Just like its counterpart Lynk, GraceKennedy’s GK ONE app wants a piece of the digital receipt and payments pie. The new mobile app has received over J$290 million in Western Union remittances since its launch in November 2022.
The GK ONE app boasts several features, including a digital wallet, and a free companion pre-paid card which can be used anywhere Visa is accepted locally, online, or abroad.
This is another of GraceKennedy’s push to build out its Grace Kennedy Financial Group market reach. The group currently offers banking, insurance, pensions, investments, and a range of other financial services.
This push into fintech is a wise decision in my opinion. It’s an area that is new to Jamaica and the Caribbean and is in need of development. GraceKennedy Limited (GK) is one of the largest conglomerates in Jamaica and the wider Caribbean and is the perfect entity to take on this challenge.
Fintech is not an easy area to get into let alone dominate it due to the rapidly changing nature of technology. With the rise of Artificial Intelligence (AI), this is even more evident and requires a large amount of capital and expertise.
GraceKennedy’s economies of scale give it the leverage it requires to do this and I can only see the upside for the group as a whole. Globally, the fintech market is projected to reach a value of USD 556.58 Billion by the year 2030. By this estimate, Grace is sure to make a killing even with having only a small portion of the market share.
I welcome this undertaking by GK because competition is needed in this space to offer customers like myself the best products, and prices which will ultimately make it easy to live and do business in Jamaica by offering a world-class financial ecosystem.
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