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Digital Wallets Will Facilitate Seamless Acquisition of JAM-DEX

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Persons using special payment wallets to acquire Central Bank Digital Currency (CBDC) locally, are being assured that the process is easy.

Digital payment wallets are the platforms being used for transactions involving the Bank of Jamaica’s (BOJ) CBDC – ‘JAM-DEX’.

National Commercial Bank (NCB) has facilitated the provision of the sole digital wallet introduced so far – Lynk.

Chief Product Officer for Lynk, John Matthew Sinclair, told JIS News that switching from cash to digital currency is instant, noting that there are multiple ways to fund the wallet.

“For the banked customers, you can add your debit or credit card to the wallet and, from there, you can move funds from those instruments into the wallet. If you’re an NCB customer with an online bank account, you can also add [that] to Lynk and you can then move money between Lynk and your bank account seamlessly and immediately,” he informed.

Mr. Sinclair said once persons have funds in their wallets, they can acquire CBDC by going to exchange to swap those funds for JAM-DEX.

“If you do have JAM-DEX, you can [also] go to the same exchange, reverse it and move from JAM-DEX to digital cash almost instantly,” he further outlined.

Mr. Sinclair advised that there are plans to have a link with the ABM network through Lynk’s partnership with NCB.

“This is very big for the unbanked. Without having a bank account, you can go to an NCB ABM where you see a Lynk sign and be able to cash in and cash out. Just by utilising the phone and scanning a QR code, you can give the instructions for what you want and, for this, you don’t need a bank account or a card,” he further indicated.

Artificial Intelligence

Guardsman Metaverse Elevating Security with AI Solutions

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Guardsman Metaverse, in collaboration with Jamaican artificial intelligence company Crimsontide AI, is revolutionizing security across Jamaica with cutting-edge, customizable solutions. This partnership brings together Guardsman’s expertise in virtual security and Crimsontide’s advanced AI technology, delivering a suite of intelligent security offerings tailored to meet the unique needs of Jamaican businesses and institutions.

Through this strategic collaboration, Guardsman Metaverse is positioned at the forefront of the country’s security landscape, offering systems that leverage both immersive digital technology and sophisticated artificial intelligence.

The partnership underscores the importance of local innovation in addressing the security challenges faced by Jamaica today, providing clients with tailor-made solutions that ensure effective protection.

Guardsman Metaverse is committed to offering security solutions that go beyond traditional models, emphasizing customization and flexibility to meet the specific requirements of each client. From large commercial operations to smaller enterprises, the platform delivers a personalized approach that ensures maximum efficiency and peace of mind.

This flexibility is what sets Guardsman Metaverse apart—adapting to each environment’s unique security demands and offering a more responsive, intelligent way to safeguard people and assets.

With AI-driven features that allow for real-time monitoring and proactive threat detection, Guardsman Metaverse empowers businesses and institutions to stay ahead of potential security breaches. Each system can be fully customized to fit the environment it protects, delivering advanced functionality across a wide range of settings.

Advanced Features for Comprehensive Protection

  • Facial Recognition: Guardsman Metaverse enhances access control through secure, real-time identification of authorized personnel, ensuring that only those with clearance can enter critical areas.
  • License Plate Detection: For commercial properties, this feature allows for real-time monitoring of vehicle activity, helping to identify unauthorized or suspicious vehicles and notify security personnel immediately.
  • Personnel Counting and Crowd Management: Especially important for businesses, this feature tracks occupancy and manages crowd flow, helping to ensure safety, meet regulatory requirements, and optimize operational efficiency.
  • Firearm Detection: Using AI-powered analysis, Guardsman Metaverse detects the presence of firearms, providing instant alerts to security teams to ensure a rapid and effective response to any threat.
  • Customizable Behavioural AI: Tailored to each client’s specific needs, Guardsman Metaverse’s behavioural AI can be trained to detect and respond to specific actions or patterns that are unique to the environment it monitors.
  • Infrared Drone Surveillance: Equipped with infrared technology, Guardsman Metaverse drones provide round-the-clock aerial surveillance, ideal for large properties, high-security areas, and search-and-rescue missions, offering comprehensive monitoring that goes beyond traditional methods.

These advanced security features are fully customizable, ensuring that businesses receive a solution designed specifically for their needs. Whether it’s safeguarding large commercial complexes, healthcare facilities or educational institutions, Guardsman Metaverse offers tailored protection that provides complete peace of mind.

