BDB awards over $400,000 in financing to crowdfunding
NASSAU, BAHAMAS — Fintech in The Bahamas has found a champion within the Bahamas Development Bank (BDB), which has awarded over $400,000 in financing to local crowdfunding platform ArawakX.
This financing is claimed to be a part of the bank’s push to take a position within the orange economy, which encapsulates technology, music, film and other creative works.
Sumayyah Cargill, unit head of Strategic Development and Initiatives for the BDB, said: “The orange economy has enormous untapped potential that’s matched by a necessity for modern financing that understands the worth of mental property, creative works and technological progression.
“ArawakX is the primary sort of business to be licensed within the crowdfunding space in The Bahamas. Lots of the projects they’re undertaking are very much of interest to the bank.”
Financing ArawakX will aid in creating new fintech products, support local business, progress digital currency adoption in The Bahamas and aid the unbanked population in accessing financial services.
Cargill further noted: “As a part of our strategic objectives centered on the Sustainable Development Goals, we aim to support financial inclusion, economic diversification through the orange economy and youth in business, and ArawakX checks all of those boxes for us.”
ArawakX Chief Technology Officer D’Arcy Rahming Jr said: “We’re very delighted to have received financing for our fintech platform from BDB. We’re enthused to be working with them on several modern projects which can help to further develop our financial ecosystem.”
Along with providing a crowdfunding platform, ArawakX has partnered with Sun Money to extend using digital currency throughout The Bahamas, which shall be extremely useful to those that are unbanked, or survive islands without banks.
These customers are sometimes BDB clients, and this partnership will potentially create great synergies for the bank and ArawakX.
Investment in pioneering firms like ArawakX is just a technique that BDB plans to satisfy its mandate by funding modern projects across creative communities and ensuring prosperity for all by funding youth entrepreneurship.
