KINGSTON, Jamaica – Bank of Jamaica (BoJ) Governor, Brian Wynter, says the institution is currently making preparations to accept applications from financial entities interested in operating credit bureaus.
Speaking at the BoJ’s quarterly briefing, downtown Kingston, on Wednesday (November 10), Mr. Wynter said that with the legal framework already in place, the central bank is completing work on the commercial framework.
He said that the BoJ, which is the authority designated to carry out the regulatory aspects, has to be prepared to accept applications for licensing from entities in the private sector who wish to carry out the service.
“We’re in very early days, but we are active in the bank in preparing and so, we are in a position now to enter into discussions with anybody who actually has an interest, so that we can guide the process,” he outlined.
Mr. Wynter said credit bureau experts have advised that establishing the framework was not something that “happens in a month or two”, but depends on, among other things, the actual commercial proposals presented, as well as applicants passing the BoJ’s tests for fit and proper standards, or the integrity of the systems.
“Any entity that is setting up one of these bureaus will have to have discussions with the providers of data, so that everything works smoothly. They have to develop their pricing models and so forth. So there is quite a bit of work to be done on the commercial side. But, I don’t expect there to be any long delay in (terms of) the interested parties coming forward with concrete specific proposals and applications,” Mr. Wynter assured.