Imagine being able to send and receive money instantly - no delays, no waiting. That future is on the horizon for Barbados, as the Central Bank takes a major step toward modernizing the nation’s payment system. The bank has issued a Request for Proposal (RFP) to develop a national Instant Payments System (IPS), designed to make transactions faster and more accessible for everyone, regardless of their...
Barbados has successfully passed a key international evaluation, reaffirming its commitment to combating harmful tax practices and upholding global financial standards. The Organisation for Economic Co-operation and Development (OECD) has officially recognized the island’s progress in meeting international tax regulations. According to its latest peer review—conducted through the Forum on Harmful...
Barbados has welcomed Tabit Insurance SCC, a cutting-edge offshore business specializing in Bitcoin-backed insurance policies. The company recently commenced operations after receiving a Class 2 insurance licence from the Financial Services Commission (FSC). Co-founded by William Shihara and Stephen Stonberg, both prominent entrepreneurs in digital assets and financial services, Tabit Insurance SCC...
Barbados has cemented its position as a fintech trailblazer this week with the launch of the Fintech Islands Experience 2025 (FiX25). Held at the historic Sam Lord’s Castle, Wyndham Grand Resort, this dynamic three-day conference (January 22–24) has drawn over 500 global leaders, innovators, and investors from across the Caribbean, the Americas, Europe, Asia, and Africa. Together, they aim to redefine...
The African Export-Import Bank (Afreximbank), a leading pan-African multilateral trade finance institution, has unveiled plans to establish a cutting-edge trade centre in the Carlisle Bay district on the southeastern coast of Barbados. Spanning a 6.4-acre site, the 30,000-square-meter mixed-use complex will feature Afreximbank's Caribbean regional offices, corporate office spaces, a 120-room hotel,...
Barbados has secured an additional US$56 million (BDS$112 million) from the International Monetary Fund (IMF) following a successful fourth programme review. This development underscores the nation’s impressive economic performance and strides in climate resilience under its homegrown economic recovery plan, BERT 2022. The new disbursement comprises US$19 million (BDS$38 million) under the IMF’s...
Barbados proudly celebrates the appointment of Daniel Best as the seventh president of the Caribbean Development Bank (CDB). The CDB’s board of governors announced the historic decision on Wednesday, marking a pivotal moment for the institution and the region. In its official statement, the CDB emphasized Best’s extensive expertise and visionary leadership. “This decision underscores the bank’s...
If you're seeking financing for your property investment in Barbados, you have various options to explore. Financing options are available for various property types in Barbados, including new construction, land-and-build projects, and existing homes. Buyers can find tailored mortgage solutions that align with their specific property needs, making it easier to secure funding for a wide range of real...
From April to July 2024, the Central Bank of Barbados (CBB) engaged in in-depth discussions with local financial institutions, the World Bank, and other key stakeholders to assess and enhance the country's payments infrastructure. These talks focused on reviewing the current legal and regulatory framework, with an emphasis on improving Barbados' Real-Time Payments (RTP) system. As part of this effort,...
IDB Invest, which is part of the Inter-American Development Bank (IDB) and works with private companies, has raised $750 million by selling a bond under its Global Debt Program. A bond is basically a loan investors give to an organization, and in return, they get interest over time. This bond will last for 2.5 years, and it pays 3.625 percent interest every six months. The price of the bond was set at a...