CTO Signs Agreement With Bitt To Promote The Use of Digital Currency
Apr 06, 2018
~The financial technology company will collaborate with the CTO to promote the advancement of Caribbean tourism through the use of its Bitt Suite ~
CTO secretary general Hugh Riley (left) and Bitt CEO Rawdon Adams (right) sign MOU
BRIDGETOWN, Barbados (5 April, 2018) – The Caribbean Tourism Organization (CTO), the region’s tourism development agency, has entered into an agreement with blockchain technology company, Bitt Inc., aimed at facilitating the implementation of more efficient payment processes for tourism-related products and services.
The two organizations signed a memorandum of understanding (MOU) this morning at the CTO’s headquarters in Barbados, under which Bitt’sdigital wallet and merchant applications will be promoted to help foster broader economic participation in community-based tourism and related sectors.
“The Caribbean aims to fully examine the advantages offered by new financial technology. In particular, blockchain financial services have the potential to advance the objectives of specific programmes and activities within the tourism sector, and the CTO has a responsibility on behalf of our members to fully explore those possibilities. Our memorandum of understanding with Bitt underscores the importance of collaborating with this forward-thinking, cutting edge, Caribbean company with whom we have a shared commitment to the economic success of our region,” Hugh Riley, the CTO’s secretary general, said.
Both organisations anticipate that by leveraging digital currency, the Caribbean region could become a more integrated economy in terms of the ease of doing business for visitors who move through multiple regional destinations.
“Expanding Bitt”s footprint throughout the region is very important to us because we know how transformational our technology can be. That”s particularly the case for the region”s informal sector, for the unbanked and by extension for the economy. Tourism is the largest single contributor to the Caribbean economy and is absolutely critical to every single Caribbean nation”s well-being and development. Thus we see this as a very natural and necessary association,” Rawdon Adams, Bitt’s chief executive officer, said.
The arrangement is for an initial three-year period, but it can be extended by mutual agreement.
The Barbados-based Bitt Inc. is a financial technology company that utilises distributed ledger technology to offer efficient, cost-effective digital payment products and services through its Bitt Suite.
About the Caribbean Tourism Organization
The Caribbean Tourism Organization (CTO), with headquarters in Barbados, offices in New York and London and representation in Canada, is the Caribbean’s tourism development agency comprising membership of the region’s finest countries and territories including Dutch, English, French and Spanish, as well as a myriad of private sector allied members. The CTO’s vision is to position the Caribbean as the most desirable, year round, warm weather destination, and its purpose is Leading Sustainable Tourism – One Sea, One Voice, One Caribbean.
Among the benefits to its members the organization provides specialized support and technical assistance in sustainable tourism development, marketing, communications, advocacy, human resource development, event planning & execution and research & information technology.
The CTO’s headquarters is located at Baobab Tower, Warrens, St. Michael, Barbados BB 22026; Tel: (246) 427-5242; Fax: (246) 429-3065; E-mail:CTObarbados@caribtourism.com;
The CTO’s New York office is located at 80 Broad St., Suite 3302, New York, NY 10004, USA: Tel: (212) 635-9530; Fax: (212) 635-9511; E-mail:CTOny@caribtourism.com;
The CTO’s London office is located at Suites 52A & 53, 5th Floor AMP House, Dingwall Road, Croydon CR0 2LX, England. Tel: 011 44 208 948 0057; Fax: 011 44 208 948 0067; E-mail:CTOlondon@caribtourism.com.
CTO has representation in Canada; Tel: (905) 857-1986; Email: droletn@caribtourism.com
For more information on the Caribbean Tourism Organization, please visit www.OneCaribbean.org. Get the latest updates and connect with CTO viaFacebook, Twitter, Instagram and LinkedIn.
