Canadian financial technology firm eyes expansion into Guyana

Guyana has emerged as a key expansion target for Canadian-based financial technology firm 4Pay Inc, which engaged senior officials of the Guyana Office for Investment (GO-Invest) in discussions led by Chief Investment Officer (CIO) and Agency Head, Peter Ramsaroop. The engagement was facilitated by High Commissioner of Canada to Guyana, Sébastien Sigouin who was accompanied by Trade Counsellor at the High Commission of Canada, Yvana Nganou and representatives of 4Pay.

Fintech (Financial Technology) is the use of digital technology to deliver and automate financial services, encompassing everything from mobile banking apps and digital payments (like PayPal, Venmo) to complex systems using AI for lending, investing (robo-advisors), insurance and blockchain. It aims to make financial services more efficient, accessible and cheaper than traditional methods, disrupting established players and increasing financial inclusion, though it faces regulatory challenges. Fintech companies build software, apps and algorithms that either replace or enhance traditional financial processes, often focusing on user experience (UX) and mobile accessibility. They leverage data to offer faster decisions, better insights and more tailored products than often possible with older systems. In a post on its social media page, GO-Invest said that discussions focused on the company’s potential market entry and how its technology could complement the services of local financial institutions, with particular emphasis on expanding access to banking services and financing for residents and small and medium-sized enterprises (SMEs). Representatives of 4Pay outlined the company’s patented, AI-driven technology, which enables the secure online opening of bank accounts and facilitates access to financing. The discussions also explored the potential establishment of a data centre to serve Guyana and the wider Caribbean region. The meeting, GO-Invest said highlighted Guyana’s growing appeal as a destination for technology-driven investment that supports innovation, financial inclusion and sustainable economic growth. Also in attendance were Chief Operations Officer (COO) and Chief Financial Officer (CFO) of GO-Invest, Mr Tebogah Christian; Senior Director of Investment, Mr John Edghill; Director of Economic Affairs and Planning, Mr Arvinda Ramcharan; and Director of Export and Trade, Mrs Kibbyann Chester-Harding.