As borders open and Cuba gets exposed to the US and global markets, the International Money Transfer & Payments Industry (IMTC) has taken the first jump towards the island by announcing IMTC Cuba 2016. As Cuba has been functioning for years without large incumbents and banking infrastructure, it has been fertile ground for remittances. Cuba is a great example of an emerging market that needs fintech startups to enter it's borders and help facilitate the currency conversion, payment transactions, and more.
Hugo Cuevas-Mohr, Director at IMTC, states: "We want to witness the transformation first hand, from the role of the banking sector, the emerging non-bank financial sector, the present and the future importance of remittances, the foreign exchange market to the card and mobile financial services developments in the island. We need to understand and be respectful of the internal processes and changes taking place to be part of the future."