BITT, a financial technology and software development company founded and based in Barbados, has taken another major step towards offering easier and cheaper financial services using a digital medium.
Nine months after completing its digital exchange, Bitt last week officially entered phase two of its offerings with the launch of its mobile wallet.
Now, having started here, company co-founder Gabriel Abed said the plan was to “see our software planted across 18 CARICOM territories within the next 12 months”.
Speaking at Buzo Osteria Italiana, Hastings, Christ Church, the businessman said this “new age of currency” would include other products.
“This is phase two of our launch. Expect a phase three, and a phase four as we tackle more software, as we bring about merchant solutions, as we start bringing about teller solutions. A bunch of other cool things are coming on the market very soon . . . . We are all going to be building it right here on these shores. It’s going to take a little bit of time,” he said.
Abed said the company “built a digital money ecosystem within the Caribbean region to solve a lot of problems that we face today with regards to banking”.
“Our team can be defined as radicals, digital pioneers and technology evangelists challenging the idea of banking at the heart of money. We have spent the last three years prototyping, developing and designing a suite of superior software products,” he said.
“Our goal was to use bleeding edge technologies to produce the fastest settlement times, lowest transaction fees a superior mathematical security that comes with a technology that we have been utilising to accomplish this all.
“We used the Bitcoin blockchain. A mathematical phenomenon has allowed us to create an immutable, secure and direct peer to peer payment system within the CARICOM region.”
Abed also said the services would be offered free of fees since “we believe in providing the lowest cost settlement and transactions times for our customers. We believe in no sign-up fees, no monthly fees, no hidden fees.” (SC)
