Category: Uncategorized

Work Advanced To Commence Pilot Implementation Of Jamaica CBDC In August

posted by Category: CBDC, FinTech, News, Uncategorized 0 Comment

Bank of Jamaica (BOJ) Governor, Richard Byles, says work is being finalised to commence pilot implementation of the proposed central bank digital currency (CBDC) locally, in August. Mr. Byles indicated that technical support for the CBDC’s rollout, among other inputs, are being reviewed to facilitate onboarding of the first financial institution – National Commercial Bank (NCB) – to test the system. The Governor said between September and December, the BOJ will look to onboard more banks, adding that “we will…

PROVEN Proposes to Acquire Fidelity Bank (Cayman) Limited

posted by Category: CAB, News, Uncategorized 0 Comment

PROVEN Investments Limited (PROVEN) is pleased to announce that it has entered into a share purchase agreement with Fidelity Bank & Trust International Limited, a company incorporated in the Commonwealth of The Bahamas, to acquire the entire issued share capital (the Shares) of Fidelity Bank (Cayman) Limited (FBC), conditional on receiving approval by the Cayman Islands Monetary Authority. FBC is a financial services company incorporated in the Cayman Islands and licensed under the Bank and Trust Companies Act as a Category…

Anthony Clerk is new President of Barbados Bankers Association

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The Barbados Bankers Association (TBBA) announces the election of Mr. Anthony Clerk, Managing Director and Chief Executive Officer, Republic Bank (Barbados) Limited as its new President. In addition to providing leadership of the Association, as President, TBBA, Mr. Clerk will be its main spokesperson to communicate the banking industry’s perspective to government, regulators and stakeholders, inclusive of the media and the public. Mr. Clerk is a career banker with more than a decade of experience at the Senior Management Level…

CARICOM decries “unilateral, arbitrary” EU blacklisting

posted by Category: Anti-Money Laundering, CAB, Correspondence Banking, COVID-19, FATCA, News, Uncategorized 0 Comment

The Caribbean Community (CARICOM) deplores the ongoing unilateral, arbitrary and non-transparent blacklisting strategy employed by the European Union (EU) against CARICOM Member States. The most recent inclusion of CARICOM States to the blacklist of alleged non-cooperative tax jurisdictions and jurisdictions identified as being deficient in the area of Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT), underscores the EU’s unwillingness to take into account the substantial progress made by CARICOM Member States at compliance with global standards. Moreover, the unquestioned use…

How Caribbean Banking Can Help Shape The Region Post-Pandemic

posted by Category: General, News, Uncategorized 0 Comment

Q. Generally speaking, how has the pandemic impacted banks within the region? It has really placed all the banks in the region in a very terrible position, in my view. They’ve managed the fallout from the pandemic quite admirably. But when you think about what banks are heavily dependent on, they would tell you right away that anyone in their position would be very concerned if they were met with the financial conditions of governments not being able to pay…

COVID-19 Pandemic: The Economic Impact on Caribbean Economies

posted by Category: COVID-19, General, News, Uncategorized 0 Comment

Castries, Saint Lucia, Tuesday, September 7th 2020: Regional Overview The Caribbean is comprised primarily of island nations, of which, the majority are classified as small island developing states (SIDS). This characteristic of the region exposes Caribbean economies as small, open, and significantly trade-dependent; all of which are distinct features of numerous SIDS. As a result, economies within the region are rendered exceedingly vulnerable to economic shocks (both internal and external). In addition, owing to several inherent benefits of its geographical…

Baldwin Taylor Appointed To Lead Bank of Montserrat

posted by Category: CAB, News, Uncategorized 2 Comments

The Bank of Montserrat recently announced the appointment of its new General Manager, Mr. Baldwin Taylor, who took up office on January 2, 2020. He succeeds Mr. Michael Joseph who retires as General Manager after serving for 10 years in the position. During his tenure, the Bank grew exponentially, recording growth in assets of 47%, moving from $171M in 2009 to $252M in 2018; and Loans growth of over 100%, increasing from $46M in 2009 to $94M in 2018. The…

Caribbean Bankers Conclude Historic Conference in Sint Maarten

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Sint Maarten, Monday November 4th, 2019 : The Caribbean Association of Banks (CAB) Inc. successfully concluded its historic 46th Conference and Annual General Meeting, 30 October-2 November in Philipsburg, Sint Maarten. Over 200 banking and financial services professionals from the Caribbean, North America, South America, Europe, and Asia converged at the Sonesta Maho Beach Resort, Casino, and Spa under the theme: “Shaping a New Era in Caribbean Banking.” A number of firsts were recorded at this year’s edition of CAB Conference, the…

Request For Proposal To Coordinate A Shared Services Agreement Of The Eastern Caribbean Currency Union National Banks

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1.1 The national banks licensed by the Eastern Caribbean Central Bank (ECCB) under the Banking Act, 2015 have been in discussion regarding the consolidation of the Eastern Caribbean Currency Union (ECCU) national banking sector. The consensus of the discussions is that consolidation of the sector be pursued over a period of time and that an initial step ought to be taken in the form of a shared services approach. 1.2 Via correspondence to all 12 licensed national banks, the ECCB…

Corporate Governance in focus at CAACM Conference Antigua 2019

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Saint Lucia, Tuesday July 2nd, 2019 : Audit committee directors and audit practitioners from across the Caribbean region gathered at the Royalton Antigua for the Caribbean Association of Audit Committee Members Inc. (CAACM) 13th Annual Conference and AGM. The two-day event (June 27-28, 2019) was attended by over 80 participants under the theme ‘Riding the Wave of Disruption – Practical Aids for the Impending Challenges.’ Antigua and Barbuda’s Prime Minister and Minister of Finance and Corporate Governance, the Honorable Gaston Browne, delivered…