The partnership with Crimsontide AI, a rapidly emerging Jamaican company specializing in state-of-the-art patent-pending artificial intelligence software, ensures that Guardsman Metaverse’s solutions are not only technologically advanced but also locally relevant.

Crimsontide AI Limited is at the forefront of technological innovation, and its expertise allows the system to be fine-tuned to the specific security challenges that businesses in Jamaica face.

Through this collaboration, a diverse offering of services is available to various customers and industries, including theft detection at banks, supermarkets, and retail stores, intruder detection and breach prevention at hotels and resorts, as well as risk mitigation and compliance solutions.

Crimsontide’s AI technology also enables businesses to recognize trends in data, detect outliers, and summarize data sets, all aimed at informing better business decisions.

This partnership ensures that Jamaicans are at the forefront of solving their own security issues, with solutions designed by Jamaicans, for Jamaicans. At Crimsontide AI, the commitment to rebuilding a safer Jamaica is at the heart of every innovation, working toward a future where local technology empowers local security.

However, beyond responding to security threats as they happen, Guardsman Metaverse is designed to predict and prevent potential issues before they escalate. By leveraging AI to analyse behaviours and patterns, the system can foresee risks, giving clients the ability to take proactive steps. This predictive approach ensures that businesses and homeowners are always ahead of security challenges, helping to mitigate risks before they become serious threats.

With Guardsman Metaverse, clients are empowered to protect their environments not just reactively but pre-emptively. This next-level security capability, combined with fully customizable features, ensures a comprehensive approach that adapts to the ever-evolving nature of security threats in today’s society.

 

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Gig Economy Players Looking To External Partnerships, As They Seek New Avenues Of Growth.

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“If you did a bad job with the delivery, all the other benefits are not that attractive,” he said. “The core value proposition is: Did you have a great experience across selection, quality and affordability using the underlying product? Are you using us for restaurants and other categories? That is what is going to differentiate us.”

 

DoorDash Inc. Chief Executive Officer Tony Xu has spent the past 11 years building the company that now owns more than two-thirds of the food delivery market in the US, far exceeding Uber Eats (26%) and Grubhub (6%). The app also has a loyal user base, with more than half of DoorDash users owning a DashPass subscription, according to YipitData. More importantly, for investors, the company finally became profitable from its operations in the third quarter this year.

But Xu says building out the product is only 80% of the work to keep the company successful. The rest will come from external partnerships, a strategy that his gig economy peers, including Uber Technologies Inc., the biggest company in the industry, have also increasingly leaned on as they seek new avenues of growth.

The latest effort to boost paid subscriptions is DoorDash’s partnership with Lyft Inc. announced last month. The tie-up is an example of two brands tapping into each other’s customer base to boost engagement without having to merge or make an acquisition. Uber has a restaurant-delivery partnership with Instacart, while Amazon.com Inc’s Prime membership offers a Grubhub subscription perk.

After spending about a decade offering habit-forming services —whether it’s hopping into a stranger’s car instead of hailing a taxi, or opening a door to someone who picked up a restaurant meal and a bottle of wine from the deli down the block — these companies now have a clearer understanding of the competitive landscape. Even as diners returned to restaurants in the post-pandemic era, take-out has become such an ingrained habit that companies know getting customers into a subscription will mean more dollars and time spent on their apps.

So now it’s about finding partners strategically to build a larger system and lock in a more diverse pool of customers. Lyft CEO David Risher had earlier this year rejected the idea of his company offering food delivery on its own because that would keep people at home and exacerbate the loneliness epidemic. But he sees value in joining with the largest food delivery app because it gives millions of DoorDash members “a reason to prefer Lyft” for their rides and provides Lyft a way to compete better with Uber, which offers rideshare and delivery.

For DoorDash, which launched its membership in 2018, three years earlier than Uber, the deal offers customers Lyft discounts in addition to the existing benefit of free access to the ad-tier version of the Max streaming service. DoorDash is also getting new customers through an expanded partnership that offers certain Chase card holders a free subscription and discounted orders. These external perks have helped it maintain a lead on user penetration over the Uber One subscription. (As of September, 42% of Uber Eats users were subscribers, per YipitData. That percentage is lower if all users including rideshare customers are counted.)

Keeping subscribers isn’t easy, however. According to Bloomberg Second Measure data, only 35% of annual DashPass subscribers who made their first membership purchase in September 2023 were retained after a year. Annual subscriptions to Instacart+ show similar numbers with a 32% retention rate. (These figures do not include free trials and free subscriptions through credit card or other partnerships.) The real challenge will be finding creative ways to retain paying users, or at least keep them in the ecosystem so it’s not as costly to acquire them again.

