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Regional fintech WiPay Caribbean recruits former deputy BOJ governor as chairman

Regional fintech company WiPay Caribbean has recruited, with immediate effect, former Bank of Jamaica (BOJ) Deputy Governor Livingstone Morrison as chairman of its board of directors.

The announcement of Morrison’s appointment was made last weekend by the start-up company, which has operations in Jamaica, St Lucia, Trinidad and its home base in Barbados. Morrison’s appointment is seen as crucial as he will be offering regulatory guidance and insight, as WiPay work towards reshaping the Caribbean’s financial landscape.

In his capacity as BOJ deputy governor, Morrison had responsibility for administration and technical services, finance and technology and payment system and risk management. In addition, he has served as chairman of the Regulatory and Market Oversight Committee of the Jamaica Stock Exchange (JSE) and is a director of the Jamaica Central Securities Depository Limited (JCSD) as well as the JCSD Trustee Services Limited.

WIPAY STRIVING FOR FINANCIAL INCLUSION AND CONNECTED CARIBBEAN

Both entities are subsidiaries of the JSE, which regulates Jamaica’s equities market. In welcoming Morrison to WiPay, chief executive officer and founder of WiPay Caribbean, Aldwyn Wayne, remarked that, “Morrison’s understanding of the regulatory framework will assist WiPay in achieving its long-term vision of financial inclusion and a connected Caribbean.”

WiPay Jamaica Country Manager Kitwe McCann, who also commented on Morrison’s appointment, said, “WiPay is resolved in its commitment to addressing the financial inclusion and needs of the unbanked and underserved, which will be well served and guided experience that Morrison brings with him. As a former deputy governor of the Bank of Jamaica, Morrison’s direction will be key in navigating the regulatory space and building upon our financial awareness.”

READY FOR THE CHALLENGE

In his response Morrison stated, “I welcome the opportunity to serve as chairman of the board of directors of WiPay Jamaica. WiPay, in a relatively short period of time, has grown to become the leading fintech company in the Caribbean.”

He noted that as the novel coronavirus pandemic dislocate families and organisations and disrupt economic activity, it should be clear to all that wider access and utilisation of digital financial services must be embraced as an integral part of Jamaica’s economic recovery. Morrison is looking forward to leading the WiPay board in guiding the company through the next phase of its development.

The new WiPay chairman is committed to supporting stakeholders, including Government, regulators and financial institutions, in providing the vast majority of Jamaicans with financial services that satisfy their need for access, safety, efficiency and competitive prices. Morrison holds a master’s degree in accounting from the University of Oxford and is a graduate of The University of the West Indies.

In three years, WiPay’s platform has emerged as the Caribbean’s leading online payment solution. In its first year, WiPay partnered with Republic Bank, the Caribbean’s largest bank, and the following year partnered with MasterCard and was the first registered PayFac (payment facilitator) in the region registered by both MasterCard and Visa Networks.

Most recently WiPay announced its partnership with EMTECH to create and develop a regional settlement network based around Central Bank Digital Currency (CBDC) with participating central banks.