ECCB 2017-2018 Annual Report and Statement of Accounts

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ECCB ANNUAL REPORT 2017/2018

ECCB Explores Blockchain Technology

Governor, Timothy N. J. Antoine and CEO of Bitt Inc, Rawdon Adams, sign Memorandum of Understanding for FinTech pilot on blockchain technology in ECCB member countries - 9 March 2018

With the aim of ascertaining the suitability of blockchain technology to help boost economic growth and competitiveness in the region, consistent with the ECCB’s monetary and financial stability objectives, the Bank and the Barbados-based fintech company, Bitt Inc. signed a Memorandum of Understanding (MOU) on 9 March 2018, to conduct a fintech pilot on blockchain technology in the ECCB member countries. During the pilot, the Bank will work closely with Bitt Inc. to develop, deploy and test technology which focuses on data management, compliance and transaction monitoring system for “Know Your Customer”, Anti-Money Laundering, and Combating the Financing of Terrorism (KYC/AML/ CFT). This will help to improve the risk profile of the ECCU and mitigate against the trend of de-risking by the region’s correspondent banking partners.

The pilot will also focus on developing a secure, resilient digital payment and settlement platform with embedded regional and global compliance; and the issuance of a digital EC currency, which will operate alongside physical EC currency. The ECCB FinTech Group, a cross functional team led by the Strategic Planning and Projects Department (SPPD), is managing the project. In March 2018, the team and representatives from Bitt Inc engaged in a working session to begin the process of identifying draft functional and non-functional requirements of the project. During the first quarter of the 2018/2019 financial year, the ECCB will include engage stakeholders critical to the implementation of the pilot initiative to ascertain their functional and non-functional requirements.