Financial technology companies are expanding into Caribbean banking without facing the same regulatory or tax obligations as traditional financial institutions — and union officials warn that workers, not just the banks, are bearing the consequences.
According to Antigua Observer, UNI Global Union raised the alarm during a visit to Antigua and Barbuda, the final stop on a regional tour, calling attention to what officials describe as an uneven playing field between fintech firms and conventional banks.
The union's concerns centre on the growing presence of fintech operators in the Caribbean financial sector, who, unlike established banking institutions, are not subject to equivalent oversight, taxation, or labour standards. Union representatives argue this disparity is creating conditions that undermine job security and workers' rights across the region.
Antigua and Barbuda served as the concluding destination of UNI Global Union's Caribbean visit, underscoring the country's relevance to the broader regional conversation about financial sector regulation and worker protections.
As reported by Antigua Observer, union officials used the visit to press for greater regulatory alignment between fintech companies and traditional banks, warning that without intervention, the imbalance will continue to disadvantage banking sector employees throughout the Caribbean.
