Crunchfish expand to the Caribbean and Latin America
Offline payment is crucial for financial inclusion of all citizens, in commercial mobile payment services as well as Central Bank Digital Currencies. Latin America & the Caribbean is a financially innovative region and an early adopter of Central Bank Digital Currency. Crunchfish have entered a partnership with Money Square in Jamaica to address this booming region.
Mobile payments are critical to enable people to participate in the digital economy. Cash is still king in Latin America and the Caribbean (LAC), despite the demand for digital transactions brought by the COVID-19 pandemic. To impact the lives of most citizens — especially financially excluded and underserved people — requires inclusive, affordable and easy-to-use mobile payments services. Offline payment is crucial for successful deployments of both commercial mobile payment services and Central Bank Digital Currencies (CBDC), as internet availability is undeveloped in the LAC region.
The LAC region is an early adopter of Central Bank Digital Currency (CBDC). The Bahamas was the first country in the world to officially roll out CBDC with the Sand Dollar in October 2020. This was followed by DCash in the Eastern Caribbean Currency Union 2021 and Jamaica's JAM-DEX earlier this year. Crunchfish Digital Cash provides offline payment functionality to CBDC.
To address opportunities within commercial mobile payment services and CBDC in the LAC region, Crunchfish have entered a partnership with Money Square, a bill processing company based in Jamaica. Money Square will actively promote Crunchfish Digital Cash as an agent in the LAC region, with an initial focus on Jamaica and then address the rest of the Caribbean and select countries in Latin America.
"I believe that Digital Cash is about to forever change the way we do transactions and business in this Digital Age. The Caribbean and Latin America stand to benefit from this revolutionary technology as many of our nationals live in rural areas where there are internet connectivity issues, and local banks tend to have frequent service interruptions and scheduled maintenances, which all affect reliable processing of payments. Thanks to Crunchfish Digital Cash these issues will be eliminated and the future of payments for the Caribbean and Latin America will be bright." says Maurice K.P. Sinclair, CEO Money Square
“Latin America and the Caribbean is a very interesting region for us. The first CBDC project in the world was launched here, the Sand Dollar in The Bahamas. This shows that the LAC region is innovative and a frontrunner when it comes to adopting new payment technologies. Mr. Maurice K.P. Sinclair, CEO at Money Square, is well-connected with central and commercial banks, as well as mobile payment service providers. His team at Money Square will open this booming market for Crunchfish.” says Patrik Lindeberg, CEO Crunchfish Digital Cash AB.
About Money Square
Money Square are a Jamaican FinTech company that contributes to the digital transformation of businesses and governments. Money Square focus on creating value for the Caribbean & Latin America by giving access to revolutionary technology that will forever change the way people do transactions and conduct business in the Digital Age.
For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com
This information was provided by the contact person above for publication on 9 December 2022 at 08:30 CET.
Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.
About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.
