BRIDGETOWN, Barbados (CMC) – Senior financial officials from the region will on Thursday discuss how Caribbean people can benefit from the digitisation of their country’s payments systems when the Central Bank of Barbados (CBB) hosts the latest edition of its Caribbean Economic Forum.

According to the CBB, the forum, which will be held under the theme “Moving to Digital Payments: What Does it Mean For Me,” will bring together Wendy Delmar, the chief executive officer of the Caribbean Association of Banks, Sharmyn Powell, the chief risk officer with the St Kitts-based Eastern Caribbean Central Bank (ECCB) and John Outridge, chief executive officer of the Trinidad and Tobago-based International Financial Centre (IFC).

“We are seeing the acceleration of digital payments worldwide, and the Caribbean is no exception. Indeed, three central banks have launched their digital currencies, and several private sector regional and international companies are offering digital solutions to facilitate payments and reduce the associated costs,” said the chief of corporate communications at the CBB, Novaline Brewster.

The bank said that both public and private sector experts agree that digital payments extend financial inclusion, accelerate transactions, and improve business facilitation.

“Like the rest of the world, many of us are paying digitally, whether it’s online banking, mobile wallets, or in the case of the Eastern Caribbean Currency Union (ECCU), Jamaica, and the Bahamas, a central bank digital dollar,” Brewster said.

Brewster said that the forum will explore the benefits and challenges of central bank digital currencies (CBDCs) and private digital payments and explain how these solutions will transform the payments landscape in the consumer’s interest.

“The discussion will also focus on how providers mitigate cyber security and other associated risks. We invite people across the Caribbean to log on and share their experiences, describe the benefits, and seek responses to any concerns. This forum is for those who have embraced paying digitally as well as those who still rely on cash only,” Brewster added.

The CBB said that the Caribbean Economic Forum provides a platform for thought leaders to discuss issues of significance and importance to the region’s people. The programme is aired on regional television stations, the Bank’s website, and social media channels.