Financial officials to discuss the digitization of the region’s payments systems

Come this Thursday, October 6, Senior financial officials from the region will discuss how Caribbean people can benefit from the digitization of their country’s payments systems when the Central Bank of Barbados (CBB) hosts its Caribbean Economic Forum.

The forum will bring together Wendy Delmar, the chief executive officer of the Caribbean Association of Banks, Sharmyn Powell, the chief risk officer with the St Kitts-based Eastern Caribbean Central Bank (ECCB), and John Outridge, chief executive officer of the Trinidad and Tobago-based International Financial Centre (IFC).

It will be held under the theme “Moving to Digital Payments: What Does it Mean For Me.”

Chief of corporate communications at the CBB, Novaline Brewster says “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.”

The bank said that both public and private sector experts agree that digital payments extend financial inclusion, accelerate transactions, and improve business facilitation.

“Like the rest of the world, many of us are paying digitally, whether it’s online banking, mobile wallets, or in the case of the Eastern Caribbean Currency Union, Jamaica, and the Bahamas, a central bank digital dollar,” Brewster said.

The forum will explore the benefits and challenges of central bank digital currencies and private digital payments and explain how these solutions will transform the payments landscape in the consumer’s interest Brewster added.

Also, up for discussion will be how providers mitigate cyber security and other associated risks.

Brewster says the forum is for persons who have embraced paying digitally as well as those who still rely on a cash-only transactions.

The CBB stated that the Caribbean Economic Forum provides a platform for thought leaders to discuss issues of significance and importance to the region’s people.