Business

Exclusive interview with Fujitsu Americas CEO Asif Poonja

Focusing on technology, its user-friendliness, and education around the transformative impacts to drive economic development and sustainability transformation, will be essential for small island developing countries in the Caribbean.

Asif Poonja, CEO of Fujitsu’s Americas Region, expressed this strong belief during a one-on-one interview with Advo Magazine. This was Poonja’s first official visit to the island as a senior figurehead of one of the biggest technology companies in the world.

Poonja, who was previously Head of Customer Markets and Chief Technology Officer for the Americas, intends to fully use his experience as an inventive and adaptable leader to work with the Americas leadership team to drive growth in the region and strengthen its position as a leader in digital transformation.

*Asif Poonja, CEO of Fujitsu Americas (centre) with Chief of Staff Heiu Do-Pilon (right) and Sandra Clarke, Manager, Advo Magazine*

He acknowledged that even though this is his first trip to Barbados as CEO, he and his family have had many enjoyable vacations here over the years. He added that while Barbados and the region as a whole have much to offer, there is a need to push for a greater emphasis on using technology to streamline a range of services.

“How many people know how to use technology to its fullest extent?” he asked, “it is shocking. I was in DAVOS last week at the world economic forum; as I was entering the village there was this huge sign by a company there, which read Did you know, there are still over 25 percent of the global population that does not have internet access? My jaw just dropped because it is something we take for granted.”

“What I am seeing, [is] that you can go into many government entities today, that staff a lot of folks that do not know how to use the technology… yes, they might have their computer and email, but that is it. Education around technology and its use [is important], even around difficult areas like AI right now.”

Considering this, Fujitsu has changed its hiring practices over the past few years. While they still use interns, their hiring procedure is now more accommodating to the demands of the contemporary workplace.

“We have been working with our human resources over the past two years to change the criteria. Its not that you always need a university degree. You can have a college degree, a trade degree, it does not matter nowadays. In the past people used to be absolute sticklers, which is changing within the society. So, we have been pushing our organization to change that.”

*Sandra Clarke of Advo Magazine greeting Asif Poonja, CEO of Fujitsu Americas*

The hospitality industry, which has experienced impressed growth coming out of the height of the COVID pandemic, also has a role to play introducing the new form of flexibility and tech push to small nations according to the CEO, who said seamless check-in procedures which get rid of paperwork in place of fully digital platforms was also a new directions hotels and other forms of regional accommodation can go.

He however quickly added that the strength and trust in homegrown banks, as well as the security that supports them, was imperative.

“I have heard of stories in the Caribbean of new banks starting up and things not working out well. So, how does regulation help but not hinder. If a new bank is going to set up, where is the security around that bank, [what are] the processes and procedures. I am not only saying that you should bank with the top banks, I am not saying that, but the technology is out there, and it is about building trust”.

“There are a lot of Canadian banks here. For example, I bank with RBC, and they have a function online where you can take a picture of the front and the back of the cheque and its deposited. But I trust my bank, so I can do that. That level of trust [in new banks] that is the key.”

The customer experience, according to Poonja, must remain at the forefront of the financial services industry, which he believes sadly has slightly lost its way in the name of chasing profits.

“The financial services industry has been going through a transformation over the years even before COVID. They chose to shut branches down to reduce costs, [going] more online, but you cannot forget those that do not do online. Whether it is a senior, whether it is someone not technology [savvy], you cannot leave these people behind. That is the challenge they face.”

“I am seeing even in Canada and the US, those branches that stay open, they would only staff it with two people, which is not good enough. We all know the banks make good profits, and they need to find a way to balance.”

The CEO also hinted that one of the main areas where the company will start its major push into the Caribbean economic space will be through Fujitsu Uvance, a new portfolio that aims to encourage innovation within nations in a novel yet environmentally friendly method.

Business

WORLD BANK TECHNICAL ASSISTANCE MISSION OCT 7-18

Central Bank of Barbados Partners with the World Bank to Modernise Local Payments System

During April to July 2024, the Central Bank of Barbados engaged in extensive discussions with financial institutions, the World Bank, and other key stakeholders to assess and enhance the local payments market an infrastructure. Following these talks, the World Bank conducted a thorough review of Barbados’ legal and regulatory payments framework and evaluated the Real Time Payments (RTP) system. As a result, the Central Bank, in collaboration with the World Bank, has launched the Barbados Payments System Modernisation Project.

To advance this initiative, the Central Bank will host a World Bank Technical Assistance Mission from October 7–18, 2024. The mission will provide updates on the project’s progress and gather feedback on the next steps. Key areas of focus will include legal and regulatory support, oversight, instant payments system interoperability, payments system usage, and digital financial literacy. (PR)

Business

Barbados To Host Regional Policy Meeting October 8 – 10

Barbados will serve as the host nation for the upcoming Regional Policy Meeting organised by the Caribbean Policy Development Centre (CPDC) from October 8 to 10.

This event, funded by the Open Society Foundations (OSF) and the European Development Fund (11th EDF), will be held at the Crane Hotel in St. Philip.

