 This is Issues and Answers, a production of the national television network. Welcome, my name is Jesse Leance. In the next half hour or so, we're going to engage a panel on the rollout of the securely minted digital version of the Eastern Caribbean dollar, coined, no pun intended, de-cash. The public rollout did commence. It started on March 31st, 2021. But in order to get all of Saint Lucia as part of efforts to get all of Saint Lucia up to speed with this development, we have Joining Us Via Zoom, the executive marketing manager at First National Bank, Mr. Robert Favrier. His is the first financial institution on Ireland to transact with de-cash. We also have Joining Us Via Zoom, the first merchant to transact with de-cash here in Saint Lucia. He is Mr. Jimmy Francis of City Foods Rap City. And Joining Us Via Zoom as well from the ECCB all the way in Bastere is Sharmin Powell. She is the chief risk officer and chairperson of ECCB's fintech working group. Good afternoon, lady and gentlemen. Good afternoon. Wonderful. Good afternoon. Good afternoon. Wonderful. Wonderful. First question, I want to direct to you, Ms. Powell. Saint Lucia is one of four island economies that participating in the initial rollout of de-cash just starting this past March. Talk to us about ECCB's rationale. Why should a consumer participate in the pilot and use de-cash, first of all? And perhaps if you could go even deeper, what makes this digital currency fundamentally different to paper cash? So if we were to start out with our objectives for actually launching this de-cash pilot, we wanted to address the issue of financial inclusion and also the issue in terms of the payment system and efficiencies in the payment system. So for some time now we've been, persons in the public have been experiencing some frictions in terms of the payment system efficiency in terms of cost and the speed of payment. So sometimes we have payments taking a long time to settle and of course there are some costs associated with financial transactions which have prohibited persons from enjoying the full benefits of the financial transactions offered by some financial institutions. So some of these frictions are what we try to address with a de-cash. And in terms of financial inclusion, recognize that there's some persons out there who may not have a bank account and may not be able to transfer things like wire transfer and other financial transactions, just online payments. And so we wanted to ensure that there was an avenue where all of our citizens can in fact enjoy the benefits associated with digital payments. And so this de-cash solution is another option to our citizens for making payments. Now if you're to compare it physical cash, it is definitely a safer option to physical cash because whereas currently there are security issues in your walk-around with a lot of cash, there's the issue of being robbed, there's the issue of losing your cash. So the de-cash, it cannot be stolen. It is stored on the blockchain and your digital wallet, which is in fact an app through your smart device through which you can access the de-cash. The digital cash is stored on the blockchain so it cannot be lost. So even if you lose your device, if you lose access to your device, you can in fact, once you get access to another smart device, you can regain access to your digital cash compared to if you lose your physical wallet. The chance of you retrieving your physical cash that is in that wallet are slim to none. And another aspect of the de-cash that we try to emphasize is the whole issue of financial management because through the de-cash app, the digital app, you can actually track your expenses. So whereas in physical cash, you spend the cash and very often you're not aware or you can't remember how your cash was spent. With the de-cash, you actually can track your transactions. Every transaction that is done using de-cash is stored in transaction history. And so you can see how your money is spent and that can help you as well in your financial management. And it can prevent overspending. If I was to compare with say, David Carr, just swipe and swipe and swipe and you end up spending more than you should spend in some instances. With your de-cash, you can only spend as much as you have transferred to your de-cash wallet. So there are a number of benefits to the citizens for using de-cash. OK. Now getting into this pilot launch, talk to us about the execution, what St. Lucian's and the three other, before other island, three other island economies can expect in this instance. So in terms of the pilot, what we have, we have two types of digital wallets. We have the registered-based wallet and the value-based wallet. And those two options allow everybody to be part of the pilot. So every citizen can actually sign up and get a de-cash wallet, whether through a financial institution or an agent. So for persons who have bank accounts at a participate in financial institution, whether it is a commercial bank or a credit union, they can have a registered-based wallet where they download the app, they fill out the online application using a code that is provided by the financial institution. And once the