NCB subsidiary gets license approval to target the remittance market. This subsidiary TFOB (2021) Limited (The Future of Business), is solely focused on new technologies and is basically responsible for pushing NCB into the future of fintech.
One of the latest and most successful projects thus far is Lynk, which is a digital wallet that can be used to transfer money, make bill payments and make other financial transactions within Jamaica at the moment.
TFOB will be offering this service through Lynk and it will also help to push BOJ’s initiative to make digital currencies more adaptable within Jamaica. This remittance market is currently valued at US3.49 billion which has been increasing steadily over the years. Last year’s figure stands at approximately US$2.90 billion, there has definitely been some sort of increase.
The remittance market locally has been going through a digital transformation over the last few years. There have been various challenges such as KYC and poor customer service, but the industry has been steadily improving and has players from other industries vying for a piece of the pie.
Digicel the large telecommunications provider is a notable example of a company that has shown interest in this market. They have been slowly investing in this space. It will be interesting to see how the key players navigate this space going forward.
