Fairness in Global Payment Systems: A Call to Action for Change.

As an advocate for emerging businesses and innovation globally, but particularly in the Caribbean region, I would have disappointed all the entrepreneurs from the Caribbean and the wider developing world if I didn't raise awareness about what I see as an imminent threat to innovation and entrepreneurship in the Caribbean.

What is the reality?

While this is not new and maybe can be said to exist as long as neocolonial practices have emerged in the world, today, more than ever, the fairness of the Global Payment Systems and, generally, the justice of financial markets must be called into question; this is due to how it now treats small e-commerce and digital businesses in the Caribbean—affecting these businesses' ability to participate in the financial markets globally fairly and practically.

This is not only related to the Caribbean regions but represents a threat to other developing regions as they are asked to provide and do more than requested of entrepreneurs and businesses in the developed world to participate globally in the financial and payments space. These discriminatory practices deny the right of innovators in the Caribbean region, often excluding them from fully participating in a global economic system that should be inclusive and a level playing field for all innovators.

These long-standing and discriminatory practices represent the biggest obstacles to the Caribbean region's full participation in the digital economy and playing a full role in innovation. These issues need to be addressed fully by Caribbean governments and the large payment providers globally, such as PayPal , who say that they are building a connected and inclusive world but are generally perfecting ways of discriminating against smaller developing regions without entirely spending the time to know or understand the entrepreneurs in these areas of the world and the solutions and businesses that they are innovating and building every day.

Additionally, I am calling on everyone with a voice to call for action and change from discriminatory and unfair practices. Developed countries' governments represent a hegemony in the global financial systems that is unfair and discriminatory. The large payment operators in these countries use these systems to act with impunity against small businesses and entrepreneurs in the developing world that don't have the means or resources to push back.

In today's increasingly interconnected world, digital transformation has revolutionised business operations. However, disparities in global payment systems' requirements continue to create barriers for firms in developing countries, hindering their growth and innovation. The importance of addressing these disparities must be addressed. I am calling on industry leaders like PayPal and its CEO, Dan Schulman , to ensure a level playing field for all businesses, regardless of geographical location.

The Importance of Fairness and Addressing Disparities: The pandemic has accelerated the adoption of digital technologies worldwide, with businesses, schools, and governments turning to the internet to sustain their social, economic, and political lives. Despite the increasing reliance on digital solutions, there remains a double standard in the global payment systems that denies developing nations the sovereignty and freedom to manage their domestic affairs.

It's crucial for industry leaders like PayPal reevaluate their policies and ensure equal treatment for businesses from both developing and developed countries. Addressing these disparities can create a more inclusive and fair global market.

A Call to Action for Change:

As we navigate this era of rapid digital transformation, it is imperative for organizations and the governments that regulate them to work together to ensure fairness and equal opportunities for businesses worldwide.

We urge PayPal and its CEO, Dan Schulman , along with our financial stakeholders in the Caribbean region, to address these disparities and create a more inclusive financial ecosystem as an increasing number of legitimate businesses that use their platforms in Jamaica and other Caribbean countries face what can only be described as a lockout. By championing change and fostering collaboration, we can pave the way for a brighter, more equitable future for all. Its the world we all deserve to do business in.