A roundup of the latest ICT/technology news from across the Caribbean region for the period Monday 21 November to Sunday 27 November 2022.
Monday, 21 November 2021
$1m Sand Dollar hand out aims to boost usage
Bahamas – THE CENTRAL Bank plans to hand out $1m worth of its Sand Dollar digital currency throughout the Family Islands next year in a bid to encourage greater adoption by residents and businesses… more
DID FTX BREACH FREEZE ORDER? Filing for bankruptcy could have violated Supreme Court ruling
Bahamas – Fears have been voiced that FTX’s co-founder violated a Bahamas Supreme Court Order when he placed some 134 group entities under Chapter 11 bankruptcy protection in Delaware… more
FNM: Govt needs to show transparency over FTX
Bahamas – THE Free National Movement yesterday doubled down on calls for government transparency in the aftermath of the FTX collapse, with its chairman Dr Duane Sands insisting the Davis administration must be seen to want to urgently get to the bottom of the situation… more
FTX’s fall ‘won’t ruin’ high-end real estate
Bahamas – Bahamian realtors believe the FTX crypto currency exchange’s implosion will not “ruin” western New Providence’s high-end property market as bargain hunters start to circle its $74m worth of holdings… more
FTX owes top 50 creditors $3 bil.
Bahamas – FTX owes its top 50 creditors over $3 billion, according to recent court filings in Delaware… more
Hearing for FTX Chapter 15 transfer set for tomorrow
Bahamas – A Delaware judge who is overseeing the Chapter 11 bankruptcy case of FTX US, will hear arguments tomorrow over whether the Chapter 15 bankruptcy proceeding in New York, which was initiated by FTX Bahamas’ liquidators, should be transferred to his court… more
No credit or asset exposure to FTX, says Deltec
Bahamas – Deltec Bank and Trust Limited, one of the largest financial institutions in The Bahamas, said in a statement on its website last week that it has no credit or asset exposure to collapsed cryptocurrency exchange FTX… more
Pintard: ‘It’s too early to tell’ on DARE reform post-FTX
Bahamas – THE Opposition’s leader says it is still too early to determine how The Bahamas’ laws and regulations governing the digital assets industry should be reformed following the FTX crypto exchange’s spectacular implosion… more
SCB is too small a regulator for FTX, says due diligence expert
Bahamas – FTX had “I told you so” written all over it, Chief Executive Officer of Castle Hall Diligence Chris Addy said last week, adding that regulatory entities as small as the Securities Commission of The Bahamas (SCB) do not have the required manpower to maintain “a fully forensic and vigorously intrusive regulatory environment”… more
Caribbean countries okay digital agenda
Caribbean – The Economic Commission for Latin America and the Caribbean (ECLAC) says countries attending the Eighth Ministerial Conference on the Information Society in Latin America and the Caribbean have approved the Digital Agenda for Latin America and the Caribbean (eLAC 2024) that establishes a set of policy priorities and actions at the regional level for the next two years… more
GTT landline applications reduced from thousands to just over 100 – Blackburn
Guyana – Guyana Telephone and Telegraph’s (GTT’s) Chief Executive Officer (CEO) Damian Blackburn says thousands of pending landline applications have been reduced to just over 100… more
GTT launches mega Christmas promotion
Guyana – GTT last week launched its Christmas Promotion themed “Tis the Season to DRIVE”… more
A blitzkrieg of ransomware
Trinidad and Tobago – Between November first and third, the American Chamber of Commerce in Trinidad held its annual HSSE awards event, but in a room off to the side of the main health and safety conversations and awards, a small group of IT professionals talked cybersecurity… more
Tuesday, 22 November 2021
Cable chief optimistic $2.8m profit is trend
Bahamas – Cable Bahamas’ top executive is voicing optimism that $2.8m first quarter profits represent the start of a trend with its fibre network set to cover all New Providence “on a home pass basis” by year-end 2023… more
Central Bank has received info on financial system’s FTX exposure
Bahamas – Central Bank Governor John Rolle yesterday confirmed that the regulator had requested and received information from bank and trust companies regarding their exposure to FTX… more
EDITORIAL: The two stories of the FTX collapse
