Home' Trinidad and Tobago Guardian : March 18th 2018 Contents business in focus SB9
Sunday, March 18, 2018
ECCB to embark on blockchain
pilot initiative with Bitt Inc
The Eastern Caribbean Central Bank (ECCB) and
the Barbados-based fintech company, Bitt Inc have
signed a memorandum of understanding (MOU) to
conduct a FinTech pilot on blockchain technology in
the ECCB member countries.
During the pilot, the ECCB will work closely with
Bitt Inc to develop, deploy and test technology which
focuses on data management, compliance and trans-
action monitoring system for know your customer,
anti-money laundering, and combating the financing
of terrorism. This will help to improve the risk pro-
file of the Eastern Caribbean Currency Union (ECCU)
and mitigate against the trend of de-risking by the
region’s correspondent banking partners.
The pilot will also focus on developing a secure, re-
silient digital payment and settlement platform with
embedded regional and global compliance; and the
issuance of a digital EC currency which will operate
alongside physical EC currency.
Governor of the ECCB, Timothy NJ Antoine says,
“This fintech pilot is part of the Bank’s Strategic Plan
2017-2021. The aim of the pilot is to ascertain the
suitability of blockchain technology to help boost
economic growth and competitiveness in the region
consistent with the ECCB’s monetary and financial
Furthermore, as the ECCB promotes the safety
and soundness of the financial system in the ECCU,
it also has a responsibility to encourage and support
innovation consistent with the Bank’s mandate to
facilitate the balanced growth and development of
member countries. To that end, blockchain technol-
ogy merits our attention and consideration at this
The MOU between the ECCB and Bitt Inc, which
was signed on March 9, is the culmination of a work-
shop held over the period March 7 to 9 and involved
teams from the ECCB and Bitt Inc.
As part of the workshop, commercial banks in the
ECCU were invited to a special session on the pilot.
The feedback from the banks was the first in a series
of steps to define the functional and non-functional
requirements for the pilot project.
CEO of Bitt Inc, Rawdon Adams, added “we are
proud to collaborate with the ECCB in the develop-
ment of this pilot study to explore technological solu-
tions to some of the all too real problems affecting
the region, its institutions and most importantly its
The pilot is due to commence later this year and
will be conducted under the supervision of the
ECCB, and in controlled environments.
Trinidad Union Club
gets new home
One of the oldest surviving
business club in T&T, the Trini-
dad Union Club (TUC) has found
a new home at the Flamboyant
room, Kapok Hotel.
“The management team of the
TUC is motivated by the interest
of the members who have contin-
ued to support the club over the
years,” said chairman, Michael
We are excited about the pros-
pect of encouraging past and new
members to join in paving the
way for the future success of this
historic club,” said Alonzo.
Alonzo said the new marketing
manager and committee have al-
ready begun planning events for
the club at its new location.
Timothy NJ Antoine, governor of the ECCB, left, and
Rawdon Adams, CEO of Bitt Inc, sign a memorandum of
understanding to conduct a fintech pilot on blockchain
technology in the ECCB member countries.
Jane Chang, second from left, managing director of Kapok Hotel, greets
Michael Alonzo, chairman of the Trinidad Union Club. Looking on is Linda
Hayton, secretary, Trinidad Union Club, and Adrian Clarke, director, Trinidad
Jca to stage inaugural symposium, expo conference in April
Jamaica says it will use the inaugural Out-
source2Jamaica Symposium & Expo next
month to provide a platform to raise the
profile of Jamaica as a business process out-
sourcing (BPO) destination.
“Outsource2Jamaica is intended to bring
greater visibility to Jamaica and its service
offerings,” President of the Business Process
Industry Association of Jamaica (BPIAJ),
Gloria Henry, told the Jamaica Information
Service ( JIS).
“Too often, I travel to international con-
ferences, myself and the JAMPRO team, and
we are repeatedly asked whether Jamaica
does BPO services or is into outsourcing.
We are asked this despite the tremendous
targeted marketing and promotion activi-
ties taking place here,” she added.
Henry said that it was against this back-
ground that the idea was born “to host our
own national conference” in keeping with
international best practices “to bring po-
tential investors, buyers and industry spe-
cialists to showcase Jamaica to bring more
visibility to our service offerings.
“And, it is our hope that our players and
investors will benefit from the attractive
investment-ready community in Jamaica,”
Henry said, noting that the programme for
the conference to be held in Montego Bay
will offer knowledge-sharing, while con-
necting local and overseas participants.
“Attendees will learn from some of the
most thought-provoking and experienced
leaders in the global outsourcing sec-
tor from a number of presentations and
round-table discussions focused on the lat-
est in technology, leadership and business
strategy,” she said.
Henry said that Kingston is fast emerging
as an outsourcing location for high-value
services, citing new developments and ex-
pansion of existing operations across the
Corporate Area and Portmore.
She said that Jamaica was recently se-
lected to benefit from grant funding under
a region-wide cluster project, and much of
the resources have been earmarked to en-
hance the positioning of Kingston for high-
It will focus on growth in services such
as application and software development,
market research and data analytics, infor-
mation-technology-managed services, med-
ical and insurance billing and legal process
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