DoorDash Chief Financial Officer Ravi Inukonda said the data doesn’t reflect how membership really works. The company has increased the flexibility it gives to accommodate consumers’ lifestyles with monthly, annual and student plans. “If you’re traveling with young kids, or you’re traveling in the summer and you want to put the program on hold, that’s completely OK with us,” he said.

These people who churn off the membership program are not leaving DoorDash, Inukonda said. And the company is confident in earning their membership back through offering more benefits in the future, as well as through the core product delivery service, which includes not just restaurant takeout, but also alcohol, grocery, makeup and even mattress deliveries.

“If you did a bad job with the delivery, all the other benefits are not that attractive,” he said. “The core value proposition is: Did you have a great experience across selection, quality and affordability using the underlying product? Are you using us for restaurants and other categories? That is what is going to differentiate us.”

After all, partners won’t matter if the main product isn’t drawing members. Case in point: Grubhub hasn’t been able to reverse a streak of losses in orders and users, ceding market share to DoorDash and Uber even as it has been offering free food delivery to hundreds of millions of Amazon Prime members since 2022. That is one of the reasons parent company Just Eat Takeaway.com NV announced this week it will be selling Grubhub to startup Wonder Group for $650 million, a steep discount to the $7.3 billion price tag at its peak during the pandemic.—Natalie Lung

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Artificial Intelligence

Jamaica’s Gov’t to Ramp Up Use of AI in Auditing Practices

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Minister of Finance and the Public Service, Hon. Fayval Williams, says auditors will be using more artificial intelligence (AI) tools to carry out their duties.

“The Government will accelerate its deployment of technology in auditing by leveraging artificial intelligence (AI) to improve efficiency, accuracy and insights into the organisational, financial and operational landscape,” Mrs. Williams said.

She was speaking during the annual Audit Committees’ Conference at The Summit in Kingston, on Thursday (November 7).

Minister Williams shared some of the ways in which she expects the technology to be used.

“It can be used to be predictive; it can identify trends and patterns in financial data that may signal potential risks or fraud. AI can be used to identify unusual transactions or deviations from established financial patterns, flagging them for review before they lead to significant issues. It can be used to automate the analysis of large volumes of financial and operational data, thus allowing you to perform deeper reviews without requiring intensive manual work,” she said.

Mrs. Wiliams added that, “AI tools can help to model various financial scenarios based on historical data and market trends, allowing Audit Committees to better understand the potential risks and impact on future financial health.”

The Minister emphasised that in a rapidly changing technological landscape, the Government must ensure that all the Audit Committees stay at the forefront of innovation, so that they can better anticipate and help to mitigate emerging threats, while enhancing the efficiency and transparency of the public purse.

Meanwhile, Mrs. Williams mandated the Audit Committees to include an environmental, social and governance (ESG) component in their reports.

She highlighted that reporting on ESG is the global trend, noting that it serves as an indicator that the Government is taking a wholistic approach to development.

“I’ve seen audit and financial reports from private sector companies, and they have a couple of pages talking about their environmental, social and governance audit that has been done, and it’s going to become real for us in the years ahead. So, I want to alert you to it,” Mrs. Williams stated.

An ESG Audit is a comprehensive evaluation of a company’s practices in relation to environmental, social and governance criteria.

It evaluates how a business manages and reports on sustainability and impact across the three key areas.

By: Andrew Laidley, JIS

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Businessuite News24

Industry Leaders Gather to “Unlock the Power of Cyber Intelligence” at Guardsman Cybersecurity Event

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Guardsman Cyber Intelligence, powered by Guardsman, successfully hosted an exclusive cybersecurity event on Tuesday, October 29, 2024, at The Serengeti, Hope Zoo, drawing industry leaders from across various sectors. The event, titled “Unlock the Power of Cyber Intelligence,” was a night filled with insightful discussions, expert presentations, and networking, all centered around the growing importance of cybersecurity in the digital age.

The event was headlined by Hon. Kenneth Benjamin OJ, CD, LLD, who welcomed guests and emphasized the urgency of addressing cyber threats that continue to evolve in complexity and scope. He stated, “Cybersecurity is no longer optional but a necessity for businesses operating in today’s digital landscape. We must be proactive, intelligent, and united in our approach to securing the future.”

Ryan Sterling, President of Guardsman Cyber Intelligence, also shared his vision for the future of cybersecurity during his address. “As cyber threats become more sophisticated, our defenses must become more intelligent. We are committed to staying ahead of these threats and providing businesses with the tools and knowledge they need to protect their most valuable assets. Tonight’s event was about empowering leaders to take charge of their digital security,” said Sterling.

