Building a digital financial future for Guyana

Dear Editor,
As Guyana’s leadership urges the financial sector to present plans for modernisation via digitalisation, it is timely to reflect not only on the benefits frequently cited – speed of transaction, security, reduced cash handling – but also on what real, working digitised financial systems look like in practice. Observing the Association of Southeast Asian Nations (ASEAN) countries, especially Thailand, offers useful models but also cautions, which Guyana should take seriously in crafting its strategy.
In Thailand, the widespread use of QR codes and bank applications linked to fast payment rails (such as the PromptPay system) allows people to pay for both formal and informal purchases: in shops, on sidewalks, at markets, and between individuals, often by scanning a QR code and entering minimal details.
Such systems have several virtues. They reduce the risk and cost of carrying cash (for individuals, for merchants, and for the state), improve the speed of transaction clearance, reduce informal leakages, assist traceability (important for tax compliance), and provide data for better governance and credit scoring.
They also help financial inclusion: those in rural or marginal areas who previously had little access to banks can participate via mobile applications or digital wallets. Furthermore, linking fast-payment systems across borders (as Thailand has done with Singapore via PromptPay-PayNow) reduces foreign exchange/transfer fees and delays, aiding cross-border trade and remittances.
But what lessons should Guyana heed so that digitalisation is not simply a slogan but works as fully as in Thailand?
First, regulatory and infrastructural readiness is essential. It is not enough to issue mandates; there must be broadband internet reaching rural and underserved areas, mobile penetration must be reliable, and strong frameworks for consumer protection, data privacy, and cybersecurity must be in place. ASEAN case studies show that gaps here slow adoption and open risks of fraud or exclusion.
Second, interoperability and standards matter greatly. Standardised QR codes allow any wallet or bank app to work with any merchant’s QR rather than requiring many different ones. Thailand, Indonesia, and Malaysia moved toward QR standardisation so that users of different banks can use the same system. This kind of harmonisation reduces friction and accelerates uptake.
Third, costs and incentives must be aligned. For ordinary people, transaction fees must be low or zero; for merchants, especially small ones, registering and using the system must be affordable and simple. Thailand’s experience shows that lowering fees and providing support for small vendors was key.
Fourth, financial inclusion and equity must be central. Digitisation risks leaving behind those without smartphones or digital literacy. ASEAN countries are now focusing on ensuring rural areas, elderly citizens, and informal vendors are supported. This is not just about fairness but about maximising the size of the digital economy.
Fifth, trust, security, and governance are crucial. Citizens must feel confident that payments are safe and that they have remedies if fraud occurs. ASEAN nations have learnt that public trust is easily shaken if security is breached or redress is slow.
Sixth, sequencing and piloting make success more likely. Thailand did not simply flip a switch nationwide. Instead, they piloted, refined, and then expanded. Guyana should adopt a similar approach – test in selected regions or sectors, learn, and then scale.
Seventh, cross-border potential is significant. ASEAN’s move to link payment systems across countries has slashed remittance and transfer costs. Guyana, with its diaspora and regional trade, could gain much from planning ahead for regional digital connections.
Finally, public education and habit change are vital. People must see the benefits, learn how to use digital payments, and trust them. Only then will both formal and informal sectors embrace the change.
In light of these lessons, it is important that Guyana not proceed in isolation. I strongly suggest that a dedicated team of financial regulators, policymakers, and private-sector representatives undertake a guided study visit to ASEAN countries such as Thailand, Malaysia, and Singapore.
Seeing these systems in action, engaging with their regulators and banks, and learning how obstacles were overcome will give Guyana’s leaders a clearer, practical understanding of what effective digitalisation looks like in real life.
Digitalisation offers tremendous promise: safer transactions, broader financial inclusion, faster commerce, and more efficient governance. But for Guyana to capture these benefits, it must not only design carefully at home but also learn from proven experience abroad.

Yours sincerely,
Walter H Persaud