A roundup of the latest ICT/technology news from across the Caribbean region for the period Monday 18 September to Sunday 24 September 2023.
Monday, 18 September 2023
ArawakX’s fate now in Supreme Court hands
Bahamas – The Supreme Court will hear arguments from all sides on October 13 as to whether The Bahamas’ first-ever crowd funding platform should be wound-up due to regulatory concerns about its solvency and operations… more
UPDATE | Should tech firms contribute to the cost of telecoms infrastructure?
Caribbean – Major players in the global telecommunications (telecoms) industry are increasing their advocacy for technology companies to contribute to maintaining the cost of network infrastructure amid high returns and increasing user and traffic volumes, sparking a debate over net neutrality and the role of tech companies in supporting telecoms infrastructure… more
Science and technology necessary to push sustainable development – Phillips
Guyana – Stating that at the midpoint of the agenda of 2030 Sustainable Development Goals, more than 50% of Guyana’s targets are off track, a portion of which are in reverse and worse there is a US$4 trillion financing gap for implementation, double to what it was in 2015, Prime Minister Mark Phillps has suggested that the application of science, technology and innovation could be the solution to challenges such as food security, poverty alleviation, and climate change… more
Vandalism of FLOW’s equipment ‘seems like it is almost an organised crime’ – Price
Jamaica – Vice president and general manager of Flow Jamaica, Stephen Price, says vandalism of its equipment is now averaging between 30 to 40 per week in 2023, with incidents occurring every day across the island… more
Imbert: Online shopping fuelling forex challenge
Trinidad and Tobago – THE foreign exchange challenges currently facing the country are not simply rooted in a supply shortage, but rather an unprecedented surge in demand, Finance Minister Colm Imbert has said… more
What we’re getting wrong about fintech
Trinidad and Tobago – Emmanuel Daniel’s first book occupies an interesting space. The Great Transition, subtitled The Personalisation of Finance is Here, doesn’t shirk from considering big ideas in a turbulent and confusing business sector… more
Tuesday, 19 September 2023
ArawakX hit by claim of ‘criminal infraction’
Bahamas – The Bahamas’ first-ever crowd-funding platform has a solvency deficiency of “at least $2.4m”, regulators charged yesterday, while accusing it of “governance irregularities, regulatory breaches and possible criminal infractions”… more
Crowd-funder: From $4m to $200m in 14 months
Bahamas – The Bahamas’ first-ever crowd-funding platform purportedly increased in value from just $4.38m to an astonishing $201.75m in just 14 months, it was alleged yesterday, despite accounts revealing a $2.659m “deficit” at end-July 2022… more
D3 Bahamas organizers hoping to rebuild trust in digital assets
Bahamas – The upcoming Finoverse D3 Bahamas Fintech conference, scheduled to be held at Atlantis next month, will hopefully help to refocus the blockchain and cryptocurrency market as the industry builds trust and clarity, especially in the regulatory space, Finoverse’s Head of Strategy & Content Will Haskins told Guardian Business yesterday… more
FTX attorneys accuse Sam Bankman-Fried’s parents of unjustly enriching themselves with company funds
Bahamas – Lawyers for FTX Trading have filed a lawsuit accusing the parents of its founder Sam Bankman-Fried of exploiting their influence over their son to siphon millions of dollars from the company, while spending lavishly on a luxury home in the Bahamas and funneling contributions to their “pet causes” and Stanford University… more
“MORE THAN SUFFICIENT EVIDENCE” to shutter ArawakX, Securities Commission says
Bahamas – The Securities Commission is asserting that there is “more than sufficient evidence” to justify the winding-up of the country’s first crowdfunding platform ArawakX, citing its concerns over the company’s solvency as well as alleged governance irregularities and regulatory breaches… more
SCB begins ArawakX winding up proceedings
Bahamas – The Securities Commission of The Bahamas (SCB) began winding up proceedings of Mdollaz Ltd., trading as ArawakX, after finding via investigations and interviews that the crowdfunding firm is insolvent, commingled company funds with investor money, and sold Mdollaz shares without SCB approval, according to an affidavit filed by the SCB’s Executive Director Christina Rolle in the Supreme Court’s Commercial Division… more
IDB presents first digital analytics tool for region
Caribbean – THE Inter-American Development Bank (IDB) has presented a pioneering digital analytics platform that it says will help governments and investors identify opportunities and design cost-effective projects to close digital connectivity gaps in Latin America and the Caribbean… more
Flow Foundation rejuvenates seniors’ activity centre
Jamaica – Expanding its efforts to educate, enable and enhance the online capabilities of Jamaica’s senior citizens, the Flow Foundation has injected new life into the National Council for Senior Citizens (NCSC) Activity Centre with free high-speed Internet… more
Ignorance is not bliss
Trinidad and Tobago – IN an age where connectivity and technology have brought us closer together than ever before, the world is seemingly at our fingertips… more
Robotics camp provides problem-solving skills
Trinidad and Tobago – IN a world constantly evolving and adapting to new technologies, a recent robotics camp has taken an integrated approach to education, focusing on hands-on problem-based activities… more
Wednesday, 20 September 2023
$657k ‘pipeline’ blockage kept ArawakX insolvent
Bahamas – The Bahamas’ first-ever crowd-funding platform was branded “no longer solvent at February 2023” by external auditors who warned that $656,500 in “pipeline” revenue could not be used to restore a “net equity” position… more
ArawakX dismissed top investor as ‘over his head with Fintech’
Bahamas – ArawakX’s chairman dismissed the company’s largest investor as someone who “can’t use a computer” and was “over his head on Fintech” after he turned whistleblower over its financial, governance and regulatory concerns… more
ArawakX issuers await funds, investor listing