Throughout the evening, attendees had the opportunity to gain critical insights into the latest trends and strategies in cyber defense. Expert presentations covered a range of topics, including emerging threats, intelligence-driven security solutions, and how organizations can stay ahead of the curve in safeguarding their data and infrastructure. Case studies from leading companies were shared, highlighting real-world applications of cybersecurity solutions that have helped businesses avert potential cyber crises.

The event also provided a unique platform for industry decision-makers to network and collaborate, fostering partnerships aimed at creating more secure business environments across Jamaica and beyond. The collective exchange of ideas and experiences showcased the power of collaboration in the fight against cybercrime.

Hon. Kenneth Benjamin expressed his gratitude to all who attended, saying, “This event is just the beginning of a deeper conversation about how we can protect our digital spaces. I thank all our distinguished guests and experts who contributed to making this gathering both insightful and impactful.

As businesses increasingly rely on digital operations, Guardsman Cyber Intelligence remains committed to providing cutting-edge cybersecurity solutions to protect organizations from the ever-evolving landscape of cyber threats.

The event was generously sponsored by the Hope Zoo Foundation, which provided The Serengeti as a picturesque venue. Another major sponsor, CPJ (Caribbean Producers Jamaica), contributed an array of welcome beverages, including Pierre Marcel Sweet Red and Sweet White, Fantinel Borgo Tesis Pinot Grigio and Chardonnay, along with JP Chanet Ice and JP Chanet Rosé, in recognition of Breast Cancer Awareness Month. Worthy Park Estate also provided celebratory drinks with their signature Overproof, Select & Rum Cream creating a vibrant atmosphere that encouraged meaningful networking.

Guardsman Group aimed to strengthen partnerships and enhance cybersecurity standards across Jamaica and beyond. The collective exchange of ideas highlighted the power of unity in combating cybercrime.

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Businessuite News24

MSMEs Encouraged to Help Shape Country’s Digital Future

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Operators of micro, small and medium-sized enterprises (MSMEs) are being encouraged to play their part in shaping Jamaica’s digital future.

The call came from Acting Chief Executive Officer (CEO) of the Jamaica Business Development Corporation (JBDC), Harold Davis, who recently participated in the JIS TV programme, ‘Get the Facts’.

“Digital transformation is no longer a nice thing to have; it’s a need to have,” Mr. Davis said, as he outlined the transformative potential of the Digital Jamaica Project, which is set to enhance the country’s digital landscape.

He also emphasised the urgency of digital literacy, availability, and accessibility, noting that to compete globally, Jamaica must embrace a digital future.

“Digital literacy, availability and accessibility are major issues, and basically, the world has become a digital space, so for Jamaica to participate in the global economy, we have to move to have our country digitally enabled,” the Acting CEO said.

A recent JBDC survey revealed that only 33 per cent of MSMEs are actively utilising digital tools and recognising the benefits of digitalisation.

“We did a survey to assess the existing situation in our economy for all MSMEs and what we found was that there were varying levels of readiness of our MSMEs,” Mr. Davis noted.

While the figure is a start, he described it as “modest”, as the JBDC aims to raise it to at least 80 per cent.

Mr. Davis further explained that while many MSMEs are present on social media, they often lack comprehensive digital solutions that could enhance their operational processes.

“We also found that not a lot of them use digital solutions to really transform the belly of the organisation in terms of their processes, supply chain management and financial transactions, so we have a little way to go,” he said.

Having analysed the data, the JBDC is committed to increasing the number of MSMEs that leverage digital tools to their advantage.

“The JBDC is about general transformation of your business, making sure that your business moves into this space of being globally competitive. So, the first thing that we do is a robust 360 assessment of your business, as no one size fits all,” Mr. Davis explained.

This assessment involves the JBDC conducting thorough evaluations of businesses to determine whether a viable business model exists, and to ensure that companies are delivering on their value propositions.

If a business is not fulfilling that value proposition, further assessments are conducted to identify unique circumstances and opportunities for digitisation, digitalisation, and overall transformation.

MSMEs are also encouraged to view their digital journey in three phases – digitisation, which focuses on converting analog processes to digital formats; digitalisation, which utilises appropriate tools for e-commerce, supply chain, and human resource management; and digital transformation, which involves a comprehensive overhaul of business models to integrate digital solutions.

“I often say that digital transformation is not so much about the digital but about the transformation of your business,” Mr. Davis reiterated.

By: , JIS

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