Photo Credit: EngageCUBA

Estudio 50 is a professional audio/visual production business in Cuba.

The founder – Reymel Delgado – spoke at the luncheon hosted by Global Innovation Forum in 2017.

Mr. Delgado has seen growth in the private sector as a result of local economic reform and improved U.S.-Cuba relations. At the same time, the sprout of private own business expands the existing offerings to international travels and as a result, attracts more people, especially Americans, to visit Cuba. “Everyone knows Americans grow up with the freedom to do whatever they want. How can you confine them to a regimented government-owned resort?” said Delgado.

While experiencing the growth of the business, Delgado and other entrepreneurs in Cuba faces particular challenges around access to global payments and financial services systems. Cubans are legally permitted to open bank accounts in the U.S. But there are restrictions on the allowable transactions, impairing business in both countries. “Our businesses are solid, for now. The next step would be allowing us to make payments with American accounts,” shared Delgado, adding that “I’m not asking for a fish, just a fishing rod.”