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Prime Minister Mottley Talks Digital @BITT Conference

Today’s speech by Prime Minister Mia Mottley at the Bitt Conference is one that we would never have heard under the former government. The disruptive explosion of Fintechs across the globe is well documented – the race to transform Barbados from an analogue to digital space finds Barbados playing catchup.

Many will criticize the prime minister for daring to assume risk by integrating emerging technology into the way we do business in Barbados. The blogmaster commends her leadership to digitally transform Barbados. The reality is that we have to or continue to slide to the bottom of the pile on the indices which log competitiveness.  It is noteworthy that in the sub region the Eastern Caribbean Central Bank (ECCB) has rolled out a blockchain pilot with Bitt Inc.

 

423 responses to “Prime Minister Mottley Talks Digital @BITT Conference”

  1. Prime Minister Mottley Talks Digital @BITT Conference — Barbados Underground – Jamaica Peace Council

    […] via Prime Minister Mottley Talks Digital @BITT Conference — Barbados Underground […]

  2. Backooful Jack Avatar
    Backooful Jack

    The banks are gonna hate this.

  3. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    They may just pick up their tacklings and leave lil Barbados? if the enviroment is not to their liking that is something they might just do; given the whole idea of derisking that they have to factor into they modus operandi.

    We have to wait and see how they play this delivery from the new bowler with an unfamiliar bowling action.

  4. Piece Uh De Rock Yeah Right Avatar
    Piece Uh De Rock Yeah Right

    All de ole man wants to know is what is the GoB stated policy on the Protection of Intellectual Property?

    And to what extent can any of these Fintech companies rely on their IP property not being stolen by a competing government/

    Especially when such governments have on record been found guilty in granting Immunity to other entities teifing Intellectual Property of its citizens!!

    What does Chairman Mao have to say regarding IP being stolen and thereafter all litigation relating to said matter being hidden by the lawcourts

    What does said PM have to say about “aiding and abetting IP thieves by the BLP administration in 2006, by the recently ousted (hopefully NEVER TO BE SEEN AGAIN) DLP administration of 2008 20 2018 AND what does she have to say about proxy collaborators of the judiciary who stole all files related to the matter during their staid?

    If that was a matter for which there were physical files or wunna ent able to lockup greenverbs tell de ole man HOW DE BADWORD WUNNA GOING BE ABLE TO FIND VIRTUAL MONEY?

    Steupseeee

    All this is fronting and setting up accounts to teif de IMF and IDB moies when dem get released.

  5. Piece Uh De Rock Yeah Right Avatar
    Piece Uh De Rock Yeah Right

    @ the Honourable Blogmaster

    Your assistance please with an item here thank you

  6. Hants Avatar
    Hants

    Interesting.

    https://cointelegraph.com/news/why-canada-has-emerged-as-a-leading-blockchain-and-crypto-nation-expert-take

  7. Backooful Jack Avatar
    Backooful Jack

    Just to note though, Mmoney is NOT a cryptocurrency, It is a digital payment system, it uses blockchain but it is not the same thing.

  8. Vincent Codrington Avatar
    Vincent Codrington

    Fear is a very useful emotion. It alerts one to danger. Very often we need to listen to it.

  9. NorthernObserver Avatar
    NorthernObserver

    @backooful
    Banks are all over this. They tend to use names other than the parent. Eg Scotiabank and digital factory.

  10. Guest Avatar
    Guest

    Another Greenland landfill.
    Another Bridgetown marina
    Another Dodds
    Another ABC highway
    As someone said earlier another friends and family payday
    Dees, Bees, Dees, Bees – same swine
    But, hopefully, time still longer than twine

  11. Hants Avatar
    Hants

    @ David

    “Prime Minister Mia Mottley has stepped in to quell a potential standoff between the fintech (financial technology) company Bitt and some commercial banks by announcing a digital currency pilot project.”

    https://barbadostoday.bb/2018/09/19/e-currency-pilot-coming/

  12. David Avatar
    David

    @Hants

    The commercial banks cannot stop the march of the fintechs. These technology driven companies are more nimble than the FIs and are more aligned to what the customer wants read access to services 24/7. Look at the developed markets to see how FIs are working with Fintechs, why the resistance in Barbados we have to ask.

