Tag: Financial technology

Are commercial banks a friend or foe of CBDCs?

Are commercial banks a friend or foe of CBDCs?

Posted by | 19 Jul 2024 |

The introduction of a Central Bank Digital Currency (CBDC) is a complex issue with far-reaching implications for the financial industry, including commercial banks. In this article, we highlight an emerging situation in The Bahamas and explore whether commercial banks are catalysts for CBDC adoption or potential victims of that disruption.

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ICTP 311: Regtech, its broadening scope and potential for application in the Caribbean region, with Jennifer Potter

ICTP 311: Regtech, its broadening scope and potential for application in the Caribbean region, with Jennifer Potter

Posted by | 17 Jul 2024 |

Regulatory technology (or regtech) is expected to be worth over USD 87 billion by 2028, but it is an underdeveloped fintech segment in the Caribbean region. However, as regulatory oversight increases in areas such as cybersecurity and data protection, increasingly, regtech will not be limited to the banking and fintech sectors. Circling back to a 2022 episode, regtech expert, Jennifer Potter, gives us a primer on regtech, and discusses, among other things:  the other industries, besides banking and financial services, in which regtech can be applied;  how regtech can improve the customer experience regarding the Know-Your-Customer (KYC) rules and anti-money laundering (AML) compliance obligation; and key things organisations should consider before they decide to integrate regtech into their operations.

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