The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A Bahamian-headquartered digital payments provider yesterday said its co-founder and chairman will speak alongside Prime Minister Philip Davis KC at several upcoming London events.

Nick Rees will give a speech at the Caribbean Council's annual reception on May 3, 2023, at the UK's House of Lords where he will join Mr Davis. The latter will be the keynote speaker and guest of honour at the reception. The following day, Mr Rees will again speak alongside the Prime Minister at a Bahamas Investment seminar held at London's Reform Club.

Besides highlighting the creation of digital marketplaces and Kanoo's drive for financial inclusion in The Bahamas and the Caribbean, Mr Rees will focus on the importance of continued regional discussions around the evolution of regulations governing central bank digital currencies (CBDCs).

The Caribbean Council reception is expected to attract senior officials and politicians from The Bahamas and other heads of government from across the region, who will be in London for the coronation of King Charles III. Attendees will be able to engage with UK MPs and House of Lords peers, members of the Caribbean and Central American diplomatic corps, senior members from the UK civil service, and business leaders invested in and working with the Caribbean.

Mr Rees will then speak alongside the Prime Minister at the Council's Bahamas Investment Seminar. Other speakers attending this event include Frederick Mitchell, minister for foreign affairs; Khrystle Rutherford-Ferguson, chair of The Bahamas Chamber of Commerce and Employers Confederation; and Tom Hartley, the British High Commissioner to The Bahamas.

Panel themes include investment opportunities in The Bahamas, a guide to the practicalities of doing business in the country, and market entry strategies for British companies. Attendees will also be introduced to the multi-signatory CBDC Sovereign Wallet Government Payment Management System developed by Kanoo, which eliminates the need for physical banking infrastructure on the Family Islands.

Regulators in the United Kingdom recently declared that they will permit more competition in banking services through third-party apps from fintech (financial technology) firms. The Bank of England has announced it is presently looking at a case to introduce a digital pound sterling.

Mr Rees said: "It is an honour and a privilege to have the opportunity to speak alongside our Prime Minister at this prestigious event, and to do my part as a humble citizen to promote investment in our beautiful country. In recent years, the development of our tech ecosystem in The Bahamas and throughout the Caribbean region has been stunning yet often overlooked by ourselves and international observers.

"Forums like this are an effective way of bringing together business and government leaders to explore investment opportunities and ways to improve our communities. In the Caribbean, too many people are unbanked or underbanked because the financial system can be unfair.

"At Kanoo, our motto is simply the 'power to prosper,' We're hoping to put right the financial inequality facing the 45 million people in the Caribbean by sharing our technology and expertise on making finance faster, cheaper and more inclusive."