PBS shutters SurePay in Trinidad and Tobago

 

 The Trinidad Gurdian indicates that payment service provider named SurePay will terminate services in Trinidad and Tobago effective March 15, 2025. PBS Group in T&T, indicates meanwhile that the organisation is refocusing its PBS Technologies operation.

In September 2021, Productive Business Solutions Limited announced that it had entered into a definitive agreement to acquire PBS Technology Group Limited a company incorporated under the laws of St. Lucia, from Musson (Jamaica) Limited, Portland Caribbean Fund II, L.P., Portland Caribbean Fund II (Barbados) L.P., and Portland Fund II Co-Invest Partnership (the Vendors).

PBS expected to issue to the vendors 62,940,796 common shares and pay US$5,494,403 in cash.

Through its subsidiaries, PBSTG operates in 5 countries: Trinidad and Tobago, Jamaica, Barbados, Guyana and Antigua and Barbuda. In its enterprise IT business, PBSTG provides solutions including software, infrastructure and hybrid cloud computing.

In its enterprise communications business, PBSTG provides networking solutions, communication infrastructure, network security, IP telephony, two-way radio and operates a network operation center. Additionally, PBSTG provides digital transformation consulting, managed services, technical support services, sells IT mission critical servers, desktops, laptops, multifunctional printers and offers advanced services such as omni-channel payment solutions.

Through its subsidiaries in Barbados and Trinidad and Tobago, PBSTG also owns “Surepay,” described as a leading e-billing platform in Barbados and Trinidad and Tobago.

The Guardian indicates that SurePay currently operates in Guyana, St Lucia, Dominica, Barbados and Trinidad, according to its website.

In a letter to its customers, SurePay stated that the decision to terminate its service in T&T applies only to T&T and that the decision to terminate its service here does not impact the overall SurePay operation or any other territory in which the company operates.

Source: Trinidad Guardian

Caribbean Money Daily

Follow us for breaking news.

Comments

Post a Comment

Popular posts from this blog

Kintyre makes US$300,000 investment in Sevens Ice

Image
  Tyrone Wilson Chairman, President and CEO Kintyre Holdings (JA) Limited (KHL) and Seven Kingston Limited, owners of the Seven Ultra Lounge and Restaurant, on January 14 announced a joint venture to launch Sevens Ice. Kintyre Holdings has made an investment in excess of US$300,000 in acquiring an associate stake in Seven and also establishing the start-up for the ice venture. "This initiative addresses Jamaica’s growing demand for high-quality ice, with operations set to begin in Q1 2025," Wilson stated. Additionally, the venture has acquired a cold storage facility to manage its start-up capacity and is exploring the importation of ice to bridge the gap between demand and supply, ensuring a consistent and reliable market presence. Distribution Expansion Wilson said that Sevens Ice has secured a distribution point in Kingston and is in the process of setting up another in St. Catherine to serve the western and central parts of the island. This expansion will ensure broade...
Read more

BCMG increases risk management oversight: Launches surveys-as-a -service

Image
Insurance brokers in Jamaica often send underwriters themselves to survey risks; however, they frequently do not have the technical knowledge required to produce the best results. BCMG Insurance Brokers Limited (BCMG) in response, introduced - in support of the wider brokerage industry - an updated surveys-as-a service product which has been embraced by the wider community as groundbreaking. Senior Risk Manager on the New Business Team of BCMG David Lazarus explains, “We saw where the technical details and in-depth knowledge of the intricacies of business operations were not always being taken into consideration. This was seen as an opportunity to expand into this space.” In 2020, Billy Craig Insurance Brokers and Maritime General Insurance Brokers, MGI, signed an agreement to merge their operations to form BCMG Insurance Brokers Limited. Following the union, the new company has been exploring options to expand the service capability of the brokerage and increase value for clients...
Read more

Wish List: University Hospital CEO seeks top-flight CFO for turnaround miracle

Image
  It's a puzzling end of year for the finance team at the University Hospital of the West Indies where, despite an ongoing plan to quadruple plant size and service centres for the teaching institution, its current state is one of insolvency, with CEO Fitzgerald Mitchell wishing for a new Chief Financial Officer with a touch of genius to help in turning things around. Medium term, the government is aiming to significantly update this, the Caribbean's premium medical hospital and teaching school. At last report, the price tag on the project was $4.9 billion. In the works are plans for a new 6-storey, 120,000 square feet medical facility, which will accommodate an additional 40 medical and surgical beds, improvements to outpatient or ambulatory surgery, lecture rooms, conference rooms, and upgrading of the cardiology hybrid interventional surgery room and the neonatal intensive care and administrative departments. However, the institution is currently struggling to become solvent ...
Read more