Author name: Kanoo

Speaking on the critical role of financial technology (fintech) in the Caribbean’s emerging markets, Nick Rees, chairman and co-founder of Kanoo Pays – one of the nation’s leading digital payment solutions providers – said it is essential these new innovations connect people and industries throughout the region.

Rees was speaking ahead of an address he made at the much-anticipated Fintech Islands conference (FiX 24), held at Sam Lord’s Castle, Barbados yesterday.

“The Caribbean’s financial technology sector is now a prominent part of our economy, and as such, it’s essential that multiple venues and opportunities exist where people from across the region can make connections and share lessons learned,” he said.

“It’s always a special moment representing The Bahamas on any international stage, primarily to share with the world the fantastic technological advances that The Bahamas has been leading. Fintech Islands has provided an arena for us to meet with other thought leaders in the Caribbean, share insights, and has enabled our international expansion opportunities, to some degree.”

Covering several topics including artificial intelligence, climate fintech, and digital assets, the FiX 24 conference saw more than 700 stakeholders of the financial services industry gather to discuss and foster innovation and collaboration in the financial technology sector.… Read the rest

Kanoo Pays has invested in near-field communication (NFC) technology that allows users to transfer funds between two NFC-enabled card devices and does not require an internet connection. The investment is part of the mobile wallet company’s continuing bid to transform payment systems in The Bahamas and worldwide.

The company’s co-founder and Chairman, Nicholas Rees, wrote in an article on the website Next Billion – an online magazine and forum for business development – that the technology will allow users to conduct payment transactions seamlessly without the need for an internet connection, thereby solving specific connectivity and financial inclusion issues faced by countries in the region.

“For individuals in remote islands with limited access to banking services, a digital wallet eliminates the need to hold and carry cash,” said Rees.

“Users can easily access their funds and make purchases at merchant locations across the island, creating a closed-loop environment that promotes financial inclusion. Moreover, since a digital wallet can be linked to traditional bank accounts, it can ensure accessibility even in areas where ATMs are scarce.

However, digital wallets face some limitations in the Caribbean. In particular, a lack of reliable high-speed internet connectivity, especially in rural areas, has been identified as a factor hindering the widespread adoption of digital banking services in the region.… Read the rest

While Kanoo Pays is already in the African market, helping the Bank of Ghana to roll out a central bank digital currency (CBDC), the mobile wallet company and fintech firm is hoping to expand its presence on the continent further as it takes part in this week’s Afreximbank 31st Annual Meetings and the third AfriCaribbean Trade and Investment Forum, in conjunction with the International Trade Center (ITC), Chairman of Kanoo Nicholas Rees told Guardian Business yesterday.

Rees explained that the ITC invited Kanoo to be part of its trade show booth this week, as the company positions itself to expand into more African markets.

According to Rees, Kanoo has already eyed projects in Tanzania, Mozambique, and the Ivory Coast that are underway.

“Kanoo and Emtech are collaborating on cross border financial trade ecosystems, payments, central bank infrastructure,” said Rees.

“And so that is something that is available and in action now. What I found to be exciting was that what this conference is seeking to achieve, we’re actually doing it. Not just in the CBDC space, but also in the wearables.”

Rees said Kanoo will have a wearables demonstration using this country’s CBDC, Sand Dollar, at the conference this week.

He explained that wearable technology allows users to carry out payment transactions using things like rings and bracelets.… Read the rest