Following Mastercard's first fintech summit in The Bahamas, the company's Country Manager for the West and Dutch Caribbean Markets Jimena Elia told Guardian Business that she hopes to have Mastercard and the government of The Bahamas sign a memorandum of understanding, or some of formalization of a partnership in the near future.

Elia said these formal partnerships have already been done with countries such as like Jamaica, the Dominican Republic, and Panama, with other countries in the pipeline.

"We are in a very good position to start... doing that with the government of The Bahamas," said Elia.

"I don't see why we cannot make it happen. Because, again, they are super committed from an economic development point of view, leveraging new players like fintechs, etc.

"So, I think as well as you do in the private sector, first of all, you need to understand what it is the customer needs. What are the citizens' needs? What is the government's needs? And how, from a Mastercard or network point of view, we can help the government?

"But at the end of the day, how we can really make the citizens more, you know, comfortable in their way of living... in a more secure, easy way. So I think we are going in a good direction."

Prime Minister Philip Davis opened last week's summit and welcomed Mastercard's contributions to The Bahamas.

Elia said Mastercard was happy to have the support of the prime minister, as the company looks to collaborate with the government. She said she could not say much about those talks with the government at the moment.

"I think it's a great proof that we are doing what we have to do," Elia said.

"So looking forward to some more news for you shortly. But I think, again, we are in a good direction."

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