  13. Hal Austin Avatar
    Hal Austin

    The commercial banks cannot stop the march of the fintechs. These technology driven companies are more nimble than the FIs and are more aligned to what the customer wants read access to services 24/7. Look at the developed markets to see how FIs are working with Fintechs, why the resistance in Barbados we have to ask(Quote)

    This is the kind of nonsense that passes as intelligent debate on BU. Google can be good, but also very bad.

  14. Hal Austin Avatar
    Hal Austin

    China’s tech boom leaves wide rich-poor chasm
    Wealthy grow wealthier while millions are trapped in low-level jobs(Quote)

  15. Hal Austin Avatar
    Hal Austin

    Something is not right. First, the prime minister amended the constitution so Rawdon Adams could benefit; now she spears to b endorsing a technological innovation, which in Barbados is unregulated, and in many jurisdictions is widely associated with moneylaundering. This could end in tears.

  16. Wily Coyote Avatar
    Wily Coyote

    First of all Barbados has to move from TURD WORLD status up to at least SECOND WORLD status, get it’s financial status stabilized for at least 20 years, understand regulations and thier enforcement, put the defention of MAINTENACE front and center and follow it, etc etc THEN AND ONLY THEN CAN NEW TECHNOLOGIES BE ASSESSED.

    For Christ sake Barbados has to have been BAILED OUT NOW THREE TIMES IN THE LAST 50 YEARS BY IMF. Banks are not going to endorse this change ever in Barbados if they have to except ANY LIABILITY, case closed.

  17. WARU Avatar
    WARU

    “Dees, Bees, Dees, Bees – same swine
    But, hopefully, time still longer than twine”

    They must be severed from the parliament permanently just like DLP, no maybes, not if future generations of the MAJORITY population are to get back control of their treasury, pension fund, their judiciary, their own futures fir their own future generations.

    The banks call for regulation…first…they know the decades old pattern and habits of unregulated entities and the disaster that can result on the island…when both governments have been so careless and uncaring about regulating anything owned by minorities or their criminal friends on the island,

    …..PayPal is still an option anyway, but I would not involve myself in anything controlled by the Abeds et al, not even as a consumer, nothing good can come of this..

    It does not bode well when thè taxpayers have already been ripped off 15 thousand dollars by Simmons et al, the lawyers, for a halfassed opinion that any man, woman, young student in the street, UWI or even the Blogs….could have given the government for free.

    This will not end well.

  18. David Avatar
    David

    @Wily Coyote

    With your approach nothing will change. Kudos to her for bringing a different approach. Let us see how the pilot gores. What she is proposing is being tried elsewhere as far as using blockchain technology. In addition digital transformation is now a routine requirement to be embedded in any process. It is like owning a CPU which cannot process flash media because all applications require it today.

    Time to throw away the old school thinking.

  19. Hal Austin Avatar
    Hal Austin

    The Abeds are Lebanese. Go to the US state department web site and do a search on Lebanese/Lebanon; also go to any Australian newspaper and search Lebanese. While you are at it search the Lebanese-Canadian Bank. Who remembers the near riot when it was alleged a senior member of the Abed team hit a black woman in their Swan Street store? Leopards do not change their spots.

  20. Hal Austin Avatar
    Hal Austin

    With your approach nothing will change. Kudos to her for bringing a different approach. Let us see how the pilot gores. What she is proposing is being tried elsewhere as far as using blockchain technology. In addition digital transformation is now a routine requirement to be embedded in any process. It is like owning a CPU which cannot process flash media because all applications require it today.
    Time to throw away the old school thinking.(Quote)

    An example of feeble thinking. A call for caution is not the same as being a Luddite.

  21. David Avatar
    David

    It is difficult to ignore your myopic jingoistic racist ‘buffoonish’ ratings. The issue are is about doing nothing while the crest of the digital wave is about to pass us. You may have the last word.

