The British Virgin Islands’ (BVI) Chad Lettsome will be advancing to the finals of the ‘Present Your Startup’ business competition, scheduled to be held in Haarlem, Netherlands on November 28.
Lettsome, who was also named the best start-up in the second edition of the Caribbean leg of the competition in Curaçao last month, is competing with his business pitch ‘Ching’- a FinTech solution for the Caribbean, which helps small entrepreneurs with an app that scans credit cards and makes it possible for the user to pay with a signature.
The young BVIslander's success thus far has been praised by Premier and Minister of Finance, the Honourable Dr. D. Orlando Smith.
“Mr. Lettsome’s start-up business, Ching, is a great step in the right direction for the Virgin Islands, considering the Territory’s dominance in the financial services industry, and need to diversify its economy,” the Premier stated.
He added that the app is “a perfect merge between the Territory’s twin pillars as it taps into the spending habits of the tourism industry by providing a solution through the Financial Services sector with FinTech.”
While the app is being used locally and in Jamaica, Lettsome had announced a partnership with CX Pay from Curaçao to expand his product to Curaçao.
The Premier Smith hailed COSME, a European Union funded programme, for the funding provided for Lettsome’s participation.
The competition saw 40 entrepreneur submissions from which 15 entrepreneurs were selected based on a 5 key shortlisting criteria, which included Innovative, Scalable, Market Potential, Impact and Team.
Of the 15 entrepreneurs selected, eight were from the Caribbean Overseas Countries and Territories (OCTS).