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Victoria Mutual Investments Acquires 30% Stake In Barbados-Based Carilend Caribbean Holdings

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Victoria Mutual Investments Limited (VMIL) has announced the acquisition of a 30% stake in Barbados-based FinTech company, Carilend Caribbean Holdings Limited.

Carilend is the first of its kind in the region, providing fully integrated end-to-end online lending experience via its state-of-the-art electronic exchange platform.

Its first success was the introduction of a Peer-to-Peer lending service in Barbados.

Peer-to-peer lending is a billion-dollar industry in the UK, US and Canada which was successfully introduced to Barbados in 2017, connecting people who have money to lend with people who want to borrow money in a secure online marketplace.

VMIL noted that the business was attracted to the unique investment opportunity due to the value of the emerging technology which has the potential in other areas of finance with the ability to scale within the Caribbean.

While the value of this acquisition is less than 10% of VMIL’s capital base, it represents an important strategic move aimed at creating greater value for VMIL shareholders and aligns with the previously announced strategic objective of fulfilling the working capital needs of well-run Caribbean businesses.

VMIL’s investment affords the business two seats on Carilend’s five-member board of directors.

Carilend was founded in 2015 by two seasoned executives, Mark Linehan and Mark Young. Young, the CEO of the business has a 25-year track record as a regional senior executive with Barclays and CIBC in the Caribbean.

The partnership is part of a number of exciting opportunities being explored by VMIL which plays a significant role in helping the VM Group achieve its vision ‘To be the leading Caribbean-based mutual provider of financial services’.

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Business Events

The Global Business Leader Charity Golf Tournament – Jamaica November 2025

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The Global Business Leader Charity Golf Tournament is set to elevate the intersection of business and sport like never before. Golf has rapidly become a favorite pastime among executives, and this event marks the first of its kind in this unique format, debuting in Jamaica in November 2025, with plans to expand globally.

Bringing together top executives from around the world (with special focus on Africa, Asia, Europe and Caribbean), this prestigious tournament will see them compete across three world-class courses over five thrilling days, all vying for the coveted title of “Best Global Business Leader Golfer.” With global bragging rights on the line, this is more than just a game—it’s a chance for companies, employees, and fans to rally behind their business leaders in a high-stakes competition.

Get ready to witness business leadership meet competitive golf on a global stage in November 2025!

For More Information please email info@asterixtourism.com or contact

Roy Page for Player Registration, Accommodation,  charter flights and logistics – 876-781-7588

Peter Lindo for Competition execution and management – 876-8159700

Aldo Antonio Muir for Marketing, Promotions and Sponsorship -876-542-3719

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Business Insights

Should Social Media Influencers Use Agents to Negotiate on Their Behalf? A Look at Industry Disparities and Best Practices

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In the fast-growing world of social media influencers, the challenges of negotiating brand deals and securing fair compensation are becoming increasingly evident. Jamie Hamilton’s experience as a style influencer is a case in point. Like many new creators, she negotiated her first big brand deal alone, believing she had secured a good rate. However, she later discovered a fellow influencer on the same campaign, with similar follower numbers, was paid significantly more. The difference? Her colleague had professional representation, while Hamilton did not.

As the influencer marketing industry is projected to hit $24 billion by the end of 2024, with further growth expected in the coming years, the question of whether influencers should hire agents or negotiate independently has gained prominence. While some creators navigate this landscape on their own, others rely on professionals to secure deals, leading to a wide disparity in earnings and opportunities.

The Wild West of Influencer Marketing
Influencer marketing, despite its maturity, remains highly unstructured. Creators act as independent contractors, with no official market rate for content creation or promotion. Pay secrecy is widespread, and there is little transparency in how brands assign value to influencers. This lack of standardization has resulted in significant pay disparities, particularly among marginalized groups.

For example, reports show that plus-size and Black influencers often receive lower compensation than their peers despite similar audience sizes and engagement rates. Hamilton’s experience with pay inequality is echoed by numerous influencers, revealing a consistent pattern of underpayment for creators who do not fit a brand’s traditional image.

