“
So we’re going to be part of the DXCD
Caribe pilot project after all, and I’m
excited about it because the traceability
of the money just adds a new
dimension of cost-saving for banks and
customers.
“
when student athletes earn
sports scholarships to prestigious
universities and colleges around
the world. In fact, high jumpers
Levern Spencer and Darvin
Edwards are prime examples of the
sporting star power that evolved
from the 13-and-Under Track and
Field Championships for which
1 st National Bank was the main
sponsor for almost a decade.
The indigenous bank has also
performed admirably in promoting
the arts and culture in Saint Lucia,
supporting major cultural events
that foster a deeper appreciation
for national identity. These events
include Nobel Laureate Festival,
Saint Lucia Jazz Festival, Saint
Lucia Carnival, Carnival Queen
Pageant, Word Alive International
Literary Arts Festival, Literary
Night (Library Week), Kaiso
Headquarters, R.C. Jam, Cultural
Night and the Kweyol Poetry
Competition. The bank has also
supported the Mon Repos La Woz
Group.
“When you consider the impact
this tiny Penny Bank has had on
this nation, it’s just overwhelming,”
Johannes said. “It’s phenomenal
what we’ve been able to do over
the past eight decades. So we just
need to tell the story, be consistent
and deliver a good product. In
2020, you can expect a lot more
innovation and agility from 1 st
National Bank. We will be rolling
out some innovative and more
efficient services to make life easier
for our customers.”
In July 2019, the Eastern Caribbean
Central Bank (ECCB) announced
that it was leaning towards plans to
introduce a digital currency – the
Digital Eastern Caribbean Currency
(DXCD Caribe) -- in OECS Member
States, adding that FinTech was
commissioned to execute the pilot
project.
The DXCD Caribe is a blockchain-
based currency issued by the
ECCB, and an alternative ECCU
payment system instrument for
paper currency, debit cards and
transfers. Insisting that the DXCD
Caribe is not a crypto-currency,
Governor Antoine noted that the
new digital currency would be
minted and issued by the ECCB.
Antoine also noted that the
paperless currency would
modernize the transacting of
business by employing digital
technology and relying less on
paper notes and checks. Further,
the new currency would be safer
and eliminate time-consuming
reconciliations.
www.slyoumag.com | February - April 2020
Johannes said the DXCD Caribe
is a phenomenal innovation by
the ECCB. So moved by that
development in digital banking in
the sub-region, at its 2019 Stanley
French Education Forum held last
October, 1 st National Bank brought
in the expert who developed the
system for the ECCB to give the
feature address.
Among the many questions raised
at that forum was why 1 st National
Bank wasn’t part of the pilot
project, seeing that it’s a leading
innovative bank and, perhaps, the
most technologically advanced
bank in Saint Lucia. It was the
bank’s time to take on another
challenge.
“So we’re going to be part of the
DXCD Caribe pilot project after all,
and I’m excited about it because
the traceability of the money just
adds a new dimension of cost-
saving for banks and customers,”
Johannes said. “Even the ECCB
benefits because they wouldn’t
have to print as many notes and
coins which need to be stored
and shipped and eventually
destroyed.”
From the security and ease of
doing business perspectives,
Johannes said the DXCD Caribe
SL-YOU | It’s All About Business 51