The PitchIT Caribbean Challenge is the biggest tech-entrepreneurship competition and showcase to be held in the Caribbean, and is to be held in St. Kitts and Nevis. Twenty-Five (25) entrepreneurs will travel to St. Kitts and Nevis to participate in the PitchIT Challenge Bootcamp. With the help of international and regional coaches, ten (10) finalists will be selected to pitch their business idea to a panel of business experts and investors.
Five (5) winners will each receive the following, valued at over USD$15,000: – US$5,000 in cash to be disbursed in two tranches based on the successful submission of required documents. – US$5,000 worth of coaching and mentoring. - US$4,000 valued trip to international pitching event (Demo Trek). – At least US$1,000 worth of online training, Access to facilities and back office services, where necessary.
ECLAC Assists Cayman Islands With New National Energy Policy
ECLAC’s contribution to the new policy was made through a joint initiative carried out with the German Corporation for International Cooperation (GIZ), aimed at promoting energy efficiency and the use of renewable energy technologies in the Caribbean. The policy also addresses support for increased energy security by reducing reliance on imported fossil based fuels.
In addition to decreased energy costs, the Cayman Islands’ goals for its energy sector include increased environmental sustainability, and a contribution to the economic development of the energy industry. The new NEP recommends that 70% of the islands’ total electricity generation should come from renewable energy sources by the year 2037.
In addition to boosting the use of renewable energy sources within the next 20 years, the policy also seeks to cut individual carbon dioxide emissions by more than two-thirds by 2037.
It is proposed that the policy be reviewed every five years, not only to monitor and report on progress, but also to reset the targets and implementation plans in recognition of opportunities that will arise from the constantly changing technological environment.
New Technology To Help Safeguard Caribbean Banks
The Economic Commission for Latin America and the Caribbean (ECLAC) sub-regional headquarters in the Caribbean has declared that block chain technology, a recent development in the field of financial technology, could be a possible solution to problems surrounding de-risking and the navigation of correspondent banking relationships.
An ECLAC report says that while there are still a number of issues to be resolved with the new technology, it could allow Caribbean banks to bypass correspondent banks altogether, in the process reducing transaction costs and increasing efficiency.
De-risking is a term used to describe the practice whereby correspondent banks, and large international banking institutions which provide banking services to smaller financial institutions, sever ties with financial institutions.
This happens in cases where they consider the risk of non-compliance with regulations intended to prevent money laundering and financing of terrorism to be too high compared to the returns. De-risking is affecting small and developing economies around the world but the small economies in the Caribbean have been among the hardest hit.
According to the report, a block chain is the implementation of cryptographic technology which enables data to be shared across a network of computers controlled by multiple organisations and individuals.
Cryptography is a method of storing and transmitting data in a secure form so only those for whom the information is intended can receive, read and process it. In its latest report, ECLAC says this new technology may offer an alternative means for financial service institutions to support cross-border transactions.
The report says the technology seems to have the potential to address the problem of de-risking by using an appropriately designed block chain-based settlement network to offer tools to improve surveillance of transactions, which would enable the detection of illicit financial transfers and thereby decrease risk and associated compliance costs.
CANTO Chairman Speaks At The Forum For The 'Internet of Things': Smarter Living In The Caribbean
Ahead of CANTO's 33rd Annual Conference and Trade Exhibition, to be held in the Dominican Republic, under theme, Reimagining ICT as a Tool for National Growth & Development in mid-July. The CANTO Chairman, Julian Wilkins spoke at the Forum for the “Internet of Things” (IoT): Smarter Living in the Caribbean.
The event was co-organized by the International Telecommunication Union (ITU) in partnership with the Government of Trinidad and Tobago, Telecommunications Authority of Trinidad and Tobago (TATT), the UWI St. Augustine Campus and the Caribbean Telecommunication Union (CTU).
The Chairman was a panelist at the session entitled: IoT Security and Privacy, Policy, Legislation, Regulation and Infrastructure.
Wilkins emphasized that there is disparity between traditional operators and Over The Top Providers – OTTs - in the Caribbean. He mentioned that the European Union has recently published a proposal for 'regulation of Privacy and security rules for Over-the-top (OTT) players' thereby moving to eliminate the disparity between traditional operators and OTTs.
The Chairman concluded that from a global perspective regulators are starting to review existing regulatory frameworks to take account of OTTs in particular, data privacy and security.