BDB is giving out over $ 400,000 in funding for crowdfunding
NASSAU, BAHAMAS – Fintech in the Bahamas has found a champion in the Bahamas Development Bank (BDB), which has awarded the local crowdfunding platform ArawakX over $ 400,000 in funding.
This funding is said to be part of the bank’s effort to invest in the orange economy, which includes technology, music, film and other creative works.
Sumayyah Cargill, Head of Unit for Strategic Development and Initiatives at BDB, said, “The orange economy has tremendous untapped potential, which is matched by a need for innovative funding that understands the value of intellectual property, creative works and technological advancement.
“ArawakX is the first type of company to be licensed in the crowdfunding space in the Bahamas. Many of their projects are of great interest to the bank. “
Funding from ArawakX will help develop new fintech products, support local businesses, advance digital currency adoption in the Bahamas, and help the unsanitary population with access to financial services.
Cargill continued, “As part of our strategic goals centered on the Sustainable Development Goals, we want to support financial inclusion, economic diversification through the orange economy, and the youth in the economy, and ArawakX is checking all of these boxes for us . “
D’Arcy Rahming Jr., Chief Technology Officer of ArawakX, said: “We are very excited about the funding of our fintech platform from BDB. We look forward to working with you on several innovative projects that will help develop our financial ecosystem. “
In addition to providing a crowdfunding platform, ArawakX has partnered with Sun Cash to increase digital currency usage across the Bahamas, which will be hugely beneficial for those who do not have a bank account or who live on islands without banks.
These customers are often BDB customers and this partnership will potentially create great synergies for the bank and ArawakX.
Investing in forward-thinking companies like ArawakX is just one way BDB seeks to accomplish its mission by funding innovative projects in creative communities and ensuring prosperity for all by promoting entrepreneurship among young people.