BRIDGETOWN, Barbados, CMC – The Trinidad-based Caribbean Telecommunications Union (CTU) says it is part of an initiative to facilitate financial transactions amongst businesses in the Caribbean Community (CARICOM).
CTU signed a memorandum of understanding (MOU) with the Barbados-based Fintech company Abed Ventures 2 to join the Advisory Group for Carib$.
Carib$ is a complementary currency enabling the direct and near instantaneous cross-border settlement of payments between companies doing business in different Caribbean territories. The CTU said that the Advisory Board for Carib$ will support the implementation process of Carib$. It will consist of a group of public and private Caribbean entities with mandates to foster the region’s economic development.
Abed Ventures 2 is setting up legal, technical, and operational infrastructure to issue Carib$.
“We are excited to support the implementation process of Carib$ as the region needs innovative fintech solutions to meet the growing digitization of financial transactions,” said CTU Secretary-General Rodney Taylor.
“Importantly, the Carib$, once successfully implemented, will foster regional trade and thus contribute to the region’s economic development. We have already successfully cooperated with Abed Ventures 2 on two webinars on digital currencies and are looking forward to deepening our relationship”.
Chief System Architect at Abed Ventures 2, Dr. Jan Schröder, said, “We are very excited about having CTU on our Advisory Group. CTU’s in-depth expertise in digital innovation and its wide network of Caribbean stakeholders will be of great value for us in taking the implementation of Carib$ forward”.
The CTU is a multi-stakeholder, inter-governmental CARICOM ICT organization which works collaboratively with governments, specialized governmental agencies, the private sector, and civil society.
The organization provides enlightened leadership in formulating regional policy, capacity building, promoting ICT for national and regional economic and social development, coordinating regional ICT projects, and representing the region at international ICT fora.
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