September 10, 2021
ArawakX stock exchange announces a historic alliance with SunCash Ltd. a payment service provider to become the world’s first Stock Exchange to integrate Central Bank Digital Currency (CBDC) for payments and to increase distribution. The Central Bank of the Bahamas introduced the Sand Dollar to promote financial inclusion and provide more secure, regulated financial services in the Bahamas. The Sand Dollar seeks to address the inherent limitations of the current financial system in the Bahamas that has excluded unserved communities from participating the in the country’s economic growth.
ArawakX is a stock exchange fully regulated by the Securities Commission of the Bahamas. It matches startups and high growth companies nearshored in the Bahamas with investors over the internet. These startups are from the United States, the Bahamas and the Caribbean and are seeking funding up to $5 million. “We are delighted with our alliance with SunCash because they are a market leader in Sand Dollar platform technology and innovation. They also bring a user base of over 50,000 Bahamians which is over 20% of the countries working population,” says Chief Technology Officer D’Arcy Rahming Jr.
Shawn Smith, Chief Operating Officer of SunCash Ltd. said “We are also very excited about our strategic alliance with ArawakX. Our platforms will allow greater flexibility and accessibility for all persons who want to participate in buying and selling shares from their mobile phone. ArawakX acceptance of Sand Dollar digital currency will provide faster settlement speed, greater security, and transactional efficiency for investors. “
ArawakX launched its first two companies on August 23rd, 2021, Red Lobster Pinnacle Brands in the Bahamas and the Caribbean and Bahama Myfi an augmented reality tourism company. “Already thousands of investors over several islands are participating. We are enabling people who have never invested before to become owners instead of just consumers. Our alliance with SunCash gives us the ability to take that to a next level as they already have distribution throughout the archipelago of Family Islands,” said Rahming.
“We are working out the technical details and expect to be fully integrated within the next couple of weeks. With this strategic relationship there are many areas that we plan to collaborate on to make the Bahamas a world leader in the use of the CBDC,” says Smith.