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

GALA DINNER CELEBRATES 40TH ANNIVERSARY

The Light & Power Employees Co-operative Credit Union Ltd. (LPECCUL) marked an impressive milestone on Saturday night, hosting a memorable 40th Anniversary Gala Dinner at the Accra Hotel. The evening was a celebration of history, resilience, and growth, honouring LPECCUL’s four decades of commitment to financial empowerment and community service in Barbados.

Guests arriving at the gala were greeted with the warm sounds of steelpan music by Ms. Allana Goodridge, a graduate and former junior member of the credit union, who set an elegant tone for the evening. The festivities were expertly guided by Master of Ceremonies Paula Palmer, who delighted the crowd with a mix of exciting prizes and giveaways sponsored by Stade’s Distillery Visitor Centre.

A highlight of the evening was the special achievement award presentation by Mr. Anton Lovell, CEO of Co-Operators General Insurance Company Limited. Mr. Lovell recognised LPECCUL for its outstanding success and commended the longstanding partnership between the two institutions, underscoring the strength of their collaboration.

The evening’s keynote speaker, Lt. Col. Trevor Browne, a founding member of LPECCUL, delivered a compelling speech on the origins of the credit union. He shared insights into its formation, early challenges, and eventual growth, citing the various business ventures and investments made over the years. Lt. Col. Browne emphasized the importance of credit unions in Barbados expanding their focus to attract and support younger members, highlighting the value of investing in youth-led businesses as a way forward.

Closing the event, LPECCUL President Sheena Edwards delivered a heartfelt Vote of Thanks. She expressed deep appreciation to the evening’s special guests, including representatives from credit unions across Barbados, eight of LPECCUL’s original 40 founding members: Anthony Seale, Charles Holder, Donald Hoyte, Oliver Jones, Ian Bridgeman, Julie Alleyne, Keith Burnett and Lt. Col. Trevor Browne, and former company manager Curtis Smith. She also extended her gratitude to the dedicated LPECCUL staff, The Light & Power Employees Co-operative Credit Union Ltd.whose hard work and commitment have been instrumental to the credit union’s enduringsuccess.

The 40th Anniversary Gala Dinner was a celebration not only of LPECCUL’s history but also of its ongoing mission to inspire financial independence and support the community. As LPECCUL continues to innovate and expand its services, the credit union remains committed to fostering financial success for all members.(PR)

Business

Barbados To Host Regional Economic Conference

Local, regional, and international economics, finance, and development experts will gather in Barbados from November 6 to 8, 2024, for the 55th Annual Monetary Studies Conference (AMSC).

The event, which the Central Bank of Barbados is co-hosting with the Caribbean Economic Research Team (CERT), will be held under the theme: “Macroeconomic Management in an Era of Polycrises.”

“We are living at a time when our islands face multiple issues, ranging from high debt levels to climate change, to an aging population to geo-political tensions such as the ongoing Ukraine-Russia war and the Israel-Hamas conflict,” Director of Communications, Information, and Outreach at the Central Bank, Novaline Brewster, said.

“Each of these on its own would represent a challenge. Combined, they could threaten the stability of our economies and the livelihoods of our citizens. The AMSC gives us an opportunity to bring together some of the leading minds to share their insights and offer research-based approaches to addressing these various crises.”

Ms. Brewster revealed that to complement the more technical sessions, on the second day of the conference, November 7, at 4:00 p.m., American economist Professor Jeffrey Sachs will deliver the 37th Adlith Brown Memorial Lecture, the topic for which will be the same as the conference’s theme.

“In addition to the Adlith Brown lecture, we will be hosting a panel discussion entitled: “The Role of Central Banks in Facilitating the Mobilisation of Regional Investment for Development Support” on the final day, November 8, at 10:15 a.m. The panel for that event will comprise several of our regional central bank governors,” she revealed.

Both the panel discussion and the lecture will be livestreamed on the Central Bank of Barbados’ Facebook page and YouTube channel.

Central Bank of Barbados will host the 63rd gathering of this group as Barbados’ Governor, Dr. Kevin Greenidge, is the current Chair of the committee. (PR/GIS)

Business

Barbados to Host Regional Economic Conference

Local, regional, and international economics, finance, and development experts will gather in Barbados from November 6 to 8, 2024 for the 55th Annual Monetary Studies Conference (AMSC). The event, which the Central Bank of Barbados is co-hosting with the Caribbean Economic Research Team (CERT), will be held under the theme “Macroeconomic Management in an Era of Polycrises.” “We are living at a time when our islands face multiple issues, ranging from high debt levels to climate change to an aging population to geo-political tensions such as the ongoing Ukraine-Russia war and the Israel-Hamas conflict,” said Novaline Brewster, Director of Communications, Information, and Outreach at the Central Bank. “Each of these on its own would represent a challenge. Combined, they could threaten the stability of our economies and the livelihoods of our citizens. The AMSC gives us an opportunity to bring together some of the leading minds to share their insights and offer research-based approaches to addressing these various crises.”

The three-day conference will feature sessions related to financial development and financial stability, adjusting to climate change, digital innovations and transformation, regional integration and governance, and regional economic development. Brewster revealed that to complement the more technical sessions, on the second day of the conference, November 7, at 4:00 p.m., American economist Professor Jeffrey Sachs will deliver the 37th Adlith Brown Memorial Lecture, the topic for which will be the same as the conference theme. “In addition to the Adlith Brown lecture, we will be hosting a panel discussion entitled “The Role of Central Banks in Facilitating the Mobilisation of Regional Investment for Development Support” on the final day, November 8, at 10:15 a.m. The panel for that event will comprise several of our regional central bank governors.” Both the panel discussion and the lecture will be livestreamed on the Central Bank of Barbados’ Facebook page and YouTube channel.

The Annual Monetary Studies Conference, the oldest academic conference of economists in the Caribbean, is held in a different territory each year to coincide with the second of the Bi-Annual Meetings of the CARICOM Committee of Central Bank Governors. Central Bank of Barbados will host the 63rd gathering of this group as Barbados Governor Dr. Kevin Greenidge is the current Chair of the committee.