SelfKey is developing an Ethereum-based self-sovereign identity product that will be used by NTL to collect customer information required by the company's know-your-customer (KYC) process, and to assemble that data into a format that will meet the needs of Caribbean governments for their due diligence purposes. Self-sovereign identity products are designed to provide customers with a high-degree of control over how their identifying information is used, enabling the protection of sensitive personal data in the event, for example, of a cybersecurity breach.
Central Bank of Aruba planning "state-of-the-art payment infrastructure"
In a newly-released position paper, the Central Bank of Aruba announced its intention to "leapfrog the state of Aruba's payment infrastructure," hoping to begin the process of implementation mid-year 2018. The Bank envisions a "state-of-the-art payment infrastructure, enabling transparency, efficiency, innovation, collaboration and a clear leadership."
The paper speaks to challenges and requirements, rather than specific technological solutions or means of implementation. It does indicate that "for the desired future state of the payment system in Aruba, market developments and financial technologies, such as Blockchain, Mobile as NFC-device, Mobile as payment, SMS-based transfers, Bluetooth payments, e-commerce developments and many others belong to potential solutions that have to be explored."
RBC joins JPMorgan in cross-border blockchain payment initiative
The Royal Bank of Canada (RBC), which is among the largest banking groups in the Caribbean region, is joining a blockchain-based cross-border payments network in partnership with JPMorgan Chase & Co. and Australia and New Zealand Banking Group. The network will use JPMorgan's Quorum technology, which is an enterprise-focused implementation of a Ethereum blockchain that includes restrictions on access and extensions to improve the privacy of transactions and contracts.
RBC operates in 17 Caribbean countries and territories, though it is not clear if, when, and how Quorum-based cross-border payment services will be used to service customers in the region.
Scotiabank works to develop Latin American FinTech ecosystem
Scotiabank, which has operations in 22 Caribbean countries, has announced a strategic partnership with NXTP Labs, a Latin American start-up accelerator. The programme will bring selected accelerator graduates to Toronto to explore partnership opportunities with Canadian companies. Scotiabank has previously announced its partnership with venture capital group QED Investors, aimed at providing funding and industry experience to select Latin American FinTech companies.
Bissessar to discuss FinTech disruption on banking and finance sector
The Caribbean Blockchain Association advises public institutions and private industry on policy, compliance, and technology issues surrounding the adoption of blockchain and distributed ledger technology. Visit us at https://caribbeanblockchain.org. Please contact us if you have feedback or news ideas.