SVL to rollout cards for summer
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Technology and entertainment company Supreme Ventures Ltd is targeting summer for the rollout of a digital wallet and a Mastercard-certified debit card that it says could reshape how the business operates. Executive chairman Gary Peart said the products are now being tested in the Bank of Jamaica’s regulatory sandbox, the central bank’s environment for mobile money products, with public launch projected by the end of July, subject to regulatory approval.
Peart said the company has been working closely with regulators to develop the products and that moving beyond the sandbox would allow SVL to market them to the wider public, including customers who are currently unbanked.
“We project that we'll be able to sell to the public by the end of July, (2026) (or) somewhere around there, but again, it's subject to regulatory approval. So right now, we're testing in the sandbox,” Peart told the Financial Gleaner after the meeting.
In outlining the potential benefits, Peart said the products would give customers greater access to online and financial services that are now harder to reach.
“For example, there are a lot of our customers who either pay somebody to use their card to buy stuff on Amazon or Shein or to do business online. Now with our card, they’ll be able to do it themselves because the card is a Mastercard. It’s accepted anywhere in the world where the logo is,” Peart explained.
He added that the card will also be accepted on the Multilink network, giving users access to more than 800 ATMs islandwide, along with select SVL locations that will support cash-in and cash-out transactions.
“We currently have 2,000 points of sale. I don’t think we’ll have it in 2,000 of them, but probably at least anywhere between 400 to 500 of them as it grows out into the ecosystem. So, we’re excited about it,” Peart said.
Peart said the products should help to reduce overall costs while opening new revenue streams for the business. He added that the mobile money offerings have been under development for the last three years with significant investment that should ultimately support the company’s bottom line.
“We’ve spent almost a billion dollars getting to this point. Where we are as a group is that all the subsidiaries are now in a position to be cash flow positive and making profits,” Peart declared.
He said the growth would be seen across all aspects of SVL Group operations, including fintech and overseas business such as its operations in Ghana.
“This is a huge game changer for the business,” Peart declared.