The Barbados-based FinTech company, Bitt Inc. and the professional services firm, PricewaterhouseCoopers (PwC) are pleased to announce that they have executed a memorandum of understanding (MOU) whereby the two entities, while remaining independent, will work together to deepen the use of blockchain technology across the Caribbean.
The MOU is with respect to advisory services that PwC may provide to companies looking to utilize blockchain technology, including those relating to the advancement of Bitt services such as the use of electronic money, digital fiat currency, block-chain technology, and virtual currency services throughout the Caribbean.
“This understanding firmly places Bitt and PwC as the drivers of the regional re-design of the Caribbean’s financial services using blockchain technology.”
Commercial banks, central banks and other institutions seeking to pilot Bitt’s software will benefit from access to PwC’s deep, global Financial Technology expertise in blockchain research and knowledge, marketplace strategy, operational readiness and technology services.
Oliver Jordan, PwC Partner and lead for Advisory services in the East Caribbean, said “We at PwC see enormous potential for blockchain in financial services to which end we developed the strategic and implementation capabilities necessary to help financial institutions, technology companies and startups take advantage of this transformative technology.
“We have agreed to work alongside Bitt on future institutional blockchain technology implementations by, for example, central banks, commercial banks and government institutions throughout the region because not only does blockchain offer the promise of cost reduction and efficiency, but it could also enable revenue growth, and higher-quality service. Across the PwC Global network, we have already seen enormous potential for blockchain to deliver substantial value to financial services – and we intend to continue to lead the way across the financial services landscape in the Caribbean.”
Globally, PwC offers ‘Blockchain Services’ and has developed the strategic and implementation capabilities necessary to help financial institutions, technology companies and startups take advantage of this transformative technology.
Bitt’s vision is to provide the Caribbean with access to innovative software that improves efficiency and ease of money transfer throughout the Caribbean and beyond.
“Bitt is therefore delighted to be working alongside PwC on our blockchain digital currency initiatives. Central bank issued digital fiat currency using distributed ledger and blockchain technology is a way for governments to protect foreign currency reserves, reduce costs, improve the ease of doing business and a number of other benefits that can help stimulate economic growth.” – Simon Chantry, Chief Operating Officer (COO) of Bitt
“We have laid the groundwork for rolling out a blockchain based digital payments system and are committed to providing this technology to usher in a digital currency transformation and the many benefits it will bring to our economies,” Chantry noted.