The lack of formal structures means that influencers often operate without the legal protections or support systems typical in other industries. Creators frequently face rapid rises and falls in their careers, with little recourse if brands decide to pull back from campaigns or cut budgets. Additionally, child influencers — some of the youngest in the field — face precarious working conditions, with only two U.S. states requiring parents to set aside a portion of their earnings.

The Role of Agents in Leveling the Playing Field
Given these challenges, many influencers are turning to agents and managers to represent their interests and navigate the complexities of brand partnerships. Agencies and management firms provide several advantages, including:

Negotiation Expertise: Agents bring a deep understanding of industry standards, brand expectations, and market rates, allowing influencers to secure more lucrative deals. They can effectively push back on low offers and demand fair compensation for their clients’ work.

Brand Connections: Agents often have established relationships with brands, PR agencies, and marketing firms, which can lead to higher-quality partnerships and more consistent deal flow.

Contract and Legal Protections: With formal representation, influencers can ensure their contracts include clauses that protect their intellectual property, likeness, and creative control. These professionals also help navigate potential legal pitfalls.

Leveling Disparities: For influencers from marginalized communities, agents can help address pay gaps by advocating for equitable compensation based on reach, engagement, and audience influence — rather than appearance or background.

Some agencies, such as Gleam Futures and Digital Brand Architects, have built reputations for representing top-tier influencers and securing multi-million-dollar deals for their clients. These agencies act as intermediaries, positioning influencers for long-term success while handling the complexities of contracts, fees, and negotiation.

Best Case Examples
A notable case involves Chiara Ferragni, a fashion influencer with over 29 million Instagram followers. Ferragni, who is now considered one of the most successful influencers globally, has representation through a top-tier management firm that helped her grow her brand into a multi-million-dollar business, complete with her own fashion line and global endorsement deals. Ferragni’s success is a clear testament to the power of having expert negotiators who can leverage influence for greater financial gain.

Another example is Jackie Aina, a beauty influencer and advocate for diversity in the beauty industry. Aina has consistently used her platform to push for inclusion, and through her representation, she has managed to negotiate higher-paying, more meaningful partnerships that align with her values. Aina’s success in securing deals with top beauty brands demonstrates how professional management can help influencers amplify their impact while ensuring fair compensation.

The Argument Against Agents
Despite these benefits, not all influencers see the need for agents. Some creators prefer to maintain control over their brand and business, fearing that agents might dilute their creative voice or charge hefty fees. While top influencers may find it easier to secure representation, smaller creators might struggle to justify the cost of hiring an agent, especially in the early stages of their careers when cash flow is uncertain.

Additionally, some influencers have successfully built their businesses through direct relationships with brands. For instance, Emma Chamberlain, a YouTube sensation, initially negotiated many of her deals on her own before eventually bringing in professional representation as her career expanded.

The Future of Influencer Marketing
As influencer marketing continues to grow, the debate over professional representation is likely to intensify. With the industry projected to contribute significantly to the U.S. economy by 2027, creators will face mounting pressure to formalize their operations, especially around issues of compensation and intellectual property. As Alicia Clanton pointed out in her extensive report on the industry, influencers are now key players in shaping public opinion, consumer behavior, and even political outcomes. This level of influence demands more structure and accountability.

For now, creators must decide whether to go it alone or seek professional representation. While hiring an agent might not be feasible for everyone, the benefits of having experienced negotiators at the table cannot be ignored — especially in an industry where pay disparities are rampant, and deals can be as unpredictable as they are profitable.

Ultimately, the choice may come down to the influencer’s long-term goals: Do they want to maximize short-term profits, or are they focused on building a sustainable, lasting brand? For many, the answer could well involve an agent’s helping hand.

