While the central bank predicted at the start of 2012 that new technology might have an impact on remittance flows, such as the Zoompass Wallet, local companies say the absence of an approved policy on mobile money is likely to leave Jamaica far behind in the more efficient digital transactions arena.
Kavin Hewitt, the CEO of mobile money services company Mozido Jamaica said that while his company’s own version of the technology, Genius Wallet is available in other jurisdictions, its introduction in Jamaica would be further subject to the regulations of this market.
In other words, the Bank of Jamaica would likely have to sign off the digital services, and while it spells delays in product rollouts, some players say there is good reason for the central bank’s caution.
“Jamaica has a high profile with regards to money laundering, so we have to tread carefully. The BOJ (Bank of Jamaica) is leaving no stone unturned,” said managing director of Lasco Financial Services Limited, Jacinth Hall-Tracy, on Thursday.
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