Dragonfly Fintech, 876 Solutions partner to accelerate Carib digital banking
FORREST … we believe that banks operating DLT banking platforms will leapfrog the competition.
SINGAPORE-BASED Dragonfly Fintech, a core banking solutions provider, and 876 Technology Solutions, a Jamaica-based managed solutions provider, recently announced a strategic partnership as part of their commitment to drive the digital evolution of banking 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 increased since its recent victory in the global CBDC challenge G20 ‘TechSprint’ in 2022 organized 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 securing local capabilities to drive customer relationships, including designing innovative solutions to address unmet needs, executing implementations and rollouts, 24/7 frontline support and ensuring business continuity.
The Caribbean has become a main focus for Dragonfly, where the banks have placed digital banking and central bank digital currency (CBDC) as priority elements on their roadmaps. There is a race for 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 usability with simplified processes. Dragonfly’s advanced, production-ready solutions allow Caribbean banks to accelerate progress towards these goals, shorten 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 in terms of CBDC; the region also has the potential to become a world leader in digital banking. We see synergies between 876 solutions and Dragonfly that can catalyzing 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 leader. Its holistic design and advanced features enable operators to to accelerate the rollout of CBDC and digital banking services and replace legacy core banking systems.”
LON WONG… Caribbean nations are ahead of the vast majority of countries when it comes to CBDC.
