Central Bank of Barbados Awards Bitt for Innovative Business Goals

 

Bitt grabbed second place at the Central Bank of Barbados (CBB) “Billion Dollar Dreams” Forum. The competition was hosted to celebrate the 40th anniversary of the Sir Winston Scott Memorial Lecture, and to bring local entrepreneurs and experts together and into the spotlight. Competitors were tasked with developing a business strategy in five pages or less and were judged in the preliminary round by business potential, value proposition, opportunities for growth, financial opportunities and innovation. In the final round the judging criteria were:

  • Innovation: originality/novelty and competitiveness.
  • Marketability: attractiveness, relevance and future value.
  • Ease of Implementation: practicality, cost
  • Exportability: ease of selling the idea outside the region

Bitt walked away from the forum with a $5000 (BBD) cash prize from First Citizens Bank and a $2500 (BBD) scholarship from the Cave Hill School of Business. Bitt’s contribution to the forum was its strategy to bring competitive and easy to use financial technology solutions to our region. The goal is to provide easy access to monetary services, like remittances and digital wallets, to the Caribbean’s unbanked masses, as well as empowering businesses with global-reaching and convenient payment processing tools.

The Sir Winston Scott Memorial lecture is, as its name states, a lecture-style discussion sponsored by the CBB to celebrate Barbados’ first native Governor General, Arleigh Winston Scott (March 27, 1900 – August 9, 1976) and to promote innovation and creativity among the young entrepreneurs of the island. This prize is a glowing endorsement of Bitt from Barbados’ primary regulatory financial body.