Digital Currency Promises New Opportunities For MSMEs

Digital Currency Promises New Opportunities For MSMEs

Local entrepreneurs are heralding the opportunities that now exist for Jamaicans due to digital transition. The stance was made at the recently concluded Wealth Summit on Digital Financial Inclusion hosted by the Ministry of Finance and the Public Service.

All six presenters at the summit, who were drawn from the public and private sectors, advocated for the benefits to be derived from the digital transitions taking place in Jamaican businesses. The presentations outlined how adapting to the digital shift can redound to the benefit of not just individuals but the country at large.

In making the case, Deputy Governor of the Bank of Jamaica, Natalie Haynes, spoke about the BOJ’s initiative on digital currency. Mrs. Haynes noted that through the Central Bank Digital Currency (CBDC) Project, the Bank will contribute to the financial inclusion process by enabling easy to obtain, simple and secure access to financial products and services. “Central bank digital currencies (CBDC) are a digital form of money issued by a central authority. CBDC serves as an addition to the current pool of retail payment instruments in Jamaica.” Mrs. Haynes said.

Noted financial guru and Chief Executive Officer of Supreme Ventures Services Limited, Dennis Chung, focused on the topic Transitioning to Digital. Mr. Chung said Supreme Ventures was able to successfully transition during the pandemic by being innovative: “There is a difference between digital transformation and digital transition. Digital transition is really about upgrading software but transformation is when we deploy dramatic new technology. What we have done is to blow up the old business models, and if we don’t do that it is going to be difficult to survive.”







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