British Virgin Islands Enter Partnership with LifeLabs and LIFE Token as Protective Backup Plan
The Premier and Minister of Finance for the British Virgin Islands, Andrew A. Fahie recently announced that they are entering a partnership with LIFElabs.io. The partnership is intended to provide 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.
Official Company Announcement: The British Virgin Islands and https://t.co/Jnu6KjRDLO Enters Into First-of-its-Kind Partnership to Provide Blockchain-based Financial Transactions and Rapid Cash Response for Emergencies @BVIGovernment @bvigovoff @GusJaspert https://t.co/5csFOpRGGK pic.twitter.com/Jjkr5M9Vu3
— LIFElabs.io® (@LIFElabsHQ) April 18, 2019
Premier Fahie, stated:
“It is of utmost importance that our citizens receive an 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.”
With an estimated GDP of $1Billion, the island suffered losses for over $3Billion during hurricane Irma. LIFElabs.io is committed to making a substantial and compelling difference in the philanthropic sector.
The official announcement says:
“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, were ‘bricks and mortar’ locations can be damaged or destroyed, and thereby preventing access to much-needed funds during an emergency or humanitarian crisis.”
Their CEO Sanjay Jadhav responded:
“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.”