The Cen­tral Bank of T&T has is­sued a pro­vi­sion­al reg­is­tra­tion to My­Cash (T&T) Ltd mak­ing it the fourth com­pa­ny au­tho­rised to is­sue elec­tron­ic mon­ey do­mes­ti­cal­ly.

The an­nounce­ment was made on the bank’s web­site.

It not­ed that the pro­vi­sion­al reg­is­tra­tion, which cov­ers a six-month pe­ri­od, has au­tho­rised My­Cash to is­sue e-mon­ey in this coun­try from Oc­to­ber 2, 2023.

Un­der the terms of the pro­vi­sion­al reg­is­tra­tion, My­Cash will be al­lowed to en­list new cus­tomers in a con­trolled en­vi­ron­ment mon­i­tored by the Cen­tral Bank.

Ac­cord­ing to the bank, e-mon­ey can be broad­ly de­fined as an elec­tron­ic store of mon­e­tary val­ue on a tech­no­log­i­cal de­vice (in­clud­ing mo­bile phones) that may be wide­ly used for mak­ing pay­ments to en­ti­ties oth­er than the e-mon­ey is­suer.

It added that e-mon­ey can be used for pay­ment trans­ac­tions with or with­out bank ac­counts.

The bank al­so in­di­cat­ed that My­Cash is a lim­it­ed li­a­bil­i­ty com­pa­ny in­cor­po­rat­ed on May 8, 2023 in T&T by Dig­i­cel as a sep­a­rate le­gal en­ti­ty to man­age its e-mon­ey is­suer busi­ness.

Dig­i­cel is a telecom­mu­ni­ca­tions com­pa­ny es­tab­lished in T&T since Sep­tem­ber 2003.

The com­pa­ny’s pri­ma­ry busi­ness in­cludes the pro­vi­sion of com­mu­ni­ca­tions ser­vices, busi­ness so­lu­tions, fixed broad­band/Pay-TV and oth­er re­lat­ed prod­ucts and ser­vices.

Dig­i­cel is al­so a mem­ber of the re­gion­al con­glom­er­ate, Dig­i­cel Group Hold­ings Ltd, which owns My­Cash and Mon­Cash, which are reg­is­tered to con­duct e-mon­ey busi­ness in Ja­maica and Haiti.

On Sep­tem­ber 1, 2023, the Cen­tral Bank reg­is­tered three com­pa­nies to car­ry on the busi­ness of e-mon­ey is­suers—Pay­Wise Ltd, the TSTT and PESH Mon­ey (PESH) fol­low­ing a pe­ri­od of pro­vi­sion­al reg­is­tra­tion for the three com­pa­nies.

In a news re­lease, the Cen­tral Bank said the three com­pa­nies are now reg­is­tered to con­duct the fol­low­ing ac­tiv­i­ties:

• ↓is­suance of e-mon­ey ac­counts;

• ↓cash-in; (c) cash-out;

• ↓pro­vi­sion of pay­ment ser­vices; and

• ↓mon­ey trans­fer or re­mit­tances.

The Cen­tral Bank said it would con­tin­ue to mon­i­tor the op­er­a­tions and reg­u­la­to­ry com­pli­ance of these e-mon­ey is­suers with leg­is­la­tion and guide­lines gov­ern­ing e-mon­ey.