Bahamas – THE story of the collapse of FTX, the crypto exchange that so spectacularly fell apart, is one that is divided into two parts… more
FTX bankruptcy jeopardizes Bahamas’ digital assets hub dream, says lawyer
Bahamas – While Prime Minister Philip Brave Davis insists The Bahamas’ reputation will survive the FTX fallout, Partner in law firm Berliner Corcoran and Rowe LLP Bruce Zagaris told the Wall Street Journal (WSJ) in a recent interview that the cryptocurrency exchange’s bankruptcy has jeopardized this country’s move to become a leading digital assets hub… more
Mitchell: Nothing unusual about FTX collapse
Bahamas – Responding to criticism over the collapse of The Bahamas-based cryptocurrency exchange FTX, Minister of Foreign Affairs Fred Mitchell, who also serves as chairman of the Progressive Liberal Party (PLP), assured party supporters yesterday that there is nothing unusual about it and that the Americans “can’t talk” about scandals… more
Moody’s on FTX: better accounting, disclosures rules are needed
Bahamas – The cryptoassets sector is in need of improved accounting standards and strong disclosure rules, credit ratings agency Moody’s wrote in its latest Credit Outlook report, speaking on the collapse of cryptocurrency exchange FTX… more
NOT TO MY KNOWLEDGE: PM says PLP received no campaign financing from FTX
Bahamas – Prime Minister Philip Davis said yesterday that to his knowledge the Progressive Liberal Party (PLP) received no campaign financing or funding from FTX, assuring that the government has no exposure to the collapsed crypto company… more
PM: Critics of Bahamas over FTX are ‘unfair’
Bahamas – AS he expressed concern about The Bahamas suffering reputational damage because of FTX’s implosion, Prime Minister Philip “Brave” Davis branded criticisms levelled at the country in the international media as an “unfair” characterisation… more
PM: PLP got no money from FTX
Bahamas – The Progressive Liberal Party (PLP) received no money from FTX, Prime Minister Philip Davis said yesterday, adding that recent criticism of The Bahamas following the collapse of the Bahamas-headquartered crypto currency giant have been an “unfair characterization”… more
Thousands use Sand Dollars during Jollification event
Bahamas – About 5,000 Jollification attendees used the central bank digital currency (CBDC) Sand Dollar to pay for their entrance into the festival, Suncash representative Lori Russell told Guardian Business yesterday, adding that while some vendors have become comfortable with Sand Dollar use, some are still reluctant… more
Galt: Digital transformation is here to stay
Trinidad and Tobago – Group Chief Information Officer of ANSA McAL Ian Galt says digital transformation is here to stay… more
New online ticket provider launches
Trinidad and Tobago – As the world moves quickly in adapting to digital platforms, EBOXTICKETS has emerged onto the market, allowing people to secure online event tickets… more
Wednesday, 23 November 2021
CUB chairman named as director amidst FTX fallout
Antigua and Barbuda – The former Chairman of the Caribbean Union Bank (CUB) and Antiguan ambassador Arthur G.B. Thomas has been named as one of the Directors in the crypto currency exchange company, FTX Trade… more
‘Lack of understanding of business model’ saved A&B from damages of FTX fallout
Antigua and Barbuda – “Prudence” is what Prime Minister Gaston Browne has said prevented financial regulators in Antigua and Barbuda from moving ahead with licensing cryptocurrency exchange company, FTX Trade… more
Digital provider facilitates over $200m in payments
Bahamas – A BAHAMIAN digital payments provider yesterday said it has processed more than $200m in transactions since its launch after expanding to a 35,000- strong user base… more
SCB to recoup costs from FTX for safeguarding digital assets
Bahamas – The Securities Commission of The Bahamas’ (SCB) latest statement, released late Monday night, explains the regulator’s intent to recoup any costs it incurs from operating a digital wallet holding cryptocurrency exchange FTX’s assets for safekeeping… more
FTX’s $130 million real estate spree
Bahamas – Bahamas-headquartered FTX, its former CEO Sam Bankman-Fried and other company associates spent more than $130 million on real estate in The Bahamas since 2020, according to documents… more
FTX Chapter 15 petition transferred to Delaware
