economic Affairs and Primary Sector, Mr. Geoffrey Wever, together with the “United Nations Economic Commission for Latin America and the Caribbean” (UN-ECLAC), presented the results of the study conducted by UN-ECLAC on the opportunities, risks and obstacles of the FinTech sector for Aruba, as well as an evaluation of the impact of blockchain technology and cryptocurrency, to the Parliament of Aruba.
In 2024, Minister Wever established a strategic partnership with UN-ECLAC focusing on economic development and, more specifically, on exploring opportunities in the FinTech world, blockchain technology and cryptocurrency. The Netherlands, through the Landspakket, is also a strategic partner in the development of the FinTech sector for Aruba.
The FinTech sector includes technological innovations in financial services. This includes advancements in online banking, online payment systems, investment management and more. The main technologies within FinTech are blockchain and cryptocurrency.
Developing the FinTech sector offers several benefits for Aruba’s economy, such as:
1. Economic growth: Embracing FinTech innovations can boost Aruba’s financial services sector, creating new business opportunities and attracting new investments.
2. Greater efficiency: FinTech streamlines financial transactions, reduces costs and improves efficiency between businesses and consumers.
3. Financial inclusion: FinTech innovations can offer greater accessibility to financial services for underserved groups, promoting inclusivity and economic equality.
4. Global competitiveness: Adopting these emerging technologies positions Aruba as a forward-thinking economy and attracts international businesses.
5. Risk management: In-depth research will help Aruba identify and mitigate risks associated with FinTech technologies, ensuring a stable and secure financial environment.
At the beginning of 2025, UN-ECLAC conducted the study and met with various partners, including the Central Bank of Aruba, the Chamber of Commerce, ATIA, Setar N.V., the Cybersecurity Center of Excellence, the Insurance Association of Aruba, the Aruba Bankers Association, Digicel, Directie Telecommunicatie Zaken, Qredits Aruba, Gamma IT, and several key persons in the FinTech sector. The study results were also presented to stakeholders in August 2025. The results — a total of four reports — are available on the UN-ECLAC website. The reports outline the conditions necessary to achieve a FinTech sector that is safe, inclusive and competitive.
The study serves as the foundation for developing and implementing policies to promote the FinTech sector and drive concrete economic diversification in Aruba. The next step is developing an implementation strategy for FinTech, which will take place within the framework of the Landspakket.
“I am pleased to see that the process of real diversification of our economy is progressing. FinTech is a reality of the modern world. The study has now been completed and presented to stakeholders and also to the Parliament of Aruba. This forms the basis for developing our strategic plan to implement the FinTech sector in Aruba,” Minister Wever stated.
Press release: Government of Aruba