RF Holdings Limited, parent company of a group of investment banks in the Bahamas, Barbados, and the Cayman Islands, has entered into partnership with fintech company Bitt to enable digital currency transactions across its Caribbean network.
The partnership will develop a platform based on Bitt’s digital currency infrastructure and allow for digital currencies, such as The Bahamas ‘Sand Dollar’, ‘mMoney’ in Barbados, and the Eastern Caribbean Central Bank’s ‘DCash’, to be accepted and accessed by the investment bank’s Caribbean clients.
RF, in a press release, said the immediate objective for the platform is to facilitate digital currency transactions in the Bahamas and Barbados, before the service will eventually be offered to the rest of the Caribbean.
In the long term, the platform aims to facilitate general online payments, making mobile and online goods and services more accessible, and more affordable in the Caribbean, both for retail and commercial clients.
“Digital currencies have been gaining popularity internationally and we’ve seen an increased interest for the same in the Caribbean,” said Michael Anderson, president and CEO of RF Group. “We look forward to creating in collaboration with Bitt a convenient solution for our clients who previously couldn’t access our investment vehicles to easily do business with us.”
Bitt provides its Digital Currency Management Systems (DCMS) to central banks, commercial banks and credit unions, merchants and consumers.
The company’s CEO, Brian Popelka, said, “Since our 2016 launch of the synthetic digital currency in Barbados, Bitt has been working towards the creation of an intra-regional cross-border settlement solution to unlock trade, investment, and remittance flows within the Caribbean.
“We are thrilled to be working with RF Holdings to leverage Bitt Digital Currency Management Systems in creating a solution that will boost RF’s product offering and usher in a transformational way of conducting business within the region.”
Last year, the Central Bank of The Bahamas introduced the ‘Sand Dollar’ – the official digital version of the Bahamian dollar.
RF said the platform will not only be more convenient for clients of the investment bank, but also create a more efficient business model. The platform will be able to facilitate payments from and between institutions such as banks, individual consumers and merchants.