The Bank of Jamaica, BOJ, says its trial run for the roll-out of its still unbranded central bank digital currency, CBDC, has been a success despite its take-up by only one financial institution.
National Commercial Bank Jamaica, NCB, was the only payment service or wallet provider that was ready to test the digital payment system in the months-long pilot period designated by the central bank for late this year and which was open to financial entities already approved for the central bank’s so-called sandbox for new, technology-driven financial solutions.
NCB tested the system using its Lynk payment platform, a service being provided by its newly formed subsidiary, TFOB Limited. TFOB, which stands for The Future of Business, is the bank’s newest vehicle for the roll out of a range of non-traditional and cutting-edge financial services, utilising the latest technology, in a bid to grow market share and keep up with emerging technology and market trends.
“National Commercial Bank, based on the extent of their experience in the sandbox, came onboard with the BOJ to test the range of services to be offered using the CBDC solution. Success of the pilot project was dependent on whether a central bank digital currency, along with the attendant technology solution, could be successfully implemented in Jamaica,” the BOJ said in a statement on Friday.