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Businessuite News24

Corporate Movements – September 2024

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Spur Tree Spices Jamaica Limited (Spur Tree Spices) is pleased to announce the appointment of Mr. Kareem Tomlinson, as a Non-Executive Director with effect from September 15, 2024. Spur Tree Spices also wishes to advise that Mr. Kareem Tomlinson has been appointed to serve as a member of the Audit & Risk Committee as from September 19, 2024.

Wigton Windfarm Limited trading as Wigton Energy (“WIG”) has advised that it has appointed Mr. Norman Naar as WIG’s Chief Commercial Officer effective September 16, 2024. This new appointment comes in the wake of the changes that were made to the leadership and organizational chart in August 2023 and specifically related to the job position of Business Development and Innovation Manager, which job title has been changed to that of Chief Commercial Officer.

iCreate Limited, formally announces the appointment of Dr. Nick Rowles-Davies to the Board of Directors of iCreate Limited, effective September 9, 2024. Dr. Rowles-Davies will also assume the roles of Chairman of the Corporate Governance Committee and Chairman of the Investment Committee. His appointment is a critical part of our planned transition from iCreate Limited to Kintyre Holdings (JA) Limited, as we build a world-class diversified investment holding company.

iCreate Limited is pleased to announce the appointment of Rochelle Burnett as Chief Operating Officer (COO), effective immediately. Rochelle Burnett brings over a decade of experience in the digital and creative industries, with a strong background in operations and project management. Her career has included leadership roles at Tiny Robot Solutions, Muse 360 Integrated Limited, and Toucan Limited, where she managed major projects for leading brands such as Guinness, Heineken, GraceKennedy, and Grupo Campari.

Medical Disposables & Supplies Limited (MDS) is pleased to announce that, effective August 13, 2024, Mrs. Sheree Martin was appointed as a Non-Executive Independent Director of the Company’s Board of Directors. Mrs. Martin has also been appointed as a member of the Audit and Compliance Committee and the Compensation and Human Resources Committee. MDS also wishes to advise that Mr. Christopher Williams has been appointed as Mentor to the Board of Directors, with an effective date of August 13, 2024.

Mr. Ian McNaughton, has joined Fosrich Company Limited’s executive team as Chief Operating Officer, reporting to the Managing Director, overseeing the daily operations of the stores located throughout the island among other responsibilities. Mr. McNaughton holds a Masters in Business Administration and a BSc. in Management Studies. Prior to joining Fosrich Company” Limited, he held senor positions in several. Private sector organizations.

LASCO Distributors Limited (LASD) has advised that Mrs. Hortense Edwards, a Senior Manager resigned from the Company, effective September 13, 2024.

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Businessuite News24

The Digital Business Roadmap for Jamaican MSMEs: A Critical Path to Digital Transformation

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Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in the economic landscape of many countries, including Jamaica. As the global economy continues to evolve, driven by rapid technological advancements, it is important for MSMEs to embrace digital transformation to remain competitive and sustainable. This blog explores the concept of digital business, the importance of digital transformation for MSMEs in Jamaica, and provides a roadmap for achieving this critical transition.

Defining MSMEs in the Jamaican Context
In Jamaica, MSMEs are defined based on their number of employees, annual turnover, and total assets. According to the Ministry of Industry, Investment and Commerce (MIIC), micro enterprises have fewer than 5 employees and an annual turnover or total assets not exceeding JMD 10 million. Small enterprises employ between 5 and 20 people with an annual turnover or total assets between JMD 10 million and JMD 50 million. Medium enterprises employ between 21 and 50 people and have an annual turnover or total assets between JMD 50 million and JMD 150 million.

Understanding Digital Business
Digital business involves leveraging digital technologies to create new value in business models, customer experiences, and the internal capabilities that support core operations. The theoretical framework behind digital business is rooted in the integration of digital technologies such as the Internet of Things (IoT), artificial intelligence (AI), big data analytics, and cloud computing to enhance business processes, improve efficiency, and drive innovation.

