Pressing Ahead with Digital

Sagicor Digital Bank

In December 2021 Prime Minister Mia Mottley revealed the launch of a digital bank was imminent while delivering the 16th Patrick Emmanuel Memorial Lecture, Forging a Nation Confronting New Realities. Last week SAGICOR Financial Company Limited (SFC) announced that it will establish a fully digital commercial bank come June or July 2022 through an entity called Sagicor Bank (Barbados) Limited (SBB). It is good to see the private sector stepping up to the plate to deliver on the vision which Mottley shared for Barbados in her address.

For small-island governments, the moment is now to be brave and to be strategic to build new frameworks of economic enfranchisement of our people, recognizing that we can do so not only through renewable energy but through embracing and understanding and deconstructing the power of the digital for our people to be able to … no longer be afraid of speaking and striving toward wealth creation…We need a generation of Caribbean millionaires and Caribbean billionaires if we are going to sustain these economies in our region – a generation of Caribbean young entrepreneurs that convert our particular sensibilities and approaches into billion-dollar global businesses…

Prime Minister Mia Mottley

See relevant link:

What is a neobank? Neobanks are financial institutions that give customers a cheaper alternative to traditional banks. They can be thought of as digital banks, thus having no physical branches, and offering services that traditional banks don’t.

If Sagicor’s digital bank is successful delivering on its mission, it should drastically change the cost of services for certain types of transactions in Barbados. The blogmaster is supportive of any initiative that will benefit the public. Barbados Underground has been highlighting government’s digitalization initiative as well as local fintechs making a splash in the global space.

See related links:

Of related interest, Barbadians who followed the recent budget debate learned that the National Payments System legislation and accompanying Fair Credit Reporting Act will be proclaimed on April 15, 2022 and a National Payments System Council will be in place by April 30th. The objective is to enable the new system to be in full operation by October, 2022. We wish the government well with timely implementation.

108 comments

  • African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    Lawson….they missed the boat by over a decade, in their usual crab style of fighting down all positive progress and the people who propose them, if those people don’t look and sound like what they believe they should look and sound like…lol……in doing so.they screwed themselves….

    as long as it’s not them, who are INCAPABLE, too incompetent and inefficient, to come up with futuristic ideas…they ignore it and then cry after, like they are now……then trying to jump on a train that departed over 10 years ago…..the retrograde mentality…..exercise in futility..

    maybe you can help them, they are always on the lookout for a white savior….ya friend in Canada won’t miss ya…lol

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  • TORONTO — Royal Bank of Canada is growing its wealth management business in the United Kingdom and Ireland, with a deal Thursday to buy British wealth management firm Brewin Dolphin Holdings PLC for about $2.6 billion.

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  • @ Hants
    RBC et al are still living in the past.
    It will take a few weeks for them to come to a full understanding of their current predicament.

    The western economies are built on a pillar of oil, which backs up otherwise useless dollars…..much of that oil comes from Russia.

    Effective TOMORROW, the sale of Russian oil and gas will be in Rubles or Gold. This is effectively a 9.9 earthquake for western economies. The release of ‘strategic reserves’ by Biden is a waste….

    This coup was ALWAYS the plan by Russia (the BRIC group actually) , and in fact, is what caused the Ukraine situation in the first place.(for those with eyes to see)

    Saddam tried…
    Gadafi tried
    Putin seems to be to big to fail….

    The 9.9 quake is tomorrow (All fools day), but the following financial Tsunami will be unprecedented.
    Your RBC may have different priorities soon.

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  • Salemite, you’re too. Woman I was working remotely long before Covid and PLT 🤣🤣🤣. Guh Google another topic.

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  • Working remotely is not new, what is, many companies that were reluctant to allow remote working, including the public sector, were forced to because of the pandemic. Especially for certain types of roles.

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  • African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    “Woman I was working remotely long before Covid and PLT 🤣🤣🤣.”

    but that’s exactly my point…..remote work is OLD NEWS, very old, and not one of you told ya supreme leader that it’s nothing new, not a hybrid, because it’s STILL EVOLVING……and it’s too old to tief, so she won’t embarrass herself…all of you sat right their and watch her make a fool of herself so everyone can laugh…….and yall supposed to be TOP FOWLS….

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  • Abigail
    Yuh got muh laffin.🤣🤣🤣
    More rubbish! Telecommuting was long championed by transport planners to help address traffic congestion. Work-life balance turned a new spotlight, then we all know what Covid caused. Evolving wey? Stuuupse!

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  • Conspiracy Theory
    I was surprise to learn that GoB systems are continuously hacked.

    Perhaps a smart local is disrupting the system so that the GoB will turn to an external provider (him and his company).

    Perhaps in allowing itself to be a sandbox for various private ventures, the GoB has made itself vulnerable.

    Will not be surprise to hear of MM computer and internet service provider

    Like

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