Sinckler supports Bitt entrepreneurs

Minister of Finance and Economic Affairs, Christopher Sinckler, has openly lauded the founders of Bitt – the Barbados-based financial technology company aiming to revolutionise the Caribbean’s financial ecosystem.

 

Bitt recently closed a multimillion dollar investment deal with US retail giant Overstock Inc., to the tune of US $16 million. The founders of Bitt have noted that the company provides an innovative alternative to the traditional banking system, as Bitt’s services allow all financial transactions to become digital and mobile. As such, Bitt will use the newly secured funding to further develop its software suite,which includes a digital asset exchange, a mobile money wallet, a remittance platform, and merchant payment processing tools. Additionally, Bitt will rapidly expand, growing its staff to meet the goals of providing a top-quality service that will encompass the entire Caribbean region. 

 

Minster Sinckler heaped praise on Bitt Co-founder and CEO,Gabriel Abed, as well as Bitt Co-founder and Chief Financial Officer, Oliver Gale, for the enthusiasm shown in pushing ahead to advance the business and bring it to the global stage.

 

Sinckler’s comments came as he spoke at a media conference held yesterday at the Courtyard by Marriott Hotel in Hastings, Christ Church, at which principals from both  Bitt.com and Overstock.com.  were in attendance.

 

“Often times, frustration sets in when you are trying to share something and people are not necessarily getting it immediately and that can have a damning impact on your enthusiasm, but it seem to have the opposite effect on these two gentlemen,” Sinckler stated.

 

“I must say, the way in which they put it over, even if you don’t know anything about the technology, you get excited about it. That’s the first basic of a good business idea, of any type of plan. If the persons who are investing their time, their energy, their financial resources and their smarts are not themselves overly excited about what they are doing, invested in what they are doing and prepared to take the risks to achieve the results…it’s not going to work,” Sinckler continued.

 

“These guys have various skills and talents. They are very well educated, but if for nothing else, they have the enthusiasm, they have the spirit and they have the commitment to make this a fantastic success in Barbados, and for me, that’s important,” the Finance Minister asserted.

 

He further noted that he is convinced “beyond a shadow of a doubt” that entrepreneurs have a business enterprise that can work. “It is global in nature, it is innovative, it is exciting. I believe that it can be a success in Barbados and therefore, without even hesitating, I give it my fullest support, the Ministry of Finance and Economic Affairs’ fullest support…and the Government’s fullest support for the exercise,” Sinckler remarked. (RSM)

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