Digitization, Digitalization, and Digital Transformation
To understand the journey towards a digital business, it is important to distinguish between digitization, digitalization, and digital transformation:

Digitization
This is the process of converting analog information into digital formats. Digitization in many ways is the first phase of any effort to digitally transform your business. However, it comes with its own set of challenges, especially for MSMEs in emerging markets like Jamaica. The two primary costs MSMEs will have to account for are technology investment and user training. The cost of acquiring the necessary technology (e.g., scanners, computers, and software) to digitize records can be difficult for small businesses, who mostly operate on tight budgets and may find it challenging to allocate funds for such investments. User training often involves upskilling the employees of the to use new digital tools and processes effectively. This training requires both time and money, which can strain the resources of small businesses. These challenges can hinder progress and make the initial steps towards digital transformation more complex and resource-intensive.

Digitalization
If you are able to successfully digitize your business, this increases the likelihood of the next phase of this journey, digitalization. This refers to the use of digital technologies to change a business model and provide new revenue and value-producing opportunities. This involves using digital technologies to change business models and create new value-adding opportunities.

One of the primary challenges with digitalization lies in integration complexities. Many small businesses operate with legacy systems that are not easily compatible with modern digital tools and platforms. Integrating these new digital systems with existing ones can be technically complex and expensive, often requiring specialized IT expertise. Additionally, data stored in different formats or locations can create silos, which make it difficult to establish a unified and streamlined digital workflow. Addressing these silos often necessitates substantial restructuring of existing processes, adding further complexity to the digitalization journey.

Another significant challenge is change management. Employees and management might resist new digital processes, particularly if they are comfortable with the traditional ways of doing things. This resistance can slow down the adoption of digital tools and diminish the effectiveness of digitalization efforts. Moreover, moving from analog to digital processes often requires a cultural shift within the organization. Encouraging a digital-first mindset among employees can be difficult, especially in organizations where traditional methods are deeply ingrained.

The skills gap also poses a considerable challenge during digitalization. This activity typically demands a higher level of technical expertise than digitization. Employees may need to acquire new skills to effectively use digital tools, analyze data, and manage digital workflows. However, finding or developing these specialized skills can be a significant hurdle for many MSMEs, particularly in regions where access to advanced training and education is limited.

Digital Transformation
This is a comprehensive, strategic approach that leverages digital technologies to fundamentally change how an organization operates and delivers value to its customers. Achieving digital transformation in a business requires a holistic approach that involves integrating technology, people, processes, and culture. To successfully achieve digital transformation, a business must start by developing a clear vision and strategy. This involves defining what digital transformation means for the organization and setting measurable goals that align with overall business objectives, such as improving customer experience, boosting operational efficiency, or expanding into new markets. Creating a detailed roadmap with specific timelines, milestones, and resources is essential for guiding the transformation process.

Fostering a digital-first culture is equally important. Leadership must drive the initiative, committing to the transformation and promoting a digital mindset across the organization. Engaging employees early in the process through training and development opportunities is crucial to help them adapt to new tools and encourage a culture of continuous learning and innovation.

Investing in the right technology is another critical step. Businesses should choose scalable solutions, such as cloud-based platforms, data analytics tools, and automation technologies that can grow with the company and streamline operations. It’s essential to select technologies that integrate well with existing systems to ensure a smooth transition. Optimizing processes is also key to successful digital transformation. Before implementing new technologies, businesses should assess their current processes to identify inefficiencies and areas for improvement. Automating repetitive tasks can save time, reduce errors, and allow employees to focus on more strategic activities.

Collaboration is vital in this journey. Digital transformation often requires cross-departmental collaboration to identify challenges and develop solutions. Encouraging teams to work together ensures that digital initiatives are aligned with business needs. Additionally, forming external partnerships with technology providers, consultants, and other businesses can accelerate the transformation process by providing access to new technologies and expertise.

