VM Innovations, the fintech arm of the VM Group, said it is positioning to take advantage of some new financial products in the market including the much-touted central bank digital currency (CBDC).

The subsidiary, launched earlier this year, is the latest addition to the just rebranded VM Group which has been tasked with the responsibility of seeking new business in the areas of property and financial technologies.

Responding to queries from journalists at a forum held this week with the Jamaica Observer, Maurice Barnes, chief executive officer of VM Innovations, said that plans to participate in the Bank of Jamaica (BOJ) fintech regulatory sandbox were now in train and at the discussion phase.

“We expect to have some products and services hitting the market in the first quarter of next year. These include payment solutions such as the BOJ’s CBDC which will be our first product. Work is now in progress so as soon as that is completed we will begin testing. We are constantly looking at the space and at new trends as far as financial technology is concerned,” Barnes said.

The CBDC roll-out, which is now in its pilot phase, has started to onboard deposit-taking institutions and authorised payment providers who will test the currency among their customers. A national roll-out of the currency is expected to begin early next year.

“We are also looking at a property management system for both residential and commercial property management. We want to introduce a platform that will drive a new mortgage experience or a new experience in the acquisition of real estate and homeownership as we look at more digitally-enabled solutions that will allow for the coming together of different stakeholders within that homeownership ecosystem. That platform is also expected to be piloted in first quarter next year,” Barnes said of the other products to come.

The VM Group, as it also moves to double down on other opportunities arising from its digital transformation agenda, is likewise set to roll out some new card products over the next few months.

“We’re going to be launching credit cards later this year, a Visa credit card later this year followed by a Visa debit card early next year,” disclosed Peter Reid, CEO of building society operations for the VM Group.

The VM group following its transformation reveal this week has repositioned as a financial group and is no longer focused on its core building society and mortgage lending business but now operates as a consolidated holding company — offering its clients a wide range of products and services through diversified strategic business units.