The Grenada Authority for the Regulation of Monetary Establishments has revoked the licence of WiPay, a Trinidad and Tobago digital cash service enterprise.
The corporate was established in 2017 and launched its operation in Grenada in 2023.
“In accordance with the provisions of Part 33 (1) (a) of the Cash Companies Enterprise Act Cap 198A, the Grenada Authority for the Regulation of Monetary Establishments (GARFIN), because the authority chargeable for cash providers enterprise, hereby revokes the licence of WiPay Grenada Ltd with speedy impact,” stated a discover on the GARFIN web site.
“Most of the people, together with individuals concerned with doing enterprise with this entity are requested to notice the contents of this discover and be guided accordingly,” stated the discover which dated July 03 and signed by Dennis Felix, the authority’s Government Director.
The authority didn’t state the explanation for the revocation.
On the launch of the corporate in Grenada in Might 2023, Aldwyn Wayne, CEO and Founding father of WiPay Group, and John Mollenthiel, COO of WiPay Group, highlighted the transformative potential of WiPay Remittance.
They outlined a number of key benefits that the upcoming service will carry to people in Grenada, providing a streamlined and environment friendly cash switch expertise.
“This can carry a couple of important transformation within the remittance panorama of the Jap Caribbean. Ria is a worldwide chief within the remittance business, with an intensive community of over 500,000 brick and mortar areas throughout 160 nations. This partnership is not going to solely have a substantial constructive financial affect but additionally save helpful time for people by eliminating the necessity for lengthy queues, permitting them extra freedom to pursue their desired actions,” the CEO stated then.
