Kanoo Pays is developing a "super app" for the Caribbean that will be able to handle multiple currencies and hold all of a user's financial information, Central Bank Digital Currencies (CBDC) and cryptocurrencies, the company's Chairman and co-founder Nicholas Rees said yesterday.
Rees made the announcement while a panelist on the OKX stage at the D3 Bahamas Conference after being asked what the future holds for all of the Fintech innovation that has sprung up recently.
"I will answer it by sharing with you our vision for financial inclusion," said Rees.
"So we have embarked upon building a super app for the Caribbean.
"We envision enabling a multi-tender digital wallet available on your phone that houses all of your debit, your credit cards, your CBDC, your cryptocurrencies your stable tokens and our own internal-issued branded physical card and enabled wearables, such as what we're calling the Kanoo power ring to enable simple payments ... tap and pay at any NFC (Near Field Communication) enabled device all around the world."
Rees said his company wants customers to be able to transfer money at the push of a button and have payments settled in mere seconds and be guaranteed.
According to Rees, this can be accomplished through the integration of a CBDC that would be the base for all of the transactions on their network.
"We would love for persons to be able to click, switch-over, get a loan, apply for insurance, upload, receive a digital identity built in," he said.
"We have a lot of views around digital identity. We want to democratize your digital identity and put that ownership in your hands."
He said they want to use what they are calling "consent tech" to allow their customers to control every aspect of their life in the digital wallet.
"Essentially, you control your data. You control who uses your data and how and when it's used," said Rees.
Kanoo was one of the first licensed digital wallets in the country to allow Bahamians to send and receive money electronically without the use of a bank.
The company was also one of the first to integrate the country's CBDC the Sand Dollar into the mobile wallet.
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