Bahamas – FTX US revealed yesterday that an agreement was reached with the Bahamian appointed joint provisional liquidators to transfer their Chapter 15 bankruptcy petition in New York to Delaware and that it hopes to engage in constructive dialogue with the liquidators in the future… more
FTX SPENT $300M ON PROPERTY BUYS: Court documents reveal valuation of real estate spree
Bahamas – A Bahamian realtor yesterday estimated that the collapsed FTX crypto currency exchange spent $250m and “probably more” on acquiring New Providence real estate, adding: “It was great while it lasted.” … more
S&P: ‘No material effect’ for Bahamas from FTX
Bahamas – Standard & Poor’s (S&P) yesterday gave The Bahamas “breathing room” by maintaining its existing sovereign credit rating while predicting that FTX’s implosion will have “no material adverse impact” for the country… more
S&P upholds Bahamas’ rating, concerned about FTX’s impact
Bahamas – Credit rating agency Standard and Poor’s (S&P) has affirmed The Bahamas’ credit rating at B+ and its outlook as stable in its latest credit opinion report on this country. It explained that the stable outlook also supposes no adverse impact on the country, especially from the recent collapse of locally headquartered cryptocurrency exchange FTX Digital Markets… more
Ebanks: Data protection a priority in national ID roll-out
Cayman Islands – As Innovation Minister André Ebanks gets set to pilot the legal framework for a national identification card and digital identity register, he stressed that data security and protection are of high importance… more
Managing risks associated with the use of artificial intelligence
Jamaica – MANY organisations now use artificial intelligence (AI) to enhance product and service delivery. One common example is the use of natural language processing to answer customer queries. This form of technology uses AI to respond to customer queries without the assistance of humans… more
Turning hurdles into opportunities — the AIS journey
Jamaica – STARTING a technology-based business can sometimes seem like a daunting task — between finding capital, securing permits and finding the right staff many entrepreneurs get frustrated and often decide to throw in the towel… more
Thursday, 24 November 2021
Bahamas ‘under attack’: Do more to combat FTX
Bahamas – A former finance minister yesterday argued that not enough is being done to protect The Bahamas’ integrity – and that of its entire financial services industry – which is “under attack” from all sides over FTX’s implosion… more
FTX collapse
Bahamas – EDITOR, The Tribune. This past week has been one of the most eventful for a long time if not years – yes, FTX alone saw us googling and reading so much that we saturated our minds and thoughts. Ask ten people their opinion and you will get 12 opinions or more… more
Minnis: Govt needs to give answers over FTX
Bahamas – FORMER Prime Minister Dr Hubert Minnis has insisted there are many FTX-related questions that need answers by the Davis administration… more
MPs answer on whether they had FTX investments
Bahamas – SEVERAL members of Parliament yesterday said they had no FTX investments, while one confirmed receiving a donation from the collapsed crypto exchange firm… more
Regulator fires back at FTX US
Bahamas – The Securities Commission of The Bahamas (SCB) last night fired back at the representatives of FTX US who have continued to raise concern over the commission’s decision to transfer some of FTX’s assets to a digital wallet SCB controls… more
Securities Commission defends FTX Digital Markets asset transfer
Bahamas – The Securities Commission of The Bahamas (SCB) last night defended its decision to transfer all digital assets of FTX into digital wallets under its control for the benefit of clients and creditors of FTX Digital Markets… more
3 ways TikTok can hurt your business
Caribbean – Now, I know what you are thinking. Everybody and their mother is telling you that right now you should be on TikTok maximising its insane organic reach… more
Cybersecurity critical to digital resilience in Guyana – PM Phillips
Guyana – Prime Minister, Brigadier (Ret’d), Mark Phillips on Wednesday said that the Government recognises that digital resilience is pivotal to sustained economic and social development in the rapid expansion of information technology and the digital network transformation era… more
TelEm Fiber, Sol Antilles launch Fuel the Season Campaign.
