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Financiers leverage the cloud

The Bahamian financial services community is increasingly turning to cloud computing to save costs, simplify processes and enhance data security, according to industry expert Scott MacKenzie. 

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TheBahamasInvestor.com
Wednesday, February 21, 2018
Wednesday, February 21, 2018

The Bahamian financial services community is increasingly turning to cloud computing to save costs, simplify processes and enhance data security, according to industry expert Scott MacKenzie.

MacKenzie, CEO of Cloud Carib, says the Bahamas-based firm provides solutions to over 35 per cent of financial services providers in The Bahamas.

Cloud Carib offers clients a full suite of virtual data management services, allowing them to outsource the burden of data storage. Aside from those in the financial industry, the company’s clients include government, the legal sector, software developers, healthcare operators and hospitality firms.


“The cloud virtualises a bunch of hardware that can offer economies of scale and access to a customer database without adding any risk to those customers,” says MacKenzie. “That means there’s a fixed utility cost for your IT [and] it simplifies your financials.”

Cloud Carib, which began operating in 2011, is headquartered in The Bahamas, but has embarked on an ambitious regional expansion plan following record growth in 2017. In addition to its data centres in Nassau and Freeport, the company is moving into Panama, Barbados, Jamaica and Ecuador. It is also looking to branch out into Trinidad and Tobago, Cayman and northern Latin America in 2018.

MacKenzie, who has over 25 years experience in the IT industry, says it is an exciting time for the Caribbean ICT sector, as it catches up with international development. “The Caribbean market is about a decade behind [but] the interesting thing is that it won’t take much to develop. The rest of the world is advancing at a great rate. Within the next 3 to 5 years, that 10-year transformation will happen.

“Technology transformation, the rate of change, is on an exponential growth curve right now. It is creating a great opportunity for the region.”

Cloud Carib, which doubled its revenue in 2017 and added over 40 new regional ICT jobs, may be increasing its presence throughout the region but its Nassau base remains the centre of operations.

“The Bahamas feels like home,” says MacKenzie. “We are committed to keeping our headquarters here. From a data management perspective, The Bahamas is leading the Caribbean. There is a great foundation here now. It is up to us in the private sector to force that transformation at a faster rate.”

cmorris@dupuch.com

Officials of the government and Oban Energies February 19 signed the heads of agreement for a $4 billion project planned for East Grand Bahama.

Minister for Grand Bahama Kwasi Thompson met with two representatives from the Organization of American States Small Business Development Centre last week as part of efforts to develop a Small Business Development Centre in the country, and to create one in Grand Bahama.

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