KYC didn't know your customer checks are done and the wallet is approved, they can then transfer funds from their existing account to their digital wallet and then they can transfer in de-cash. Now for persons who don't have a bank account or whose financial institution is not participating in the pilot, what they would have to do, they can now get a value-based wallet where they download the app similarly and fill out the online application using without a code and that would be approved by an agent and they can then take physical cash to an agent or a merchant teller who offers that service and convert their physical cash to digital cash. Now once that is done, there are a number of merchants that we have across all four countries and the merchant listed isn't increasing as we go along and they can now go and transfer any merchant that accepts de-cash. So once they will have signage that shows that the merchant is accepting de-cash and so once a merchant accepts de-cash, they can use their digital cash, the de-cash, to go in and transact whether it's by groceries, pay for gas, by medication, whatever service that merchant offers and they accept de-cash, they can now go to that merchant and use their de-cash to do their spending similarly to how they would have done with their physical cash. Okay, so prior to the rollout on March 31st, we did have a testing and St. Lucia was part of that. We had the first merchant here on Ireland as well as first financial institution participating in this test. Tell us about that and how it went. So what we have is a closed pilot. So we decided to do the launch in phases. So the first phase was a closed pilot and in that closed pilot phase, we had all the participating financial institutions as well as select merchants and select end users and the agencies actually carry out de-cash transactions and go through the process of preparing themselves for the public launch. And this was very important because we wanted to make sure that when we launched publicly, you would have a good user experience. So during this period, the financial institutions were able to get acquainted with the app, with the de-cash app and the process by which they have to onboard customers, onboard merchants and making sure all the internal procedures were properly ironed out. Any kinks, any bugs that were in the system were ironed out so that when we get to the public launch at the end of March, that they would be fully... They were fully understanding of the system and so it would be a seamless process. But during this time as well, we had merchants onboard it and so these transactions, for example, the one at Rap City, these were to demonstrate that the de-cash actually works and how it works so that these merchants as well were able to get acquainted with the process so that they can serve the public efficiently once we did the public rollout. So it was a matter of gradually introducing de-cash to the market so that we can have good user experience at the public launch. Wonderful. We are speaking to Ms. Sharman Powell over in Bastere. She is the Chief Risk Officer and Chairperson of ECCB's FinTech Working Group. We have also via Zoom the first merchant to transact with de-cash here in St. Lucia, Mr. Jimmy Francis of City Foods, Rap City and the first financial institution on Ireland to transact with de-cash, Mr. Robert Favri is representing Executive Marketing Manager at First National Bank. Stay with us. When we come back, we speak to Mr. Favri and Mr. Francis of City Rap Foods on the experience in the closed pilot. Stay with us. What's in the food you're eating? Do you really even know? All the chemicals and horrors used to accelerate their growth. All the artificial flavoring, sweeteners and colors too. We consume and we don't spare a thought for the damage that they'll do. No. Think about the children. Think about the children. How will we save it? Chemicals and GMOs are not the solution. Use organic enjoyment. Excessive agrochemical use, additives and genetically modified foods are harmful to health and the environment. Join the Good Food Revolution. Grow, buy and consume organic. A message from Rye St. Lucia and the Ministry of Sustainable Development with funding from the GEF Small Grants Program, UNDP. Good Food Revolution. Thank you so much for staying tuned. This is Issues and Answers of Production of NTN. We continue with our panel discussion on the rollout of the securely minted digital version of the Eastern Caribbean dollar, DeCache. We just came off of the break speaking to Ms. Powell over in Bastere. She's the Chief Risk Officer and Chairperson of the ECCB's FinTech Working Group on of course the rationale of what DeCache is in terms of being fundamentally different from paper cash. And at this point in time, we're also speaking on the closed pilot which leads me to my next engagement at this time. The first financial institution on Ireland to transact with DeCache within the closed pilot was First National Bank and Indigenous Institution. And today we have representing the Institution Executive Marketing Manager, Mr. Robert Favrier. Good day to you, Mr. Favrier. Once again, talk to us about this experience during