Business Barbados - 2023 Edition

mMoney is for Barbados In December 2022, the Abed Group acquired mMoney, Barbados’ first digital payments institution. After its previous operator, Bitt, moved its headquarters to the United States, the Abed Group recognised that it was time to bring mMoney home. This acquisition is a landmark moment in Barbadian financial history, since most of the digital payment products in the Caribbean can be traced back to mMoney’s innovations. Through the creation of mMoney, Barbados was able to lay the foundations for a regulatory framework that supports emerging financial technologies, beginning with the Financial Services Commission and the Central Bank’s Regulatory Sandbox. mMoney was the first and only technology company to enter and graduate from the Regulatory Sandbox, partly paving the way for today’s flourishing financial technology environment in Barbados, flush with innovation spanning payments, lending, investment and more. Building on its mandate to provide Barbados, the Caribbean and the world with safe and scalable solutions to the challenges faced, the Abed Group is expanding mMoney’s reach into the Barbadian market to become Barbados’ first full-utility digital financial services provider. mMoney’s utility to Barbados and the wider Caribbean is its potential to connect Barbadians to a truly digital economy through a convenient and accessible wallet application and provide access to democratised financial services. www.mmoneybb.com mMoney 76 BUSINESS BARBADOS 2023 M M O N E Y