November 2, 2020

Global card company Mastercard is working with its banking partners to implement money-sending services in Jamaica utilising its network. The mobile application will come online in 2021, according to Dalton Fowles, country manager for Mastercard in Jamaica and Trinidad & Tobago. “Before the end of next year, the Jamaican people will be able to enjoy peer-to-peer transfers from their phones,” said Fowles, at an event marking the company’s one-year anniversary in Jamaica. He added that it would meet all the regulatory guidelines and allow for transfers between all banking platforms, which is referred to in the industry as interoperability. Mastercard is deepening its operations in Jamaica’s payments market at a time when the providers of mobile money services are struggling to get subscribers to hop aboard. Fowles acknowledged that local mobile wallets have not taken off, but said the solution provided by Mastercard would provide further value by tapping into its global network. “We are having conversations with various stakeholders about making sure as a market we can introduce peer-to-peer mobile transfers. A lot of companies have tried it in the past and it hasn’t been successful,” he said. Mastercard wants to convert into electronic transfers some of the cash in local circulation, which was hovering at around US$9 billion to US$11 billion – or roughly $1.5 trillion in local currency – in 2019, Fowles said. Details on the precise working of the application were undisclosed as negotiations are ongoing. Fowles added, however, that the solution would also seek to woo Jamaicans without formal bank accounts as their entry into the formal system. “Imagine what it would mean for those who are heavily cash dependent and have a legitimate business,” he said, while noting service would keep records of inflows and outflows per user. “They will have the records that they can take to their bank and say ‘These are my flows. I have a great idea and I want to expand my business’.” A year ago, Mastercard decided to expand its Caribbean presence, setting up an office in Jamaica with the commitment to develop and innovate a secure payment ecosystem in this market. It aims to bring new technologies to increase access to money while securing commerce, physical and digitally. As part of its back-end services, the company introduced Mastercard Digital Enablement Service which gives cardholders an added layer of security when shopping. With this system, consumers can record their card credentials on their connected device, mobile wallet, or online merchant site without the risk of exposing the actual card account details. Mastercard International recently announced a commitment of US$250 million to be deployed over five years to support small businesses in financial, technology, product, and insight assets globally. Simultaneously, the company expanded its worldwide commitment to financial inclusion, pledging to bring a total of one billion people and 50 million micro and small businesses into the digital economy by 2025. Part of that effort includes direct focus on providing 25 million women entrepreneurs with solutions to grow their businesses. Source: http://jamaica-gleaner.com/article/business/20201101/mastercard-plans-money-transfers-jamaica-2021

The Plant Quarantine Produce Inspection (PQPI) Division, Ministry of Industry, Investment and Commerce, will be the next border regulatory agency (BRA) to implement a platform under the Jamaica Electronic Single Window for Trade (JSWIFT). JSWIFT is a one-stop-shop facility designed to provide fully automated services to enable traders and their representatives to transact all attendant business engagements online through a single portal, thereby having access to the services provided by all cross-border regulatory agencies. The programme falls under the Ministry of Industry, Investment and Commerce. Speaking at a recently held Jamaica Information Service (JIS) Think Tank, Minister of State in the Industry, Investment and Commerce Ministry, Dr. the Hon. Norman Dunn, said that the PQPI is expected to have the platform ready before the end of the year. “We are ensuring that all the BRAs that fall under the Ministry and the Ministry of Agriculture and Fisheries will be brought on board in a whole-of-government approach,” he said. JSWIFT is intended to enhance trade facilitation and the delivery of services. The activities facilitated under the initiative include securing the requisite approvals from the relevant regulatory agencies or authorities for goods being imported and exported. A total of 20 government entities that handle import and export transactions are expected to implement JSWIFT across two phases. Dr. Dunn shared that the Pesticide Control Authority (PCA) and the Veterinary Services Division are also to be included in the first phase of the programme. “We are committed, as a Government, to ensuring that business with our departments and agencies is done in a manner that ensures that these businesses perform optimally, because we are their steady partner in realising greater efficiency,” he noted. JSWIFT is being hosted and operated by the Jamaica Customs Agency (JCA). Source: https://jis.gov.jm/plant-quarantine-produce-inspection-division-to-implement-platform-under-jswift/

Over 8000 import and export permits have been approved by the Trade Board Limited, through the Jamaica Single Window for Trade (JSWIFT) portal, since June 2020. JSWIFT is a single electronic platform providing fully automated access to all cross-border regulatory agencies, enabling traders and their representatives to transact all businesses online. The one-stop-shop allows importers and exporters to apply for licenses, permits, certificates, and any other international trade-related documents through a single portal. Speaking at a Jamaica Information Service Think Tank session on October 30, Minister of State in the Ministry of Industry, Investment and Commerce, Dr the Hon Norman Dunn said, the Government has been pursuing several initiatives in the last few years to improve the business and trade environment in Jamaica. “The purpose of the Government is to create an enabling environment for our stakeholders to ensure that they receive the optimal service from us because we are their steady partner in realising greater efficiency,” he said. “JSWIFT is a great example that we are utilising to show this approach [that the] Government can institute a portal that will ensure that persons can do …online transactions and to ensure that it is done in the shortest possible time,” he added. The Trade Board Limited is the first Cross-Border Regulatory Agency to pilot the full-scale implementation of JSWIFT, with the integration of export facilitation services done in June and the incorporation of import facilitation services in July. Dr. Dunn noted that the Trade Facilitation Unit and the Ministry, have been very responsive to the feedback from the users of the platform, with several modifications made since its implementation earlier this year. “We want to commend the Trade Facilitation Unit and the entire Ministry that have worked assiduously on this project, they identified solutions when the issues are brought to their attention and their quick action with the various partners have allowed for us, for the first implementer (Trade Board Limited) to form solutions for the issues,” he explained. JSWIFT is being implemented, hosted and operated by the Jamaica Customs Agency (JCA) on behalf of the Government of Jamaica. Source: https://jis.gov.jm/over-8000-permits-approved-through-jswift-since-june/