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Trinidad-based fintech start-up company, WiPay Caribbean has announced the appointment of former Bank of Jamaica (BOJ) Deputy Governor Livingston Morrison as its chairman.

Morrison’s appointment, announced over the weekend, is with immediate effect.

In his capacity as BOJ deputy governor, Morrison had responsibility for Administration and Technical Services, Finance and Technology and Payment System and Risk Management. He 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 (both subsidiaries of the JSE).

In welcoming Morrison to WiPay, CEO and founder of WiPay Caribbean, Aldwyn Wayne said he would be “crucial in offering regulatory guidance and insight as we work towards reshaping the Caribbean’s financial landscape”.

Added Wayne: “Mr Morrison’s understanding of the regulatory framework will assist WiPay in achieving its long-term vision of financial inclusion and a connected Caribbean.

“On behalf of the board of directors, I warmly welcome Mr Livingstone Morrison’s board appointment.”

For his part, Morrison responded: “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.”

Digital services integral to Jamaica’s economic recovery

Continuing, Morrison made the point that, “as the COVID pandemic dislocate families and organisations and disrupts 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. I look forward to leading the WiPay Board in guiding the company through the next phase of its development”.

“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 by the experience that Morrison brings with him.”

Kitwe McCann, WiPay Jamaica country manager

The new WiPay chairman gave his commitment 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.

Kibwe McGann, WiPay Jamaica country manager, 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 by the 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.”

WiPay emerging as Caribbean’s leading online payment solution

In three years, WiPay’s award-winning platform has emerged as the Caribbean’s leading online payment solution with offices in Jamaica, Barbados, St Lucia and Trinidad. 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 CBDC (Central Bank Digital Currency) with participating central banks.