Tag

pilot project

Browsing

A whole new digital money world for Barbados

A new digital currency pilot project may just be the thing to stop the potential standoff between Bitt -a financial technology (fintech) company in Barbados and some of the commercial banks, while allowing Barbados to move further onto the world’s digital money stage.

For years tension has run deeply between the commercial banks and newer fintech company,  Bitt, where banks have faced the ongoing dilemma of whether to collaborate with this company, or to develop their own in house, money transfer systems.

As pointed out by Bitt CEO Senator Rawdon Adams, the company has had to deal with  commercial banks in Barbados being ‘obstructive and anticompetitive’ while conversely they were developing more partnerships in the rest of the Eastern Caribbean than in Barbados -the country that ‘arguably needs fintech the most’.

At this year’s Bitt  annual blockchain conference, held at the Hilton Resort, Adams, spoke about the reluctance of some of the local commercial banks to embrace Bitt’s proposal to partner with them in introducing blockchain and distributed ledger technology to facilitate secure peer-to-peer transactions in moving money between clients.

In a call for Barbados to not be “stuck” in time, Barbados’ first female Prime Minster, Mia Amor Mottley, has stepped into the fray and announced her plans to launch a mMoney pilot programme. This pilot will be between Bitt, the Central Bank of Barbados and the Financial Service Commission (FSC) that facilitates electronic and digital payments for those on the island.

Mottley spoke at the annual conference which was held under the theme Central Bank Meets Blockchain: From the Ground Up, saying there was  a need for Barbados and Barbadians to bring an end to ‘this unfortunate debate and tension between those who want to hold onto a status quo and those who want to move forward’.

“Our people want digital money and …want the ease and security of electronic payments, and as a result, what must happen is face to face discussions with urgency…such that we can launch the Barbados mMoney Pilot,” she told those who had gathered for the conference.

Mottley also soothed the concerns of the commercial bankers about the new programme, after one of the bankers referred to the mMoney wallet as a ‘potential danger to the financial system’ claiming that she would be leading the program herself and that the legitimate concerns of this new payment method from all sides would be addressed as they were not going to launch this pilot project recklessly.

Mottley explained that Barbados would not be held to their old ways of banking due to the fear of the unknown, rather they would be looking to improve development because Barbados would not be left behind as the wider world continued to evolve.

News on when the planned mobile wallet pilot project would be  officially launched has yet to be presented, however Mottley assured that Barbados would remain in agreement with anti-money laundering laws and customer fairness guidelines.

GTA Electric buses set for 2019 launch

Everyday I see the signs of global warming and climate change. The extended cold weather this season, and the record breaking hurricanes last fall  have me wanting to do my part to try to reverse these effects. In the day-to -day hustle it’s easy to ignore the environment and forget to conserve water and electricity. It’s easy to leave the car idling in frigid weather or forget to recycle a coffee cup- believe me, I am guilty of all of the above.

The Ontario government is planning to do more to reduce greenhouse emissions produced by municipal transit systems in the GTA.  A new pilot program will be launched to test electric battery-powered buses in Brampton and the York Region.

The program is part of the Ontario Climate Change Action Plan, and is funded by proceeds from the cap on pollution and carbon market.

Steven Del Duca, minister of Economic Development and Growth, was in Newmarket earlier this week, to make the announcement:

“Our investment in York Region and Brampton demonstrates how we are helping our municipal transit systems reduce their carbon footprint. Reducing greenhouse gas pollution from vehicles is one of the most important actions we can take to fight climate change.”

The province is investing $13 million and purchasing 14 electric buses and four charging stations for the York and Brampton transit systems. The projects will be coordinated by the Canadian Urban Transit Research and Innovation Consortum – a green transportation group.

Chris Ballard, Minister of the Environment and Climate Change, spoke about the benefits of the new initiative:

“Investing in municipal electric buses will help us significantly reduce greenhouse gas pollution from transportation, a sector that contributes more than one-third of the province’s emissions. Buses are an energy efficient way to move a large number of people. Making them an even cleaner option is a great example of how our carbon market and Climate Change Action Plan are investing in innovative actions to move us towards a healthier, low-carbon future.”

Service of the new electric buses will begin in 2019. It’s wonderful that the Liberals are determined to cut greenhouse gas pollution by 37% as of 2030 and 80% before 2050. The commitment to improving  quality of life and the health of the planet must be made by everyone.