TFOB, the National Commercial Bank (NCB) fintech subsidiary is entering the remittance business.

The Bank of Jamaica (BOJ) has approved its application for a remittance. The subsidiary, which is the pioneer of Jamaica’s Lynk digital wallet and the first Jamaican fintech approved for using the BOJ Central Bank Digital Currency (CBDC).

TFOB, whose acronym stands for ‘The Future of Business’ will operate a remittance service as a primary agent. TFOB will offer this service through its mobile wallet, Lynk.

The Lynk wallet, which was launched in late 2021, currently offers several payment options to wallet holders including local money transfers, bill payments and mobile top-up.

Jamaica has a very competitive remittance market with several registered players commanding a market, which is currently valued at US$3.49 billion, up from US$2.90 billion last year.