In 2018, IOS Partners, Inc., together with IOSsoft, Inc, was contracted by the Inter-American Development Bank (IDB) to develop a Collateral Registry System for the Government of Guyana. The project was successfully completed in 2021. Since then, IOS Partners has also reviewed the draft Secured Transactions Law and the Hire-Purchase Bill both of which are tabled for adoption into law in the future. To ensure a unified IT system for registering financial instruments emanating from these laws, IOS has now been approached by the Government of Guyana, through the Ministry of Business, with additional support by the IDB to integrate the requirements of the Hire-Purchase Bill into the Moveable Collateral Registry.
The overall objective of this project is to digitize hire and purchase financial instruments and integrate them into already designed and implemented modern, electronic Moveable Collateral Registry/Secured Transactions Registry (STR) System, recommend business and functional requirements that need to be developed to support the successful integration and implementation of the proposed Hire Purchase Bill with the secured transactions solution, and, if required, propose recommendations for legal adjustments for operational integration with the Moveable Collateral Registry System.
The automation of hire purchase instruments and their integration into the Movable Collateral Registry System will provide a more complete picture of the volume of credit being extended in Guyana and enhance the security of loans, by making the pledging of movable property relatively simple and inexpensive, and a more comprehensive profile on the exposure of borrowers. Lenders will be able to easily determine the financial obligations of borrowers and if assets are unencumbered and in the event of default, rapidly foreclose on the pledged assets, thereby reducing their risk of loss.
IOS Partners is looking forward to continuing working with the Government of Guyana, the Ministry of Business, the Commercial Registry, Inter-American Development Bank/Compete Caribbean Partnership Facility IDB (CCPF), and the relevant stakeholders from the private sector and the banking community on this important initiative.
