Business
Alaric Technology Underpins Jamaica Mobile Money Launch
About Transcel: Transcel was founded to deliver the next-generation of on-demand financial services based on intelligent mobile systems technology. The Company’s services have been designed to:
1). meet the regulatory, market and security requirements in the North America/Caribbean Basin transnational financial corridor;
2). bypass unnecessary costs associated with traditional financial transactions;
and 3) provide the services interoperability infrastructure that supports the complex partnerships required to deliver cross-border mobile money services.
Management brings a unique approach to the venture by leveraging world-class software development and a highly scalable business model. The Company is positioned as a services platform and a services bridge to deliver and interconnect emerging new services. The Company’s strategy aims to capture a leading role in mobile microfinance and a dominant position in the marketplace for cross-border person-to-person transfers in the Caribbean region.
About the Development Bank of Jamaica: The Development Bank of Jamaica’s mission is to facilitate economic growth by assisting in the development and modernization of all viable enterprises in the agriculture, agro-processing, services, manufacturing and tourism sectors of the economy.
The Bank provides funding and technical assistance to major projects and programmes but has expanded and improved its assistance to small and medium-sized enterprises – which are widely recognised as the engine of economic growth and development, especially in small economies.
The Development Bank of Jamaica does not lend funds directly to individuals or promoters of projects. Instead, funds are channelled through partners referred to as Approved Financial Institutions (AFI) which include commercial and merchant banks, and credit unions; and Micro Finance Institutions (MFI). These institutions provide the initial credit evaluation and loan supervision before on-lending to clients with viable projects in the productive sector. The Development Bank of Jamaica’s other major function is the privatization of Government-owned assets. In addition, since 2012, the Development Bank of Jamaica has been designated the secretariat for the Government’s Public-Private Partnerships programme.