Minister of Labour, Social Security and Third Sector, Colin Jordan, will deliver the feature address during the opening ceremony on Tuesday, October 8, at 9:00 a.m.

The Meeting will see regional policymakers, civil society organisations, and international partners gathering to tackle the Caribbean’s most pressing challenges, including sovereign debt, food and nutrition security, and to chart a new course for governance, development, and climate resilience, all aimed at improving the lives of Caribbean people.

Speaking about the important timing of the upcoming meeting, Officer in Charge at the CPDC, Richard Jones, stated: “Now it is of paramount importance as Caribbean nations face a convergence of complex challenges that threaten to derail sustainable development and the well-being of their citizens. At this critical juncture, the region grapples with persistent poverty, rising inequality, food insecurity, and the existential threat of climate change.”

According to data provided by the CPDC, small economies, burdened by the legacy of colonial extractive practices, remain vulnerable to external shocks, such as global price fluctuations and natural disasters. Climate change, in particular, presents a grave risk, with increasing hurricanes and rising sea levels threatening entire economies, especially those reliant on tourism and fisheries. The Caribbean loses an estimated three per cent of its GDP annually, due to natural disasters, underscoring the urgent need for robust, coordinated regional responses.

To address these critical issues, the Regional Policy Meeting will feature an impressive lineup of regional and international thought leaders who bring deep expertise in policy, development, and advocacy, including:

Jwala Rambarran, former Governor of the Central Bank of Trinidad & Tobago, who will address the urgent need for financial stability and reforming international financial institutions.
Grace-Ann Cornwall, Social Development Professional, will provide insights on empowering vulnerable groups and NGOs across the region.
Christon Herbert, CPDC Policy Officer, will lead discussions on climate resilience, insurance solutions, and disaster risk financing.
Meghna Abraham, Director of Open Society Foundations, will highlight the importance of international solidarity in achieving sustainable development goals.
Jeremy Stephen, economist and development finance expert, will present innovative approaches to debt relief and financial stability.

Other key speakers will be Assistant Secretary-General CARICOM Single Market and Trade Ambassador Wayne McCook; Director and Senior Research Fellow, Sir Arthur Lewis Institute of Social and Economic Studies, The University of The West Indies, Cave Hill Campus, Dr. Don Marshall, and Florida-based International Consultant on Food and Nutrition Security and Sovereignty, Dr. Tigerjeet Ballayram.

Agenda – “The Main 8”

Over the three days, the meeting will drill down into eight critical policy areas under the theme “Forging Ahead”, which addresses the eight most urgent challenges threatening progression in the region:

Sustainable Development
Reform of International Financial Institutions
Debt Relief and Financial Stability
Empowerment of Vulnerable Groups
Capacity Building for NGOs
Food and Nutrition Security
Climate Resilience
Good Governance

Mr. Jones, stated: “These areas are not only crucial but also interconnected. For example, the Caribbean’s food security is directly impacted by climate change, while sovereign debt threatens the region’s ability to invest in resilient infrastructure; we will therefore focus on comprehensive solutions that encompass a range of considerations.”

Noting that progress was already underway by the CPDC in many of these areas, he added: “By building on existing projects and facilitating high-level discussions, the Meeting seeks to generate momentum for collaborative action on food security, financial mechanisms, and policies that prioritise the empowerment of vulnerable communities, ultimately fostering a more resilient and equitable Caribbean.” (PR/GIS)

Business

Annual Education Awards Ceremony

Light and Power Employees Co-operative Credit Union Limited (LPECCUL) Celebrate

The Light and Power Employees Co-operative Credit Union Limited (LPECCUL) recently hosted its annual Education Awards and Trevor Browne Scholarship ceremony; this event recognises academic excellence and promotes the importance of education within the community. This year, nine junior saver members who would have sat the Common Entrance Examination were awarded. Each student received prizes and cash vouchers. While the Trevor Browne Scholarship, was awarded to Melissa Austin, who is currently pursuing a degree in Physical Therapy in the Faculty of Medical Sciences at UWI Mona Campus.

The highlight of the event was an inspiring keynote address delivered by Lt. Col. Trevor Browne, a founding member of LPECCUL, who shared his insights on the importance of education and personal development. His words were echoed by the President, Sheena Edwards, who emphasized the credit union’s ongoing commitment to supporting the educational aspirations of its junior members and their families. Additional remarks were given by other board members and members of the management team, all underscoring the role of financial literacy and good budgeting practices in shaping the future of the next generation.

Lt Col Trevor Browne presents scholarship

In addition to the presentations and speeches, the students received valuable guidance on financial literacy, underscoring the Credit Union’s philosophy of promoting financial empowerment from a young age. The event aimed to equip students with knowledge and tools to manage their financeswisely, as they move forward in their academic journeys.

Once again, congratulations to this year’s awardees for their performance in the Common Entrance:

Teyen Bostic – The St. Michael School

Maria Gill – Christ Church Foundation School

Neymar Gill – Graydon Sealy Secondary School

Rommaldo Holford – Queen’s College

Nathan McKenzie – The Lodge School

Remy Nurse – The St. Michael School

Akil Priddee – Challenor School

Jaylan Priddee – Deighton Griffith School