JMMB exploring CBDC options
JMMB Group, in its quest to onboard digital currency offerings, said it is currently at an exploratory phase in the central bank digital currency (CBDC) project, which is now being rolled out nationally.
“At this time the group is seeking to identify the right technology partner to work with, to deliver the greatest value to our clients,” general manager for digital services at JMMB Gifford Rankine told the Jamaica Observer this week.
The digital currency, or Jam-Dex, project being rolled out by the Bank of Jamaica is now being pushed by the National Commercial Bank (NCB) through its Lynk wallet. As the project picks up steam, other financial institutions are expected to become enrolled especially as the country tries to fast-track a digital economy.
The group, which said it was well-advanced in executing its digital transformation machinery, is also gearing up to launch a number of new products through which it is also seeking to push its organic and inorganic growth objectives.
“The JMMB Group has several new solutions at various levels of development. Specific offerings that will be rolled out in the short term include: merchant-acquiring products such as point-of-sale and e-commerce solutions to serve mainly small and medium-sized and corporate clients; new payment solutions in partnership with Norbrook Transaction Services, and new mutual funds, to support further diversification and the financial goal attainment of clients,” stated Claudine Tracey, group chief strategy officer, in responding to queries from the Business Observer.
Delivering its highest profit at $12 billion during the last financial year ended March, a 56 per cent increase when compared year-on-year, the regional financial conglomerate credited its commendable performance to the easing of COVID-19 containment measures driven by an uptick in business activities and the unfettered delivery of services to customers. Creditable returns from its investment in Sagicor Financial Company (SFC) Ltd associate also contributed some $5.08 billion to the year’s outturn.
Revenues for the 12 month period totalled $26.6 billion— 19 per cent above the previous year while total assets climbed to $614 billion.
Group chief executive officer Keith Duncan, expressing his satisfaction with the performance, said the group throughout this financial year will continue in increasing shareholder value through its business line and regional diversification strategies despite current challenges.
He said, irrespective of the continued volatility in markets globally and supply chain disruptions which could pose a challenge to the expected growth, the group in executing its strategy for more positive outturms, “will be laser-focused on efficient growth, maximising the revenue contributions from new and evolving solutions aligned to empower our clients to achieve their goals”.
“We will continue to accelerate our digital transformation imperatives, creating a unique omni-channel design,” he noted.
Positioning to double down on value-creating acquisitions and business development ventures across the region, the group said it also wants to engage new territories outside of its Dominican Republic and Trinidad and Tobago operations.
“The group continues to actively explore merger and acquisition prospects as favourable opportunities are observed in the Caribbean and Latin America, in line with our thrust towards further regional expansion, as well as deepening our presence in existing territories,” Tracey said.