Sint Maarten – TelEm Fiber staff were on the forecourt of the Sol Antilles gas stations in Point Blanche and Sucker Garden Road Wednesday, inviting customers to sign up to join St. Maarten’s premier fiber cable network and the chance to win one year of Triple Play service and ANG 4,000 gas… more
TelEm Group CEO thanks police for dedicated work in the SXM community.
Sint Maarten – TelEm Group CEO, Mr. Kendall Dupersoy, was full of praise for the St. Maarten police force and the work they do in the community, during a sponsored lunch at the police station in Philipsburg Monday. The lunch was organized by the Mental Health Awareness foundation to mark November as Men’s Mental Health Awareness Month and International Men’s Day which fell on the following day, November 19, 2022… more
Friday, 25 November 2021
AG says govt did not seize assets from FTX
Bahamas – ATTORNEY General Ryan Pinder denied on Friday that the government seized any assets from FTX Digital Markets, cautioning individuals not to spread “fake news”… more
Halkitis: Crypto exchange OKX committed to Bahamas
Bahamas – Minister of Economic Affairs Michael Halkitis said in a statement that the world’s second largest cryptocurrency exchange OKX is committed to growing the digital assets space in The Bahamas… more
Sir Franklyn: FTX is ‘not our first rodeo’
Bahamas – A well-known businessman yesterday urged the Bahamas to “stand united” in the face of FTX’s implosion as he blasted the Opposition’s leader for trying to “score cheap political brownie points” over the affair… more
TechBeach Retreat still committed to Caribbean tech ecosystem
Caribbean – FOUNDERS of TechBeach Retreat Kirk-Anthony Hamilton and Kyle Maloney are confident that the return of the conference to the shores of Jamaica will drive the organisation’s mission of accelerating digital transformation in the Caribbean and driving investment and partnership in the region’s technology sector… more
Myers-Gray to revolutionise payments industry with launch of ECHE Limited
Jamaica – Lititia Myers-Gray has signed an equity deal with Proven Group Limited through its wholly owned company Proven Investments Holding Limited to form ECHE Limited, a strategic solutions company in the payments industry… more
Grenadines Schools Dominate Icode784 Competition
Saint Vincent and the Grenadines – Telecommunications Regulatory Commission’s (NTRC) icode784 competition concluded on November 18, with the Union Island Secondary School (UISS) and Canouan Secondary School taking the ‘Secondary Idea’ and ‘Secondary Mobile Application’ categories respectively… more
Saturday, 26 November 2022
AG to outline government’s position and response to FTX collapse in national address
Bahamas – Attorney General Ryan Pinder is set to deliver an address outlining the government’s position and response to the FTX collapse on Sunday… more
Sunday, 27 November 2022
98 girls complete ICT programme
Guyana – Ninety-eight girls yesterday graduated from an online Guyanese Girls Code Information and Communication Technology (ICT) programme that was conducted by the Office of the Prime Minister’s Industry and Innovation Unit in collaboration with the University of Guyana… more
The whole country will be able to access broadband internet via satellite
Haiti – The Company Resscop & Delaporte, Inc. announce that SpaceX/Starlink has officially been registered in Haiti as “Starlink Haiti S.A.” and has obtained a homologation permit to operate freely in Haiti pursuant to the defined registered Ku-Band and the required frequencies. This permit will allow Starlink to provide wireless broadband internet services to the country of Haiti… more
Genius Digital pushes payments gateway upgrade
Jamaica – Recent updates by the global payment associations have called for banks and payment gateways to upgrade their platforms to support the latest security standards and frameworks. This comes as Visa and Mastercard announced their discontinuation of support for 3DS 1, which is the authentication protocol used by most Caribbean banks to process online card transactions… more
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