876 Solutions Partners with Dragonfly Fintech
SINGAPORE / JAMAICA - December 01, 2022
Singapore-based Dragonfly Fintech, a core banking solution provider, and 876 Technology Solutions, a Jamaican based managed solutions provider, today announced a strategic partnership as part of their commitment to driving the digital evolution of banks in the Caribbean.
The partnership is excited to make available Dragonfly's award-winning digital banking products powered by private enterprise-grade blockchain technology (a form of distributed ledger technology, DLT). Interest in Dragonfly's products has surged since its recent win at the 2022 G20 TechSprint global CBDC challenge organized by the Bank of International Settlement and Bank Indonesia, where its solutions for issuance, wholesale transfers, and retail payments were deemed superior to those presented by industry peers.
876 Solutions' technical expertise and intimate knowledge of the Caribbean market enhance and complement Dragonfly's capabilities and digital banking solutions. The partnership will focus on ensuring local capabilities to drive customer relationships, including designing innovative solutions that address unmet needs, executing implementations and rollouts, round-the-clock frontline support, and securing business continuity.
The Caribbean has become a primary focus for Dragonfly, where banks have placed digital banking and central bank digital currency (CBDC) as priority items on their roadmaps. There is a race to gain first-mover advantage with the launch of digital wallets that transact Jamaica's Jam-Dex, the Bahamas' Sand Dollar, and the Eastern Caribbean's DCash. Banks are designing new customer-centric digital products that redefine user convenience with simplified processes. Dragonfly's advanced production-ready solutions allow Caribbean banks to fast-track towards these goals, shorten the time to market, and make digital banking affordable.
Lon Wong, CEO and founder of Dragonfly, said, "The Caribbean nations are ahead of the vast majority of countries when it comes to CBDC. The region also has the potential to become a world leader in digital banking. We foresee synergies between 876 Solutions and Dragonfly that can catalyze digital transformations in the Caribbean banking industry with best-in-class products and customer service."
Trevor Forrest, CEO and founder of 876 Solutions, said: "We believe that banks operating DLT banking platforms will leapfrog the competition through significantly streamlined processes and reduced operating costs. Dragonfly's platform is an industry frontrunner. Its holistic design and advanced features enable operators to speed up the rollout of CBDC and digital banking services and replace legacy core banking systems."
About Dragonfly nCore Solutions
Dragonfly nCore is a digital banking infrastructure platform built using private enterprise-grade blockchain technology that powers Dragonfly's solutions for neobanking, retail and wholesale payments, central bank digital currency, and wealth management.
Dragonfly nCore advantages:
- Regulatory Compliant: Banks can automate the sign-off of customer transactions according to pre-configured compliance rules, set transaction limits, reverse transactions, freeze assets, and replace lost or compromised accounts.
- Scalable & Reliable: The distributed ledger network, available as a platform-as-a-service (PaaS), can quickly scale to serve a national rollout. If a network node goes offline, others immediately take its place, ensuring resiliency and zero downtime.
- Secure: Account access and data are protected by cryptography in the blockchain layer (certified by the National Institute of Standards and Technology) and enhanced security features in the application layer.
- Modular & Interoperable: APIs and SDKs available in common coding languages and microservices facilitate the provision of new banking modules and integration with legacy systems.
- Short Time to Market: Dragonfly's production-ready solutions can be deployed within three to six months, depending on customization requirements.
About 876 Technology Solutions
876 Solution’ is a provider of comprehensive technology solutions serving the Caribbean market. Its goal is to provide companies with integrated web based business technology services that will help increase their business productivity and reduce the costs associated with Information Technology.
The company’s services are designed with cutting cost and improving efficiency in mind. This comprehensive integrated set of services encompasses everything from business process improvement to complex IT outsourcing engagements. Its objective at 876 is to provide end-to-end solutions, allowing businesses to focus on what they do best, their business. Its services include:
- Blockchain Design & Development Services
- Digital Transformation Services
- Enterprise Content Management & eSignature Services
- Information and Data Security Services
- Enterprise Cloud Hosting Services
- Web Application Design & Development
For more information and to arrange a call, contact:
Nicholas Watson (Executive Director)
Trevor Forrest (CEO)