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Caribbean Investment Bank, RF, Eyes Digital Currency Transactions

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  • January 12, 2021
  • Banking

 

(L-R) Michael Anderson, CEO & President of RF Group & Brian Popelka, CEO of Bitt

(January 12, 2021) RF Holdings Limited, parent company to a group of investment banks in The Bahamas, Barbados, and The Cayman Islands, has entered into partnership with financial technology company, Bitt, to facilitate the acceptance of digital currency transactions across its Caribbean network.

The partnership is focused on developing a platform based on Bitt’s digital currency infrastructure that will allow for digital currencies, such as The Bahamas ‘Sand Dollar’, ‘mMoney’ in Barbados, and the Eastern Caribbean Central Bank’s ‘DCash’, to be accepted and accessed across the investment’s bank’s products by a wider network of Caribbean clients. The immediate target for the platform is facilitating transactions based on available digital currencies in The Bahamas and Barbados. The platform’s services will eventually be offered to the rest of the Caribbean.

As more digital currencies are made available through the new digital infrastructure, the benefits of cross-border digital currency exchange for the Caribbean region expands far beyond the conveniences it will provide for RF clients. The longer term goal of the platform is to facilitate general online payments, making mobile and online goods and services more accessible, and more affordable in the Caribbean region by allowing individuals and businesses to efficiently transact directly with each other.

Bitt provides its Digital Currency Management Systems (DCMS) to central banks, commercial banks and credit unions, merchants and consumers, to equip every ecosystem participant with the digital currency components necessary to participate in fully digital transactions for the post-COVID-19 economy.

“Digital currencies have been gaining popularity internationally and we’ve seen an increased interest for the same in the Caribbean,” commented Michael Anderson, President & CEO of RF Group, “At RF, we believe in embracing new technologies and trends to serve our clients in the most effective ways. We look forward to creating in collaboration with Bitt a convenient solution for our clients who previously couldn’t access our investment vehicles to easily do business with us.”

Bitt’s CEO, Brian Popelka, commented “Since our 2016 launch of the synthetic digital currency in Barbados, Bitt has been working towards the creation of an intra-regional cross-border settlement solution to unlock trade, investment, and remittance flows within the Caribbean. We are thrilled to be working with RF Holdings to leverage Bitt Digital Currency Management Systems in creating a solution that will boost RF’s product offering and usher in a transformational way of conducting business within the region.”

Both The Bahamas and Barbados have seen an increased focus on digital currencies from the legislative level with the Central Bank of The Bahamas introducing the ‘Sand Dollar’-the official digital version of the Bahamian dollar last year. RF intends for this platform to not only assist in providing added convenience to clients of the investment bank, but also create a more efficient business model. The platform will be able to facilitate payments from and between institutions such as banks, individual consumers and merchants.

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About RF Group

Since inception in 1997, the RF Group has been committed to helping clients create and manage wealth. RF is a local private bank connecting The Bahamas, Barbados and the Cayman Islands with the best in local and international investments. Collectively, RF has helped clients raise in excess of USD $1.8 Billion in capital and has $2 Billion plus in assets under administration. Offering a wide range of investment products and services, our financial solutions are designed to help individuals and corporate clients meet and achieve their investment goals. These include Mutual Funds, Investment Management, Investment Banking, Group and Personal Pension Plans, Personal Retirement Accounts, Stock Brokerage, Trust and Estate Planning and Educational Investment Accounts.

For more information, please visit www.rfgroup.com and follow us on Facebook @rfbanktrust

 

About Bitt Inc.

Bitt is a financial technology company providing digital currency solutions to financial institutions, central banks and ecosystem participants worldwide. Bitt is at the forefront of financial innovation, with a specialization in central bank digital currencies (CBDC). The company’s Digital Currency Management System (DCMS) leverages blockchain-based distributed ledger technology to introduce the benefits of the most efficient financial ecosystem to date.

For more information about Bitt, please visit www.bitt.com and follow us on LinkedIn @bittglobal

 

For media inquiries:

Rachael Allahar

Marketing Manager

RF Group

T 242.603.6016

E Rachael.allahar@rfgroup.com



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