Barbadian Blockchain outfit Bitt and Curacao based IBIS sign MOU
IBIS Management Associates Inc., a Curaçao based digital banking solutions and advisory service provider (IBIS), has entered into an agreement with the Barbados based FinTech company, Bitt Inc.
“Our objective is to ensure that banks have access to blockchain protocol based mMoney wallets of Bitt Inc. and can execute transfers to and from the network in an efficient, cost effective, compliant and secure manner,” explained Efia Luis, COO of IBIS Management Associates Inc. “Our decision to embark on this collaboration with Bitt is based on both our presence within the Caribbean financial sector, the sector’s need to furhter advance on Blockchain technology projects as well as Bitt’s Blockchain expertise.” she added.
Bitt is currently working on digital currency pilots with the Central Banks of Curaçao and Sint Martin as well at the Eastern Caribbean.
“The Bitt Suite would support the integration of Bitt’s mobile payment applications with the IBIS digital banking platform,” said Rawdon Adams, Bitt’s CEO. “We are, therefore, aiming through this collaboration, to offer IBIS’s commercial bank clients, low cost financial services through the use of the mMoney Wallet, Merchant Application and Management Panels, based on banking standards and their network.”
“In addition, IBIS is well positioned and has the experience to assist Bitt with central bank digital currency issuance pilots by ensuring protocol integrations with banks are fully scoped, risks and opportunities identified and solutions proposed with security, efficiency and cost effectiveness in mind,” Adams explained. “It’s a pan-Caribbean, win-win,” he stated.
The agreement takes effect immediately.