#finance · 1 year ago

Bank Of Jamaica

The Bank of Jamaica, established by the Bank of Jamaica Law (1960), began operations in May 1961, terminating the Currency Board System which had been in existence from 1939. The establishment of the Central Bank was in recognition of the need for an appropriately regulated financial structure to encourage the development process, particularly as Jamaica was about to embark on the road to political independence. The main objectives of the Central Bank were defined by the Bank of Jamaica Act to be: To issue and redeem notes and coins. To keep and administer the reserves of Jamaica. To influence the volume and conditions of supply of credit so as to promote the fullest expansion in production, trade and employment, consistent with the maintenance of monetary stability in Jamaica and the external value of the currency. To foster the development of money and capital markets in Jamaica To act as banker to the Government. In the earlier years, the Central Bank's role tended to be of a largely reactive nature as the institution grappled with several national and international developments. However, in recent years, monetary policy implementation has been characterized by a more proactive stance, as the Central Bank has actively sought to encourage the appropriate environment for economic growth and development. In this regard, in 1985, in collaboration with the International Bank for Reconstruction and Development, the Central Bank introduced a programme for financial reform - The Financial Sector Reform Programme (FSRP). This initiative was aimed at more effective intermediation, through the encouragement of market forces and the strengthening of the Central Bank's capacity to implement monetary policy.

#finance · 1 year ago

Financial Services Commission

Established in August 2001 with the Financial Services Commission Act, the Financial Services Commission (FSC) replaced the Office of the Superintendent of Insurance (OSI) and Unit Trusts and the Securities Commission. As a self-financing regulatory body, we assume wide-ranging authority to supervise, investigate and sanction entities falling under our jurisdiction. Initially, our supervisory practices initially placed significant weight on prudential supervision. We focused on solvency, the quality of internal controls, risk management and corporate governance within regulated institutions. Over time, we absorbed the functions of the Office of the Superintendent of Insurance, the Office of the Superintendent of Unit Trusts and the Securities Commission. Our charge is to supervise our licensees under the FSC, Insurance, Securities and Unit Trusts Acts. We also regulate private pension schemes through the Pensions (Superannuation Funds and Retirements Schemes) Act of 2004 (The Pensions Act). Our team license, register and supervise trustees, administrators and investment managers of private pension schemes. As an integrated financial services regulator, we oversee the securities, insurance and private pensions industries. We ensure the proper administration of securities and insurance laws. Our role involves the registration, solvency and conduct of approximately 114 firms and over 1,200 individuals doing business in both (life and general) industries. Additionally, we register and manage over 800 private pension plans and numerous pension administrators and investment managers. Our work with these entities involves administering many statutes and accompanying regulations. The relevant laws are the FSC Act, the Securities Act, the Pension Act, the Unit Trusts Act and the Insurance Act.

#finance · 1 year ago

Magna Rewards Ja Ltd

Magna is a card-based loyalty programme that will allow your business to increase sales and profits by providing existing customers with rewards for doing business with you. The scheme will attract new clients and will help you better understand your customers' needs by tracking the purchasing habits of your loyal customers. Magna cards are issued to customers at no cost. Customers can use their Magna cards at a range of participating Partners across different industries. The customers are issued with points, which accumulate in their loyalty account. The customer may then redeem the Magna Points at any participating Magna Partner. This is automatically calculated and issued without any technology or operational burden to your company. Magna will issue to consumers in Jamaica, FREE of charge, a Magna card and loyalty account. As each transaction takes place, the transaction data is logged to the customer's account, and the relative points are automatically calculated and issued without any technology or operational costs to your company. All customer activity is tracked and available at the individual customer level. Customers are further divided into classes, where a customer class may be assigned a different level of points and given different types of promotions. A statement and voucher (or cheque) with points that have been accumulated and aggregated on a cycle basis are sent to customers. The customers may then use these points to purchase goods and services at participating Magna retailers. Customers within the database have their own unique number that corresponds to that on their loyalty cards. Activity may also be segmented at the Partner, or subsidiary level. For more information on the Magna loyalty and reward programmes, visit our website.

#finance · 1 year ago

Development Bank of Ja Ltd

The Development Bank of Jamaica (DBJ) is a wholly-owned government institution that provides opportunities to all Jamaicans to improve their quality of life through development financing, capacity building, public-private partnership, and privatisation solutions in keeping with government policy. In April 2000, a merger of two national development entities, the Agricultural Credit Bank Limited and the National Development Bank, resulted in the establishment of the DBJ. Later in 2006, the National Investment Bank of Jamaica Limited was further amalgamated into the DBJ. At the DBJ, we provide funding and technical assistance to large projects. We have also expanded and improved our support to include micro, small and medium-sized enterprises (MSME). MSMEs are widely recognised as the engine of economic growth and development, especially in small economies. While we do not lend funds directly to individuals, we channel aid through a network of Approved Financial Institutions (AFI), such as commercial and merchant banks. Our network comprises the Jamaica Credit Union League, the National People's Cooperative Bank (NPCB), the National Export-Import Bank, and Micro Finance Institutions (MFI). They provide the initial credit evaluation and loan supervision before on-lending to clients. The relationships with AFI and MFI are critical to the work of the DBJ as, through these institutions and their island-wide network of branches, our lines of credit are easily accessible.