BDB awards over $400,000 in financing to crowdfunding
NASSAU, BAHAMAS — Fintech in The Bahamas has found a champion in the Bahamas Development Bank (BDB), which has awarded over $400,000 in financing to local crowdfunding platform ArawakX.
This financing is said to be part of the bank’s push to invest in the orange economy, which encapsulates technology, music, film and other creative works.
Sumayyah Cargill, unit head of Strategic Development and Initiatives for the BDB, said: “The orange economy has enormous untapped potential that is matched by a need for innovative financing that understands the value of intellectual property, creative works and technological progression.
“ArawakX is the first type of business to be licensed in the crowdfunding space in The Bahamas. Many of the projects they are undertaking are very much of interest to the bank.”
Financing ArawakX will aid in creating new fintech products, support local business, progress digital currency adoption in The Bahamas and aid the unbanked population in accessing financial services.
Cargill further noted: “As part of our strategic objectives centered on the Sustainable Development Goals, we aim to support financial inclusion, economic diversification through the orange economy and youth in business, and ArawakX checks all of those boxes for us.”
ArawakX Chief Technology Officer D’Arcy Rahming Jr said: “We are very delighted to have received financing for our fintech platform from BDB. We are enthused to be working with them on several innovative projects which will help to further develop our financial ecosystem.”
In addition to providing a crowdfunding platform, ArawakX has partnered with Sun Cash to increase the use of digital currency throughout The Bahamas, which will be extremely beneficial to those who are unbanked, or live on islands without banks.
These customers are often BDB clients, and this partnership will potentially create great synergies for the bank and ArawakX.
Investment in pioneering companies like ArawakX is just one way that BDB plans to meet its mandate by funding innovative projects across creative communities and ensuring prosperity for all by funding youth entrepreneurship.