Caribbean Economic Forum to discuss the digitization of region’s payments systems

September 29, 2022

BRIDGETOWN, Barbados, Sep 29, CMC – Residents of the Caribbean will soon get the opportunity to weigh in on how they can benefit from the digitisation of their country’s payment systems.

That opportunity will come during the Central Bank of Barbados’ September edition of the Caribbean Economic Forum on “Moving to Digital Payments: What Does it Mean For Me” next Thursday, October 6 at 8 p.m.

“We are seeing the acceleration of digital payments worldwide, and the Caribbean is no exception. Indeed, three central banks have launched their digital currencies, and several private sector regional and international companies are offering digital solutions to facilitate payments and reduce the associated costs,” said Chief of Corporate Communications at the Central Bank of Barbados Novaline Brewster.

Digital payments extend financial inclusion, accelerate transactions, and improve business facilitation. Like the rest of the world, many in the region are already paying digitally, whether it is through online banking, mobile wallets, or in the case of the Eastern Caribbean Currency Union, Jamaica, and the Bahamas, a central bank digital dollar.

The Central Bank of Barbados has therefore put together a panel comprising Sharmyn Powell, Chief Risk Officer at the Eastern Caribbean Central Bank; John Outridge, Chief Executive Officer at the Trinidad and Tobago International Financial Centre; and Wendy Delmar, Chief Executive Officer, Caribbean Association of Banks to discuss the implications of the move to digital payments for the region’s people.

“The session will explore the benefits and challenges of central bank digital currencies (CBDCs) and private digital payments and explain how these solutions will transform the payments landscape in the consumer’s interest. The discussion will also focus on how providers mitigate cyber security and other associated risks,” said Brewster.

“We invite people across the Caribbean to log on and share their experiences, describe the benefits, and seek responses to any concerns. This forum is for those who have embraced paying digitally as well as those who still rely on cash only.”

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