The Caribbean Telecommunications Union (CTU) and Bitt Inc, have established a memorandum of understanding (MOU) signaling the start of a working partnership between the two organisations to further develop social and economic sectors in the Caribbean through the use of effective Information and Communication Technology (ICT).
The MOU was signed by Selby Wilson, CTU Telecommunications Strategist and Oliver Gale, President and Co-Founder of Bitt Inc. during day one of the 15th Caribbean Ministerial Strategic Seminar, as held in Antigua and Barbuda (March 22-23,2017). Wilson was a former Minister of Finance in the Republic of Trinidad and Tobago.
“With the signing of this MOU, Bitt and the CTU will coordinate their efforts to advance innovation in the ICT sector and facilitate the growth of digital financial services in the Caribbean.”
Bitt Inc, a Barbadian based FinTech company, utilises distributed ledger and blockchain technology to improve efficiency and significantly reduce the costs of the payment system.
“The specific characteristics of distributed ledger and blockchain technology, namely its unprecedented security, immutability, non-counterfeitability, efficiency of transfer, robustness and transparency, make its application clear to Central Banks for the foundation of a digital legal-tender issuance infrastructure,” Gale explained.
Conversely, the CTU’s main mission is to facilitate the cooperation, collaboration and promotion of ICT related services and development with the aim of advancing the Caribbean region.
Upon signing the document, both organisations have agreed to work together to achieve a number of common objectives. These include using and promoting ICT’s as a way to address and aid in the development of the region and to “facilitate the establishment and effective operation of a single economic space.”
“Technology that enables rapid payment services to large sections of the population, has been advancing at a fast pace to deliver robust, secure and convenient payment solutions. These digital payment solutions allow for services to be delivered at lower costs, aﬀording greater scalability and ease of access.”
The CTU is the Caribbean Community (CARICOM) Secretariat’s arm for regional telecoms and technology.