Two of the region’s most venerable organisations have taken steps to begin working more closely with one another. The Caribbean Association of Banks (CAB) Inc. and the Caribbean Examinations Council® (CXC®) recently signed a Memorandum of Understanding (MOU) for the establishment of mutual cooperation for the advancement of the Caribbean’s human resource competitiveness, and engagement in the areas of education and human capital development.
The agreement was concluded on November 11, 2020, between Dalton Lee, CAB Chairperson, and Sheree Deslandes, Director of Corporate Services (Acting) at CXC®. The process came about in part due to CAB’s desire to improve the education and learning methods established for financial services studies qualifications.
CXC®, meanwhile, is charged with the responsibility in the Caribbean Communities to undertake, aid and promote education through the coordination of the development of syllabi and administration of examinations and other forms of assessment.
Dr. Wayne Wesley, Registrar and CEO of CXC®, expressed his satisfaction at this latest example of regional cooperation noting that, “this agreement will significantly assist in fortifying the pathways for careers in the growing financial services industry for Caribbean students. CXC® looks forward to the successful execution of this partnership and the positive impact that it will have on the human capital development of the region.”
Mr. Lee, meanwhile, stated that this relationship will have a significant impact on the industry throughout the region. He said, “Education is one of the key pillars for CAB, as we aim to improve skills at every level of the regional banking and financial services sector through a variety of training and development opportunities and collaborations such as this. Specifically, our collaboration with CXC®, through this MOU, will provide young people at the high school and CAPE levels with a strong foundational understanding of the principles of banking and finance, along with opportunities to be exposed to real world application of those principles.”
Among the specific areas of cooperation covered under the MOU, CAB will provide subject matter experts from within the ranks of its membership to serve as presenters / facilitators for teacher orientation / training workshops and educational webinars. The two parties will also collaborate on the development of content for CXC’s online platforms, and CAB will work with CXC® to support the formal syllabus development and syllabus review processes for CAPE® Financial Services Studies and CXC® Associate Degree (CXC®-AD) Associate of Arts – Financial Services Studies. This will be with a view to making those syllabi more robust.
One of the most exciting aspects of this partnership, specifically for students involved in the aforementioned CAPE® programme, will be the establishment of an internship pilot programme, which seeks to secure internships with CAB members for the top performing students across the region. CAB and CXC® will also work together on an advertising, marketing, and communications plan, comprising accounting and finance-specific marketing material.
The MOU will remain in effect for three years in the first instance. CXC® and CAB are both regional entities of long standing, the former having been established by the Caribbean Community (CARICOM) Heads of Government in 1964, and the latter by the same body in 1974.
About the CAB
Established in 1974, the CAB is a community of banks and other financial institutions in the Caribbean Region, which proactively influences issues impacting the financial services sector through advocacy, education and networking. The CAB represents 56 banks and financial institutions in the Caribbean with an asset base in excess of US$41 billion as at Dec 31, 2019, in addition to 16 Service members comprising regional and international technological and professional institutions and three Honorary Members, and six Associate Members, spanning 20 territories.