Caricom signs MOU for AI integration

AS artificial intelligence (AI) becomes a more critical component of education and finance, the Caricom Private Sector Organization (CPSO) Secretariat has signed a memorandum of understanding (MOU) with financial education provider WizdomCRM Caribbean Ltd.

Aiming to digitally transform Caricom nationals, firms and enterprises in trade and finance through the use of AI, the MOU prompts the launch of a sustainable stock market game and AI tutor platform in Caricom’s primary, secondary and tertiary education institutes.

A minimum of 100 students per territory are set to participate in the 12-month programme AI tutoring programme designed for academic support. In addition, 500 students will be adopted for the Stock Market Game.

The MOU also aligns with CPSO’s objective to enhance trade, investment and economic growth through digital transformation through the development of a global export AI platform. It is set to provide real-time data analytics, AI-driven insights and predictive market trends to equip the regional private sector with data-driven tools to optimise trade missions and policy formation.

Applauding the partnership, CPSO CEO Dr Patrick Antoine said the signing comes at a time when regional heads are conducting studies to determine the structure of an ideal regional stock exchange.

“This signing today fits very well into this initiative of the regional stock exchange and the financial market integration that we saw in Caricom .

“Preparing our young and not so young students, inducing those in university, to engage with this very important initiative that’s been sought after for some time,” he said at the MOU signing on May 29.

“...We are also joining in a movement which at this time is progressing rapidly in developed countries such as the US, Canada and Europe.

“Inking our long-term partnership means that our region’s people are going to be prepared to be more equipped for what’s happening at a global level.

He said the message of Caribbean people not being left behind is what the MOU supports.

“What we’re trying to do today is to ensure that as the AI technology unfolds our students and our people are prepared to engage in it. As the trade opportunities unfold particularly at this time, our people and private sector will be prepared to engage and take advantage of these opportunities.

He said using AI-learning instruments will support the long-term goal of making information more available.

“We’re not quite there yet, but the signing of this MOU today signifies that we’re well on our way to achieving this goal which will place us at the forefront among developing countries.”