the closed pilot and the onboarding process with merchants. Good day, good day to you. This experience was one which was very, very exciting for us. Working closely of course with guidance from the Eastern Caribbean Central Bank, from Ms. Powell and her team. What we did, we engaged our staff because as you know, charity begins at home. So we used our staff actually to test the DeCache and what we also did to encourage and to incentivize them, we decided that we would give them each 105 staff members qualified for $100 in their DeCache wallet so they could spend. So we had a little bit of a competition and so we had at least 50 staff members actually signed up for DeCache in the initial phase. We needed a minimum of much less than that. Maybe a minimum of 10. But they got really excited about it. Again, a lot of them are young staff members and as you know, this is where the world is going. I want to applaud the Central Bank for taking this initiative, especially in this COVID time where DeCache, as you know, is also contract less. And so we follow the social distancing and that sort of thing. It was very timely for us to have launched this product from the ECCB. So the staff got involved, they tested it. We also tested in terms of the support because it's one thing to use the DeCache. But of course, now you have the back office function whereby persons have to indicate their interests via the DeCache info at firstnationalbankslu.com. This was the email address that we used, that we're using now actually for customers who are interested or persons who are interested in applying for DeCache. So we went through that internal process whereby they used the DeCache, where they were transfers as well from the account into the DeCache wallet. And we physically actually executed and went to Jimmy Francis CityRap Foods to actually execute a DeCache transaction from beginning to end to ensure that the transaction was successful. It was very seamless, it was very easy. I don't even know, it's a three step. So it's probably, I don't know, three seconds maybe. I mean, and the tagline is faster, cheaper, safer. You cannot go wrong with DeCache. And so we are encouraging. We have, as a matter of fact, from the time we, ECCB launched on March 31st, we have been working hard to sign on at least 300. We have over 300 customers have applied for DeCache. So as we speak, we have our people in the back office processing those registrations. So it tells you that it is taking off. It is an exciting time. It is the place that the world is going really. And then even with travel, I think Ms. Powell mentioned the security. You don't have to carry all of that cash around with you. If you lose your device, your money is still safe. You don't have to worry. So this is the way we are going. And as an Indigenous institution, we're very proud and we thank the ECCB for allowing us and giving us the opportunity to participate in such an innovative product. Wonderful, you mentioned Jimmy Francis there. I now want to head on over to him. Mr. Francis of City Foods Rap City, you were the first merchant to transact with DeCache here on Ireland. Tell us about your initial thoughts about DeCache and your thoughts thereafter when the process, the first transaction was done. Well, initially I thought it's futuristic. I thought they were taking a big leap into the future, which is why I thought this is an opportunity. To take my business into the future also. I was excited from the moment I heard about it. We have had practice on the pilot and the whole system itself seemed to be very easy to use. The process is easy. It's exciting. It's much safer, which is very good for both, my business on the whole, including staff where there will be less cash transaction. We're all excited about it. And I think customers are very much excited about it and looking forward to actually using DeCache to pay off for their bills. Okay, wonderful. Tell us a little bit about your business. What do you provide and tell us how the DeCache plays into that in terms of the hours that you operate and so on? Sure, sure. So I own an umbrella company called Cities Foods. Under this company, I have about three other businesses. I'm Rhapsody being the major one. We are fast food business, which operates anywhere from 9 a.m. and when curfew will permit again, up to 3 a.m. in the morning. So having DeCache on hand makes it, as I said before, very safe. We have a wide variety on the menu, so people purchase from breakfast to lunch to dinner. As I said, and with DeCache in the later evening, we've had issues in the evenings. And I think having DeCache cashless process will make it much safer for us. And we appreciate that and we're looking forward to it taking off and becoming what it's supposed to be, become a cashless society. Wonderful. Ms. Powell, I want to come back to you. Aside from businesses and commercial activity, DeCache is able to do far much more. Tell us a bit about the options that are available in terms of being able to send money to family and friends and so on. Yes, so we have what you call peer-to-peer transactions. So an individual can send money within their country or even across country. So we