SINGAPORE-BASED Dragonfly Fintech, a core banking solution provider, and 876 Technology Solutions, a Jamaica-based managed solutions provider, recently announced a strategic partnership as part of their commitment to driving the digital evolution of banks in the Caribbean.
The partnership will make available Dragonfly's award-winning digital banking products powered by private enterprise-grade blockchain technology (a form of distributed ledger technology or DLT). Interest in Dragonfly's products has surged since its recent win at the 2022 G20 'TechSprint' global CBDC challenge organised by the Bank of International Settlement and Bank Indonesia, where its solutions for issuance, wholesale transfers, and retail payments were deemed superior to those presented by industry peers.
876 Technology Solutions' technical expertise and intimate knowledge of the Caribbean market enhance and complement Dragonfly's capabilities and digital banking solutions. The partnership will focus on ensuring local capabilities to drive customer relationships, including designing innovative solutions that address unmet needs, executing implementations and roll-outs, round-the-clock front-line support, and securing business continuity.
The Caribbean has become a primary focus for Dragonfly, where banks have placed digital banking and central bank digital currency (CBDC) as priority items on their roadmaps. There is a race to gain first-mover advantage with the launch of digital wallets that transact Jamaica's Jam-Dex, The Bahamas' Sand Dollar, and the Eastern Caribbean's DCash. Banks are designing new, customer-centric digital products that redefine user convenience with simplified processes. Dragonfly's advanced, production-ready solutions allow Caribbean banks to fast-track advancement towards these goals, shorten the time to market, and make digital banking affordable.
Lon Wong, CEO and founder of Dragonfly, said, "The Caribbean nations are ahead of the vast majority of countries when it comes to CBDC; the region also has the potential to become a world leader in digital banking. We foresee synergies between 876 Solutions and Dragonfly that can catalyse digital transformations in the Caribbean banking industry with best-in-class products and customer service."
Trevor Forrest, CEO and founder of 876 Solutions, said: "We believe that banks operating DLT banking platforms will leapfrog the competition through significantly streamlined processes and reduced operating costs. Dragonfly's platform is an industry front-runner. Its holistic design and advanced features enable operators to speed up the roll-out of CBDC and digital banking services and replace legacy core banking systems."