354 James Walter Francis Drive
RJT Edifice Building, 5th Floor
Road Town, TORTOLA VG1110
Tel: 284 468 2730
Fax: 284 468 2750
Premier and Minister of Finance for the British Virgin Islands, the Honourable Andrew A. Fahie announced today the forming of a partnership with the company, LIFElabs.io, for the purposes of providing Rapid Cash Response in the event of an emergency, and also creating an alternative digital currency payment method for facilitating ongoing financial transactions across the network of islands.
Premier Fahie, a thought leader in the fast emerging blockchain technology space, stated “It is of utmost importance that our citizens receive immediate and proportional response in the midst of emergencies. LIFElabs’ innovative financial technology comes at a pivotal time for our people and our economy, while the memory of recent natural disasters remains fresh in our minds and hearts, and the pressure for increased economic efficiency keeps mounting. It is with high expectations that we enter into this unprecedented partnership, together, building a better BVI for the future.”
In this ever-changing landscape, Premier Fahie has recognised the opportunity to be an early adopter, promoting this pioneering industry in the British Virgin Islands. Provisions have already begun to host blockchain conferences in the near future, while welcoming new business opportunities.
LIFElabs.io CEO, Sanjay Jadhav remarked “The intrinsic value of LIFElabs.io’s platform is found in its trifecta of security, transparency, and efficiency. It is estimated that adopters of our blockchain Platform as a Service (PaaS) will reduce their current transactional fees in excess of 50%, all while incurring zero out of pocket cost to implement it, speeding the average transaction time exponentially compared to Automated Clearing House (ACH) electronic payments, wired or over the counter cash transactions.”
The British Virgin Islands has an estimated GDP of over $1 Billion, and suffered damages in excess of $3 Billion during hurricane Irma. Swift response to natural disasters is a goal that all governments strive for, and LIFElabs.io is committed to making a substantial and compelling difference in the philanthropic sector. Innovation, growth and philanthropy are at the core of this partnership as we strive to deliver a program that has never been accomplished before.
The LIFElabs.io implementation for the BVI will allow island residents to download the LIFEwallet® app on either Apple iOS or Google Android mobile devices, accessing an account that can have funds deposited into it whenever a disaster strikes. For users who do not currently have smart mobile devices LIFE will provision for digital currencies to be sent and received via SMS. The wallet app can also be used for peer-to-peer (P2P) transactions, or in daily commerce, purchasing essential goods and services from local businesses. LIFElabs.io pioneering blockchain technology is a major advancement over traditional banking, where ‘bricks and mortar’ locations can be damaged or destroyed, and thereby preventing access to much needed funds during an emergency or humanitarian crisis.
LIFElabs.io will also allow people from across the world to donate directly to the BVI/LIFE Rapid Response Cash Fund in the event of an emergency with incoming funds confirmed on the blockchain by anyone with access to the Internet. Local charities will also be able to play a key part in supporting communities that require immediate help. This charity platform will ensure the public can see exactly where their funds are being used and for their intended purpose, creating trust for communities in hardship and transparency for the donors, utilising the transactional service and ground-breaking technology provided. This, is in stark contrast to the 2010 earthquake in Haiti, where unfortunately only a fraction of the donated funds from across the world actually reached the local communities in need.*
*Source UN - The United Nations said that in total $13.34 billion had been earmarked for the crisis through 2020, though two years after the quake, less than half of that amount had actually been released, according to U.N. documents.
About the British Virgin Islands:
Known as a treasured destination, rich in undiscovered experiences, the British Virgin Islands (BVI) is an alluring archipelago comprised of 60 islands and cays located 80 kilometers (60 miles) east of Puerto Rico, in the northwestern region of the Caribbean Sea. The main islands of Tortola, Virgin Gorda, Anegada and Jost Van Dyke have attracted travelers globally with its cultural Caribbean authenticity. Located in Tortola, Road Town is the British Virgin Islands’ capital.
Recently ranked #1 Best Place to Visit in the Caribbean for 2017-2018 by U.S. News, the BVI is where nature’s best secrets are kept with an abundance of pristine beaches, azure seas, towering sage mountains and burnt-orange sunsets. It’s no wonder the BVI’s Virgin Gorda and Jost Van Dyke were featured on the “Top Islands in the Caribbean, Bermuda and the Bahamas” list in Travel + Leisure World's Best Awards 2017.
LIFE® - 'Simply for Everyone' - https://www.lifelabs.io/
Follow on Twitter, Facebook and Instagram: @LIFElabsHQ
With a unique vision to make a positive impact to humankind across the globe, supporting community projects, humanitarian charities, improving well-being, sustainability, health, education and welfare. LIFElabs® a FinTech company has ring-fenced 30% of its Ethereum blockchain based, digital currency, LIFEtoken® to support global philanthropic causes around the world. They identify and support charities making a real difference by funding innovative and pioneering projects each and every year, aligning with their long-term mission and mantra.
LIFElabs.io® is the research and development hub responsible for LIFEtoken®, LIFEwallet®, LIFEcard® and LIFEPaaS® - 4 distinct yet intrinsically linked products. With the objective to bring digital currency and blockchain technology to the masses.
LIFEtoken® - is digital cash, like the money in your online bank account. A tokenised reward system for businesses, charities, communities and innovation projects. It can be bought, sold and traded like shares, or used simply to purchase items from a growing number of partner retailers.
LIFEwallet® - a digital wallet for storing and sending LIFE, ETH, BTC and other ERC20 compliant tokens. Designed with simplicity, trust and security in mind, ensuring funds are accessible and secure.
LIFEcard® - a soon to be released pre-paid debit card with a difference. It will enable card-based payments for goods and services using LIFE and other digital currencies (including Ethereum and Bitcoin).
LIFEPaaS® - a 'Platform as a Service' for both the philanthropic and business sector, supporting the utility and long-term benefits of blockchain technology to further their respective causes.