have four private countries currently, Antigam, Barbuda, Grenada, St. Lucia and St. Kitton, Nevis. So any individual in one of these countries can send to the other. So I can send funds from St. Kitton, somebody in Grenada, once they have a DeCache wallet and it's the same three seconds. Once I know their username and enter their amount, I swipe to pay and it goes off to them. My balance is we choose immediately and they can get the funds right away as well. So that peer-to-peer transfer is critical because then persons, you may have an emergency transaction or you may want to actually carry out the transaction in another country. So that helps tremendously. And it's the reduction in time for these transfers compared to other methods, helps tremendously as well. Okay. Usually we have transactions being hampered by perhaps if you're using an app, you must have a minimum amount of money to be able to transfer. Also, there have been concerns in terms of transferring monies online with the high fees and so on. Speak to us about the use of the DeCache app. Are there any restrictions in that respect? There are no restrictions. Once you have the funds in your DeCache wallet, you can transfer. So the only restriction is that you kind of transfer more than you have and there is a limit to the wallet. So for example, for registered-based wallets, there are three tiers. And so once you are within that limit, you can transact. And similarly for the value-based wallet, there are two levels in terms of the limit for the transaction. And these limits are based on your risk profile really. So the wallet limits for the registered-based are set by the Commercial Banks Auto Credit Union based on the customer's risk profile. And we have preset limits for the value-based based on the information provided at the sign-up. So that is the only restriction in terms of the limits. But when you're transacting, once there are funds in your DeCache wallet, that can cover the transaction, the transaction can go through. Now for the purpose of the 12-month pilot, there is no fees attached to the use of DeCache, neither for the financial institutions, agencies, merchants, or end users. So all DeCache transactions are free. Okay. Now someone wants to get in on the action. How can they participate as a user or a merchant in this pilot ongoing? So I'll start as a merchant. If you're a merchant and your financial institution is participating in the pilot, then you just reach out to your financial institution, request a code, and then you do the sign-up via the app to be a participant in the pilot. Once your financial institution reviews the application, goes to the KYC and know your customer information and review, and they approve that application, then your digital wallet is approved and you can now transact. So all merchants have to have an account at the participating financial institution. And the reason for this is the risk profile and the fact that the value that merchants would transact is significantly higher than an individual. So they would need to have a relationship with a financial institution, a participating financial institution, to be able to access the wallet. Now for individuals, there are two ways they can access the pilot. They can be part of the pilot. They can have a registered-based wallet, which they would access to their financial institution. So they will do the online application. They will submit it to their financial institution using a code that was provided by the financial institution. And once their wallet is approved, then they can transfer funds from their account and they can do that using the various online platform with this online banking or mobile banking and they can transfer funds from their account to the digital wallet and then begin transacting. For those persons whose financial institution is not in the pilot or they don't have an account, they can go and have a value-based wallet where they complete the application online similarly and it goes to an agent. We have named agents in the four territories. The agent will approve the wallet and then they can take physical cash and exchange it for digital cash. So they take physical cash, we have the agents, or we have merchant tellers that will be identified that offer that service where they take the physical cash and they can be exchanged for digital cash. So there are two ways which the end users can be part of the pilot. But in this way, anybody can be part of the pilot. Nobody is excluded. Okay, wonderful. Mr. Favre, I want to come back to you. First National Bank stands ready to receive clients in that respect. We are very, very ready. We have received clients from the 31st since the launch. We continue to receive clients. We actually wrote to our clients, actually inviting them and encouraging them, telling them about the cash. The ECCB was very proactive in sending a lot of information our way. We utilized that information for our social media and also through our software. We have a software called Constant Contact that we reach out to all of our customers to give them that information, specific information. So that is why we have such high numbers registering because we did our