Professional services firm PricewaterhouseCoopers (PwC) has signed a memorandum of understanding (MOU) with Barbados-based financial technology (fintech) company Bitt Inc. to propel the use of blockchain technology across the Caribbean, according to a press release sent to CoinReport by Bitt.
As per the MOU, PwC may provide advisory services to the Caribbean firms seeking to employ blockchain technology, including Bitt services like the use of electronic money, blockchain technology, digital fiat currency and virtual currency services across the region.
“This understanding firmly places Bitt and PwC as the drivers of the regional re-design of the Caribbean’s financial services using blockchain technology,” said Bitt co-founder and CEO Gabriel Abed.
Central and commercial banks and other institutions seeking to test Bitt’s software will be able to benefit from PwC’s profound, global fintech expertise in blockchain research and knowledge, marketplace strategy, operational readiness and technology services.
“We at PwC see enormous potential for blockchain in financial services to which end we developed the strategic and implementation capabilities necessary to help financial institutions, technology companies and startups take advantage of this transformative technology,” said Oliver Jordan, PwC partner and lead for advisory services in the East Caribbean.
“We have agreed to work alongside Bitt on future institutional blockchain technology implementations by, for example, central banks, commercial banks and government institutions throughout the region because not only does blockchain offer the promise of cost reduction and efficiency, but it could also enable revenue growth, and higher-quality service. Across the PwC Global network, we have already seen enormous potential for blockchain to deliver substantial value to financial services– and we intend to continue to lead the way across the financial services landscape in the Caribbean,” he added.
PwC also offers blockchain services globally. The firm has developed the strategic and implementation competencies essential to help technology firms, financial institutions and startups make use of this transformative technology, said the release we received.
Bitt says that with its software, it aims to help companies with improving efficiency and ease of money transfer throughout the Caribbean and beyond.
“Bitt is therefore delighted to be working alongside PwC on our blockchain digital currency initiatives. Central bank issued digital fiat currency using distributed ledger and blockchain technology is a way for governments to protect foreign currency reserves, reduce costs, improve the ease of doing business and a number of other benefits that can help stimulate economic growth,” said Bitt COO Simon Chantry.
“We have laid the groundwork for rolling out a blockchain based digital payments system and are committed to providing this technology to usher in a digital currency transformation and the many benefits it will bring to our economies,” he added.
Image courtesy of Bitt