  22. WARU Avatar
    WARU

    The problem is not the technology…the problem is who is behind it and the fact at the end of the day and all the long talk…of…

    “digital payments for our people in Barbados.”

    It is the population who will have to pay for this service, it will not be free..it will be the majority population keeping this business open, without the population it will not make it out of the starting blocks….now we know why Rawdon was placed in the parliament..

    Because we all know that both governments in 52 years NEVER:

    Regulated insurance companies or their friends who rip of the population like clock work, who destroyed the Supreme Court…and still are;

    Never regulated the lawyers or rein them in for ripping off the treasury, the pension fumd, the statutory corporations….the population as a whole;

    Never arrested the minorities, the ministers’ masters, for their crimes against the majority population…they protect them instead;

    This will not end well.

  23. Wily Coyote Avatar
    Wily Coyote

    @David

    “Time to throw away the old school thinking.”

    In Barbados this is what I’d expect from the populace, what you and a lot if Bajans FIRST have to LEARN AND UNDERSTAND THE OLD WAYS OF THINKING prior to moving to sophisticated and complex technologies. Brings to mind the endless lines of Bajans at bank cashiers to collect thier money in plastic baggies. First you have to move forward from the STONE AGE in LITTLE UNDERSTOOD INCREMENTS. Remember Bajans cannot even run a sewage system that the Romans mastered 2000 years ago.

    Technology is GREAT, unfortunately it will not solve BARBADOS ILL’s as is the usual knee jerk reactions from GOB officials.

  24. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    is MMoney based on the same motives as was Ebay?

  25. Mariposa Avatar
    Mariposa

    Mottley needs to translate her words into action
    Enough of this smoke and mirrir PR political grandstanding
    Mottley as a minister of a14 year govt had equal and enough opportunity and time to make a difference on such issues
    Hence all what she said at the conference means nothing until she replace words with action
    No appluase i can hear coming from this side of the isle from where i sit

  26. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    Is MMoney based on the same motives as was Ebay? I meant PayPal.

  27. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    Is MMoney a “domestic version of PayPal’?
    What is the long term plan of he MMoney platform?

    Maybe this a PayPal or a Mega players opportunity to get his finger into each an every domestic Caricom islands. Then one day we wake up to find these “local platforms” as been acquired by the now hidden mega player?

    Who will miraculously over what Mmoney on its own could not offer the users; the ability to use your “mMoney” in different island and the world as a whole? There is more to this than what we are being told. But capitaliste never reveal the true purpose/motive behind the entrée.

    @PLT maybe the need for a “transaction tax” should be considered as i can see ways the entity will minimise the payment of taxes on profits.

  28. WARU Avatar
    WARU

    I remember when through Western Union for decades you could only receive money…until it was relaxed to be able to also send money..and this was obviously another backward corrupt policy of both governments..through the decades.

    Now am told you cannot receive money on the island through Paypal unless it first goes through a US account then the account holder has to find a way to transfer the funds to Barbados…in other words…no direct interaction in Barbados through Paypal…ah wonder whose corrupt policy is that…

    mMoney and the cockroaches behind it should not be allowed to monopoloize money transactions on the island, the people should have options…or they should not use mMoney until the government allows several different options..

  29. Tron Avatar
    Tron

    @ Wily Coyote September 19, 2018 6:20 AM

    Barbados is now in the FOURTH IMF cycle. Remember the conditions of the CS loan where one clause was on IMF recommendations.

    And Barbados will face more IMF programmes since the masses are too arrogant and clueless to change their habits. Remember the national motto …

  30. peterlawrencethompson Avatar
    peterlawrencethompson

    @sirfuzzy (i was a sheep some years ago; not a sheep anymore)
    I signed up for mMoney several months ago, but its utility is still limited because it is not widely deployed. It is not like PayPal; it is a mobile payment system like AliPay or WeChat in China.

    The mega player in the background is Overstock, a Utah based internet retailer run by a chap called Patrick Byrne. Byrne has been working over the past four years to evolve from an internet retailer into a crypto company. He is the major foreign direct investor in Bitt.