homework during the close pilot. We did what was required because we realized that is a product that is worth investing in. And like our customer, CityRab, just said, it is cashless, it is very safe, especially he operates three hours of the morning and that's a concern. We know that crime is on the rise, is on the increase, but at the same time, we do have to make a living. We do have to provide a service in whatever sector that we are in and we want to know that we are safe. We want to know that our staff are also safe. And that is what D-Cash provides because it is a cashless product. And I want to put a plug for Jimmy in that he has the best wraps on the island. So if you haven't been there, he's located in Boseju as soon as you enter on the left, he didn't say that, but his wraps are very, very, very good. And that is why people are flocking there and using the D-Cash at CityRab, Rab City. Mr. Favrier, the role of financial institutions in this pilot is not just to facilitate the setup of the account, but I understand it's also to provide information. Tell us about the training of your staff in assisting clients to use D-Cash because it's been said that it's user-friendly, but should somebody have difficulty, are they on standby to assist in that respect as well? They are on standby. The email is D-Cash-info, at FirstNationalBankSLU.com. And First National Bank is always 1ST, like when you come first in a race or first in an exam, it's 1ST, NationalBankSLU.com. And of course, we have a number of branches all around. As you know, we've just acquired RBC over the weekend. So we have two additional branches in Baywalk Mall and on Miku streets as well. So they can call in, they can come into any of our branches. The number is 457,000. So that's an easy number to remember. 7,000 is the number. And the email again is D-Cash-info at FirstNationalBankSLU.com. We have been doing the training, but I have to tell you, and I think Ms. Powell alluded to that, it is so easy. It does not require a whole heap of training. It is not rocket science. You don't have to have a PhD. You don't have to have a degree. I mean, it is for the simplest, the ordinary man. Once you have a device, it's a three-step approach. It's really, really very simple. And once you get into D-Cash and you sign up, you will not want to go back to hard cash. It is that simple. So you actually have a digital wallet. Can you imagine you have gotten to a point where we have a digital wallet? I mean, that is just what I think. And I have to commend again the Central Bank. I have to commend Ms. Powell and her team, the governor, Mr. Timothy Antoine. I mean, this is just amazing for this part of the world. I mean, in our region, in the entire ECCU region, we can boast about having such a bold initiative, such an innovative initiative. And I'm sure we can go anywhere and transact once the pilots roll out and everything goes the other islands come on board. You could well imagine how seamless because we are learning from the pilot as we go along. We are learning, we have taken up all of the bugs by now. Ms. Powell is working very hard with her team. And I'm sure by the time the rest of the islands come on board, I mean, that D-Cash will take off in a very big way. I'm hoping that you too, Jesse, will sign up for your D-Cash. Thank you, Mr. Favrier. But if I'm able to convert D-Cash to physical cash, Mr. Favrier, Ms. Powell, that is possible, yes? Yes, you can. That is possible, yes, yes, you can. Okay, wonderful. Yes, you can. Cash is cash. It's just that we're giving you the cashless option for your safety. And remember, it is faster, it is cheaper, and it is safer. Okay, wonderful. We've run out of time for this installment of Issues and Answers, but Ms. Powell, I just want to offer you the final words on the D-Cash rollout in these four islands. I just want to advise as well that coming soon, by the end of this month, we also have the e-commerce functionality. And what that allows you to do is to use D-Cash to make online payments. So any merchant that loves online payments and is using D-Cash, you can then use your D-Cash to make online payments as well. So you don't need a debit card or credit card. Once you have D-Cash, you can also make online payments. And I want to encourage all our citizens across the ECCU. And even those where the pilot has that rollout, yet prepare yourself to be part of this game change and this revolution in the ECCU. We have made history, and we need to continue to make history together. So I encourage all persons to sign up and get D-Cash, or safer, faster, cheaper method of payments. Wonderful. Thank you very much, Ms. Powell. Ms. Sharman Power there coming to us from Bastere, ECCB in Bastere. She's the risk officer and chairperson of the ECCB's FinTech Working Group. Also, we spoke to the first merchant here in St. Lucia to transact with D-Cash. Mr. Jimmy Francis of Foodz, RAPCITY, and Mr. Robert Favrier, executive marketing manager at First National Bank, the first institution here on Island to transact with D-Cash. We'd like to thank you so much for watching. Do stay tuned for more NTN programming. My name is Jesse Layall, signing off for now. Goodbye.