“We are enabling people who have never invested before to become owners instead of just consumers”
NASSAU, BAHAMAS — ArawakX has announced an alliance with payment service provider SunCash Ltd to integrate Central Bank digital currency (CBDC) for payments.
The Central Bank of The Bahamas introduced the Sand Dollar to provide more secure, regulated financial services in The Bahamas. The Sand Dollar seeks to address the inherent limitations of the current financial system in The Bahamas that has excluded underserved communities from participating in the country’s economic growth.
ArawakX is a stock exchange that is fully regulated by the Securities Commission of The Bahamas. It matches investors, startups and high-growth companies over the Internet. These companies are located in the United States, The Bahamas and the Caribbean and are seeking funding up to $5 million.
ArawakX Chief Technology Officer D’Arcy Rahming Jr said: “We are delighted with our alliance with SunCash as they are a market leader in Sand Dollar platform technology and innovation.
“In addition, SunCash brings over 50,000 active users, which accounts for more than 20 percent of the country’s working population.”
Shawn Smith, head of SunCash Business Development, said: “We are also very excited about our strategic alliance with ArawakX. Our combined platforms will allow greater flexibility and accessibility for people wishing to buy and sell shares listed on the ArawakX platform from their mobile phone.
“ArawakX’s acceptance of Sand Dollar digital currency will provide faster settlements, greater security and transactional efficiency for investors.”
On August 23, ArawakX launched its first two companies — Red Lobster Pinnacle Franchise Brands in The Bahamas and the Caribbean, and Bahama MyFi, an augmented reality tourism company.
Rahming noted: “Already, thousands of investors across several islands are participating. We are enabling people who have never invested before to become owners instead of just consumers.
“Our alliance with SunCash gives us the ability to take financial inclusion to the next level throughout the archipelago of Family Islands.”
Smith said: “We are working out the technical details and expect to provide a fully integrated, intuitive and seamless solution for investors this quarter. Our strategic relationship will enable The Bahamas to maintain its world leadership position in CBDC.”
