Sagicor seeks to take payment industry to next level
Sagicor Bank Jamaica has said that they are ready to lead the charge in transforming the payments industry in Jamaica. This they hope to do by embracing technological advances and deepening its focus on innovation.
Assistant vice-president of Sagicor Bank’s cards and payments division, Kevin Chin Shue, upon taking on his new role earlier this year, said the bank is now focused on its goal of using innovation to bring payment solutions to the market, especially those that will promote financial inclusion and facilitate the growth of the micro, small and medium-sized enterprises (MSME) sector.
“I am so passionate about the payments industry now because this is a part of what is going to take Jamaica to that next level in terms of getting us to the point of being more transparent and less dependent on manual methods,” he said.
Further noting that the bank is keen on keeping up with trends in the industry towards modernisation and digital payment solutions, Chin Shue has also said that the bank is moving in a strategic direction towards enabling this.
“We have been very deliberate in bringing new products to market and making our existing products better as we go along,” he stated. In his quest and excitement for building the industry, he hopes to utilise his trainings in finance and management information systems and his background in sales to do so. He is of the view that the payments sector in Jamaica must take lessons from stakeholders in jurisdictions internationally, in forging a way forward as they also recognise what will be relevant to the local market.
“It is exciting to be part of that transformation in Jamaica and to develop products and services that will make business in Jamaica better and more attractive locally and internationally.
“I am happy to be a part of a group of companies that is consistently aggressive about growth. With Sagicor, every year, it’s about how do we grow, how do we get to the next level; nothing is off limits when you are focused on being innovative and giving clients personalised and convenient banking solutions,” he said.
He also shared that as the bank will continue to expand its reach in the MSME sector, through its SWYPE product—a mobile point-of-sale machine which gives micro and small business entrepreneurs the opportunity to participate in the payments space and contribute positively to the economy.
“We have fish vendors, hairdressers, craft market vendors, who are now able to accept credit card payments and it is a pleasure for me to know that we are able to help take their business to the next level. It is so meaningful to know that we are making a difference in that sector,” he said.