    I am hoping that Rawdon and Bitt can do an end run around the domestic banks by forging linkages with credit unions through the Barbados Co-operative & Credit Union League.

  31. WARU Avatar
    WARU

    BTW…did Rawdon or Mia bother to mention WHY they and those behind mMoney are now pushing the blockchain technology instead and are NO LONGER gushing about or trying to push Bitcoin down the throats of Bajans and Caribbean people…well they should..

  32. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    @BU David, may i suggest a blog on REnewable energy. it is a longer term focus but it is a good “RE” with almost guaranteed payback.

    With the trade wars between China and US adding pressure plus USA potential backlash on any country buying Iranian crude; the price of crude oil is 70+ on the world market and rising. That is having a big impact on Barbados and our economic prospects eg tourism; and the energy we consume to provide services on the rock etc. Barbados runs on fossil feuks for the most part.
    In the medium term will BNOC be able to getits crude processed if PetroTrin closes it refinery?

    JMT

  33. WARU Avatar
    WARU

    It would not look so nefarious. ..IF…there were several other options besides mMoney ..for payments and transfers being offered..to the public..the days of monopolizing everything and basically imprisoning the population without several other options to choose from…are over.

    PLT…Bajans have traveled this road before.

  34. WARU Avatar
    WARU

    Overstock funded the Abeds…don’t look at the International players…they already have those who watch them for various reasons.

    …..look at those they threw money behind on the island for this Bitt Inc company,…those are worth watching, for several valid reasons..

  35. peterlawrencethompson Avatar
    peterlawrencethompson

    @WARU September 19, 2018 8:28 AM
    I understand your suspicion of anything founded by an Abed in Barbados, but there are sound reasons to have a single universal system for a mobile payments system. A mobile payments system is symply the digitisation of currency and needs to be as universally accepted as currency. You don’t want a situation where you are using mMoney but the person that you want to pay is using xMoney or yMoney so you cannot complete the transaction.

    One solution is to have it operate within a regulatory framework where Bitt’s fees are set by the FSC. Another is for Bitt to be forced to establish an open API (application program interface) as a condition of being licenced by the central bank that would allow some sort of competition in the design of mobile money apps.

  36. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    @PLT
    It is not like PayPal; it is a mobile payment system like AliPay or WeChat in China.
    +++++++++++++++++++++++

    i am familiar with Paypal and amazon payment services; don’t know much about AliPay etc, please explain the fundamental difference AliPay and PayPal if u can? thanks

  37. peterlawrencethompson Avatar
    peterlawrencethompson

    @sirfuzzy
    “… please explain the fundamental difference AliPay and PayPal…”
    ++++++++++++++
    https://www.businessinsider.com/alipay-wechat-pay-china-mobile-payments-street-vendors-musicians-2018-5

  38. WARU Avatar
    WARU

    PLT…at least you see my point…the technology is NOT the problem.

    A couple other options cannot hurt, as long as THEY ARE REGULATED, there is ALWAYS a way around small glitched…

    As we ALL know….REGULATION which is a huge problem…given that governments on the island are not known for regulating their friends and business partners and are not likely to start now..

  39. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    mobile money platforms will drive another question or concern, the access to the internet; the ISP. Will Ian ISP be considered as an utility and thus be governed by a different set of conditions.

    My internet bill was increased recently; i got my 30 day notices and 30 days later a new bill showing new charges. If we are giong all the way with mobile money platforms etc. that utility aspect of the ISP must be considered. Please let us have this conversation sooner rather than later.

  40. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    A couple other options cannot hurt, as long as THEY ARE REGULATED, there is ALWAYS a way around small glitched…

    ++++++++++++++++++++++++++++++++++++
    @waru. If there is a level playing feild and true unhindered free market access we will have honest competition in the “mobile money platforms”

    Unfortunately where there is “crony ” capitalism the monopoly ot oligopoly is formed and sustained by lack/weak govt regulation or no regulation or even corruption.

    We look forward to what flavour of capitalism we get in this new sub-sector.

