Mastercard and The Caribbean Affiliation of Banks Inc. Signal a MoU

MIAMI – Mastercard has signed a Memorandum of Understanding (MoU) with the Caribbean Affiliation of Banks Inc (CAB), the consultant physique and acknowledged voice for banks and different monetary establishments within the Caribbean.

The partnership’s central goal is to allow cross-border funds throughout all CAB member jurisdictions, as a strong instrument to are inclined to the area’s unbanked and underbanked populations and bolster monetary inclusion and financial progress.

As a part of its dedication, Mastercard will activate its know-how, assets, and experience to assist banks efficiently combine this revolutionary resolution into their product choices, in addition to share its information and academic platforms to lift consciousness amongst residents and small enterprise homeowners on the advantages of this service and different digital monetary instruments that may assist them attain their fullest potential and enhance their residing requirements.

Mayra Vivacqua and Wendy Delmar - Mastercard and The Caribbean Association of Banks Inc Sign a Memorandum of Understanding
Mastercard and The Caribbean Affiliation of Banks Inc Signal a Memorandum of Understanding

Enhancing Digitalization within the Caribbean

Mayra Vivacqua, Cluster Lead for Mastercard Caribbean (West & Dutch, Jamaica & East Caribbean, and Puerto Rico), stated “We’re thrilled to enter into this partnership with the Caribbean Affiliation of Banks Inc, which is able to drive the area’s digitalization and supply prospects throughout numerous sectors, together with shoppers, SMEs, authorities companies, B2B, and business entities, a safer, simpler, and extra handy manner of transferring cash throughout borders. The information and knowledge we’ll leverage from this collaboration will allow us to advance monetary inclusion and stimulate financial progress within the Caribbean area.”

Mastercard Cross-Border Providers assist banks modernize and optimize their world funds enterprise to ship an expertise for individuals and companies that’s safe, seamless, and sure. Finally, the collaboration between Mastercard and the Caribbean Affiliation of Banks Inc will present unbanked and underbanked populations within the English Caribbean entry to trendy monetary companies, permitting them to get pleasure from the advantages of the digital financial system and offering them with priceless cost experiences.

“I’m profoundly happy on the profitable execution of this Memorandum of Understanding. Cognizant of the immense challenges confronted by the area, regarding intra and inter regional funds, primarily on account of the onslaught of de-risking exercise, that is actually a step in the best course and exemplifies the tireless efforts of the CAB to determine revolutionary options to the challenges of current”, said Wendy Delmar, Chief Govt Officer of the Caribbean Affiliation of Banks Inc. “The CAB acknowledges the rising prices and complexity associated to the switch of funds amongst jurisdictions and is happy to offer an choice to the general public by way of our member banks that’s price environment friendly and underpinned by the adoption of know-how”, she added.

This partnership is a part of Mastercard’s dedication to providing options that reply to particular market wants, benefiting thousands and thousands of individuals within the Caribbean and taking a major step in the direction of attaining monetary inclusion within the area.


Originally posted 2023-06-12 22:29:32.