The President and Chief Financial Officer (CFO) of the Barbados based e-payment firm, Bitt Inc, has warned that the Caribbean region is falling behind the globe in the use of e-money and in the use of cryptocurrencies.
Oliver Gale said both forms of electronic payment are alternatives to hard cash and coin which are growing in popularity around the globe.
Gale was speaking at the 15th Ministerial Strategic Information Communication Technology (ICT) Seminar which was part of the Caribbean Telecommunications Union’s (CTU’s) ICT Week & Symposium currently being held in Antigua.
“We’re seeking regulatory change and legislative change to support financial payment service providers and financial technology providers and the whole class of financial institutions that is more or less lacking in the Caribbean which is why we are falling behind,” he said.
Gale added that “what the region needs is more competition and players in the space” and that it also needed “legislation to accommodate these innovative business models”.
Not long after his presentation during the seminar, he and the CTU representative Selby Wilson signed a three year memorandum of understanding (MOU) between the regional organisation and Bitt to establish a framework for collaboration and further co-operation.