The Jamaica National Group has managed to acquire a banking licence in the United Kingdom, which is a historic move for a local entity.
With this, the financial services provider can now offer services not only to residents there but also facilitate cross-border transactions to group members. JN received the licence around mid-December.
What it also means significantly is that JN would no longer need an intermediary bank to facilitate cross-border transactions that have been a major headache for banks across the region, due to the challenges associated with de-risking.
The group, which already offers some services in the UK, will be seeking to provide new services to its clients from the Caribbean Diaspora with the plan to provide these services to the general population in due time.