Nassau, The Bahamas, October 9th, 2018: Island Pay, an electronic money mobile payment service provider has been granted a license by the Central Bank of The Bahamas. The Payment Service Provider license was issued after Island Pay met the qualifications of the Regulations and Guidelines of the Central Bank’s mandatory requirements set out in the “Payment Instruments (Oversight) Regulations, 2017” that came into force on July 21th, 2017.
Island Pay has been granted the first license under these new Regulations.
Frank Svatousek, Island Pay CEO said, “the Central Bank regulates domestic payment service providers including retail banks, credit unions and money transmission businesses, but saw the need to establish a new class of provider, the payments institution. In a recent paper titled Digital Currency – Extending the Payments System Modernisation Initiative the Central Bank recognized that the shrinking footprint of the retail banks coupled with the increased shift in payments towards electronic modes necessitated regulatory review and the creation of the Payment Service Provider.”
“Among the benefits of this new class of service provider”, Mr. Svatousek said, “is that our Bahamian customers will have cost effective and easy to use bill payment, person to person transfers, mobile top-up and merchant solutions. As a tokenized service, it is as secure as existing mobile payment services and all of our customer’s data is securely held in The Bahamas. The smartphone application, available for Android and iOS, allows users to manage the service with security and control from any island in The Bahamas.”
About Island Pay
Island Pay was founded in 2016. The company recognizes the strong business case for mobile electronic money providers seeking to re-do the way consumers interact with payments, authentication and identity, especially in underserved areas of the globe. Before Island Pay, management co-founded Carta Worldwide and Mint Technology. More information can be found on the Island Pay website.
For further Information contact:
Frank Svatousek, CEO