  41. Wily Coyote Avatar
    Wily Coyote

    For Barbados its almost impossible to have a universal system for a mobile payments, WHY because Barbados insists on PEGGING ITS CURRENCY to US$ and restricts dollar outflows. All dollar transfers are coordinated and regulated through the local banks in coordination with Barbados Central Bank.

    Any new payment system will require new laws & regulations and identify exactly whose going to regulate, underwrite and be ultimately responsible. An almost impossible TASK under Barbados government. CLICO and other fiscal failures are always forefront in ones mind. TURD WORLD does not have the SMARTS to play in the BIG BOYS financial arena. Stick to solving “complex” sewage issues.

  42. Wily Coyote Avatar
    Wily Coyote

    @Tron

    Wily stands corrected, four(4) IMF visits in the last 50 years.

  43. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    Sen. Rawdon Adams is CEO of Bitt and a legislator? that may vote on possible up coming regulations that affect his company(as ceo) and any competiting entity?

  44. peterlawrencethompson Avatar
    peterlawrencethompson

    @Wily Coyote September 19, 2018 9:27 AM
    We are talking about a Barbados dollar denominated mobile payments system so it is irrelevant that foreign currency transfers are regulated through the Barbados Central Bank. You cannot use mMoney to pay in any foreign currency.

  45. Tron Avatar
    Tron

    Coyote,

    Barbados is no free economy, but a highly regulated, socialist one. Like North Korea. Indeed, transferring money from Barbados to other jurisdictions takes you hours: First you need to get a permit from Central Bank, then you wait hours in the bank …

    In North America, Europe and Caribbean jurisdictions without a peg, such transactions take you 2 minutes online. You even do not need any silly intermediary bank account. Just type in BIC, bank, country, account no. and the bank executes your order for a low fee.

    No wonder Barbadian productivity is next to zero. The native population is too conservative and does not like any change.

  46. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    Backooful Jack September 18, 2018 8:37 PM

    The banks are gonna hate this.

    ++++++++++++++++++++++++++

    Yes the bank will hate this; MMoney and any other successful mobile money platform stands a decent chance of diverting the retail bank fee revenue away from the retail bank.

    A savvy enduser/customer can possibly reduce their POS transactions with a retail bank to one a month (to top up his Mmoney wallet) and Mmoney will then get the many transaction fees once collected by the bank from card-holder and retailer.

    Bank not going to like that for sure as a larger portion of bank revenues is coming from fees and charges

  47. bajanfreeparty Avatar
    bajanfreeparty

    Gold and Silver for payment of all Debt, Another sucker move looking to spend money to buy more fake money? to launder outside the system, The Mia support that Fraud ? Well, she a Fraud also, Setting up the People to Fail, Wake up one-day Broke,

  48. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    @ Tron September 19, 2018 9:36 AM

    Barbados is no free economy, but a highly regulated, socialist one. Like North Korea. Indeed, transferring money from Barbados to other jurisdictions takes you hours: First you need to get a permit from Central Bank, then you wait hours in the bank

    Please tell me where on this earth exist a “free economy” South Pole Antarctica is not a valid answer.

    Just asking

  49. David Avatar
    David

    @sirFuzzy

    A good suggestion, we have discussed before but it should be a reoccurring topic given how the economy structured.

  50. peterlawrencethompson Avatar
    peterlawrencethompson

    @Wily Coyote September 19, 2018 9:27 AM
    “Any new payment system will require new laws & regulations…”
    +++++++++++++++
    I hope you realize that mMoney has already been operating in Barbados for several months under the current regulatory environment… complying with all the Anti Money Laundering (AML) legislation, Know Your Customer (KYC) regulations and fully in compliance with the Financial Services Commission.

    The problems with mMoney are that only about one or two hundred merchants accept it and perhaps a few thousand people have downloaded the app. In addition there are only a handful of places that you can top up or cash out your balance.

    In a properly functioning system you would be able to electronically transfer your balance to your bank account with one click from your phone, but this is the functionality that the banks are trying to sabotage.

    You can sign up at http://mmoneybb.com/ or just read their FAQ at https://support.bitt.com/hc/en-us/sections/360000224386-Using-your-mMoney-wallet

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