Barbados moving towards E-Commerce, Financial Services Commission to Mediate

Barbados will soon forge a single digital payment framework incorporating the Central Bank of Barbados, commercial banks and Bitt the local yet global blockchain developer and currency digitiser, it is to be guided by both the Financial Services Commission and Prime Minister Mia Amor Mottley.

The Barbadian leader made the declaration of the intent to devise a Barbados mMoney Pilot recently at Needhams Point at Bitt Central Bank Meets Blockchain: From The Ground Up event, sponsored in part by the IDB & ICBL.

Ms Mottley indicated Government would be soon meeting with commercial banks to discuss the impasse between that sector and Bitt’s digital payment network mMoney.

She said it’s part of Government’s drive to transform Barbados, allowing this island to punch above its weight yet again –

Her address came following remarks by Bitt CEO Senator Rawdon Adams who told the gathering of the current impasse passed between at least two commercial banks and Bitt’s initiative.

Despite traditional and official resistance, he noted two significant firms have used the mMoney service for payments from consumers, these including SOL Petroleum and the A-One Supermarkets apart from the Urban Kitchen and Mojo‘s in Worthing in a growing list of happy merchants with low user fees. He also sees mMoney as a means of providing an alternative to de-risking and a way of stopping the onslaught of certification de-risking requires.

The Upper Chamber member who is the son of a former Prime Minister himself, outlined the level and pace of growth the app is showing; –

One of Bitt’s co-founders, Gabriel Abed, says there are no plans to pause and proverbially rest on his own laurels.

Mr Abed says there is every intention to see both Bitt and mMoney expand to embrace the entire region as well as its diaspora; –

mMoney and Bitt are available for free in both Apple and Android platforms. Senator Adams told the audience how the first 250 downloads of this app will find five dollars already loaded into the account as a bonus for first time users…

Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.

Comments

add a comment

Some HTML is OK

or, reply to this post via trackback.