ECCB GOV. CALLS FOR URGENT TECH CHANGES

Governor of the Eastern Caribbean Central Bank Mr Timothy Antoine is pushing for the use of innovation and technology to stimulate the economy within the Caribbean region. He is calling on financial regulators to take a collaborative approach and put regulations in place for better use of financial technologies.

The world today has been largely made possible by innovations in technology – more recently the mobile phone and the internet which have made trade and commerce much easier.

While technological innovation can be considered a double-edged sword, if used wisely and correctly, it can help drive awareness and engagement as well as promote convenience which can impact positively in stimulating local economies in the region by looking at cashless systems among other things.

Therefore the Caribbean region should leverage the high usage of smartphones to propel economic growth.

But…is the region ready to embrace such a change both technologically and culturally?

According to Mr Antoine, the region needs to quickly embrace FinTech development.

Due to Fintech, payment, investment and lending innovations are all digitalized, financial services have become much more accessible, and affordable.

Mr Antoine made the comments recently during a panel discussion by the ECCB at which rebuilding Caribbean Economies was the topic of discussion.

We can now purchase and consume cheaper and cheaper products from further and further away, enjoying beans from Kenya and bananas from the West Indies all year round, and communicate 24/7 with strangers in countries we’ve never visited. What we’ve been left with is a world where global dominates local, where anything happening anywhere else is more important than what’s happening on our doorstep, and countless communities of people less and less connected with local resources, local businesses and each other.

 Closer cooperation between the government and private sectors on artificial intelligence (AI), Internet of Things (IoTs) and big data would raise Malaysia’s competitiveness, said Malaysia Digital Economy Corp (MDEC).

Chief executive officer Datuk Yasmin Mahmood said it is important for the government to leverage on digital technology to improve efficiency and productivity for a business model.

She said businesses can also capitalise on digital technology to maximise their earnings, which in turn would provide tremendous impact to the growth of the local economy.

 

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