Bahamas – Two companies that raised equity capital through the embattled ArawakX crowd-funding platform yesterday complained that they are either still owed money or have yet to learn who their new shareholders are… more
Business-owners who raised funds on ArawakX tell shareholders their investments safe
Bahamas – Company owners who raised money through embattled crowdfunding platform ArawakX sought to assure shareholders yesterday that their investments are safe and that their businesses are growing thanks to the investments shareholders injected… more
Fintech festival to ignite discussions on technological revolution of financial services
Bahamas – The highly anticipated D3 Fintech Festival, scheduled for next month at the Atlantis Resort is poised to be a dynamic hub for discussions on how technology can revolutionize financial services and propel the industry forward, according to the event’s organizers… more
FTX MEETING CLAIM DENIED BY PM OFFICE: US chief says founder’s father was to meet Davis – but PM was in Egypt
Bahamas – The Prime Minister’s Office last night refuted claims that he was due to meet Sam Bankman-Fried’s father on the day FTX imploded because he was away battling on The Bahamas’ behalf against climate change… more
US stock market investment app Prospuh has thousands of Bahamian users
Bahamas – Prospuh, the app that allows local users to invest in the US stock market, has signed up thousands of Bahamians so far and is looking forward to opening the app up to Caribbean countries by the end of October, the company’s CEO N’Nhyn O’Cof told Guardian Business yesterday… more
Connectivity, Technology in the spotlight for Small Business Week
Barbados – Leading telecoms provider Flow Business is continuing its focus on empowering small businesses and entrepreneurs with digital solutions, dedicated support, and the greatest possible value for their connectivity needs… more
PM’s office donates computers to Disabled People’s Network
Guyana – The Office of Prime Minister (OPM) Mark Phillips yesterday donated laptop computers to the Disabled People’s Network (DPN) of Region Five… more
Kamla calls for removal of online purchase tax
Trinidad and Tobago – THE GOVERNMENT must remove the seven per cent online purchase tax and make no moves to increase it, says Opposition Leader Kamla Persad-Bissessar… more
Thursday, 21 September 2023
CJ restricts ArawakX operations
Bahamas – Chief Justice Sir Ian Winder ordered that ArawakX cease all of its activities and not attempt to raise capital or investments in the company until after a October 13 winding up hearing has been completed… more
Programme aims to make Grand Bahama tech hub
Bahamas – TECH Edge, a new upskilling tech programme, was launched in Grand Bahama yesterday to help Freeport develop into a technology and innovation hub… more
Will AI replace marketers?
Caribbean – In recent years, the world has witnessed unprecedented advances in artificial intelligence (AI) technology, reshaping industries and redefining the boundaries of what machines can achieve… more
Civil Servant Email address hacked, email circulating with attachment. (UPDATED)
Sint Maarten – An email from Reginal Martina’s official email address is in circulation with an attachment. The email which looks suspicious has been sent to several persons and has the attention of the Government of St. Maarten… more
Friday, 22 September 2023
Bahamian battles FTX chief on $28m aircraft
Bahamas – A Bahamian aviation entrepreneur yesterday launched legal action against FTX’s US chief to safeguard his ownership interest in two aircraft valued at a combined $28m… more
SBDC still exploring crowdfunding in wake of ArawakX closure
Bahamas – Crowdfunding for Access Accelerator/Small Business Development Centre (SBDC) clients is being explored, but will likely not be implemented in the next two years, the SBDC’s interim Executive Director Samantha Rolle said yesterday… more
Students delve into blockchain technology and cryptocurrencies
Barbados – The wheels of progress to educate a new generation about the entrepreneurship and investment opportunities associated with Blockchain technology and Cryptocurrencies are turning, slowly, but turning nevertheless… more
Digicel taps tourist market with vacation SIM
Jamaica – Telecoms group Digicel following the recent roll-out of its vacation SIM cards is looking to double down on revenues from the lucrative tourist market… more
New Kingston’s smart city transformation
Jamaica – THE countdown to a smarter, more connected Jamaica has begun. Six years after the visionary blueprint was unveiled in 2016, New Kingston’s Smart City Demonstration Project is now on the verge of becoming a reality, with its roll-out this year, extended through 2033… more
Saturday, 23 September 2023
C&W Business highlights crucial role of telehealth in shaping regional healthcare standards
Caribbean – Youth leader and technology expert Danielle Williams is highlighting the need for agreed standards and regulations on how patient information is shared and accessed across jurisdictions, as Caribbean telehealth stakeholders continue to collaborate and share expertise… more
GTT did not reconnect me efficiently
Guyana – Dear Editor, In today’s fast-paced world, where technology is meant to enhance our lives and provide efficient solutions, GTT appears to be lagging far behind… more
Flow first to offer Jamaica’s new 658 area code
Jamaica – Telecommunication and entertainment giants Flow became the first to offer Jamaican mobile customers the new 658 area code on Friday (September 22) following approval from the Office of Utilities Regulation (OUR)… more
tTech implores Jamaican companies to implement resilient cyber infrastructure strategies
Jamaica – Following a spate of recent cyber attacks in Jamaica, tTech Limited is urging local organisations to adopt a proactive approach to IT security before they face a critical cyber event… more
Sunday, 24 September 2023
Saint Lucia’s Robotics Team Set to Shine at First Global Competition
Saint Lucia – Saint Lucia’s Robotics team is gearing up to participate in the prestigious First Global Competition. This global showcase of innovation and robotics excellence is scheduled to take place from October 7th to 10th, 2023 and will bring together some of the brightest young minds from around the world to Singapore… more
Images credit: rawpixels (Pexels); Wikimedia Commons; ArawakX; Wikipedia; Wikimedia Commons; Flow (Facebook)