Ensuring data security and compliance is critical as the business becomes more digital. Investing in robust cybersecurity measures protects data and systems from threats, while compliance with relevant regulations, such as data protection and privacy standards, is necessary, especially when handling sensitive customer information. Monitoring and adapting the transformation process is essential for success. Businesses should continuously track their progress using data and analytics to measure performance against goals. Being flexible and ready to adjust strategies based on feedback, new developments, and changing market conditions is vital for ongoing improvement.

Leveraging government and private sector support can also provide significant advantages. Many governments offer grants, tax incentives, or other support for businesses undergoing digital transformation. Collaborating with industry associations and private sector partners can offer valuable resources, training, and networking opportunities, helping businesses stay informed about the latest trends and best practices. Engaging customers in the transformation process is another important step. As new digital tools are implemented, businesses must ensure that customers understand how to use them by providing clear instructions, tutorials, and support. Regularly collecting customer feedback allows businesses to continuously improve their digital services, ensuring they meet customer needs.

Finally, planning for continuous improvement is crucial. Digital transformation is not a one-time project but an ongoing process. Regularly reviewing and adjusting the digital strategy helps businesses stay competitive and responsive to changes in the market. Staying informed about the latest trends in technology and digital business enables companies to anticipate changes and opportunities, ensuring they remain agile and innovative in a rapidly evolving digital landscape.

The Need for Digital Transformation in Jamaica
Jamaica’s Vision 2030 aims to make the country the place of choice to live, work, raise families, and do business. Achieving this vision requires a robust digital economy where MSMEs can thrive. Digital transformation is essential for MSMEs to improve efficiency, expand market reach, and enhance customer experiences. According to the Global Competitiveness Report 2019 by the World Economic Forum, Jamaica ranks 80th out of 141 countries in ICT adoption, highlighting the need for significant improvements in digital infrastructure and capabilities.

The Way Forward for MSMEs
Crafting a digital business roadmap requires careful planning and a thoughtful approach to several key factors. First, it’s essential to understand and address the evolving needs and preferences of customers in the digital age. Ensuring that digital initiatives can scale as the business grows is also critical, allowing for adaptability and responsiveness to market demands. Sustainability should be a central focus, with continuous updates and optimization of digital technologies to support long-term success. Collaboration is another crucial element, as leveraging partnerships and alliances can significantly enhance digital capabilities.

In conclusion, the digital business roadmap for MSMEs represents a vital strategy for achieving sustainable growth and competitiveness in today’s economy. By embracing digital transformation, MSMEs in Jamaica can unlock new opportunities, improve efficiency, and deliver enhanced customer experiences, ultimately contributing to the broader goals of Vision 2030.
© Germaine A. Bryan, 2024

Germaine Bryan is a business developer and startup coach supporting startups and MSMEs. Germaine is a skilled tactician in strategic business planning and has helped hundreds of entrepreneurs build their capacity to operate at scale. Germaine is the Managing Principal of Gerbry Business Ltd. For enquires. please email: germaine@gerbry.business

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Jamaica Successfully Concludes 18-Month IMF Programme

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Jamaica has successfully completed the 18-month International Monetary Fund (IMF) programme under the Precautionary and Liquidity Line (PLL) and Resilience and Sustainability Facility (RSF).

Economic Programme Oversight Committee (EPOC) Chairman, Keith Duncan, said the IMF Executive Board concluded the third and final reviews on August 30.

“The PLL continues to be treated as precautionary and the completion of the reviews allow for an immediate disbursement of US$980 million under the PLL and US$258 million under the RSF, which was drawn on by the BOJ (Bank of Jamaica) on September 4, 2024,” Mr. Duncan explained.

He was addressing Friday’s (September 13) EPOC Quarterly Press Briefing, which was held virtually.

Mr. Duncan said that all structural benchmarks were achieved and the BOJ exceeded the indicative target for net international reserves.

“A target that was narrowly missed due to a smaller-than-expected surplus at March 31, 2024, had a negligible impact on the debt consolidation plan,” he noted.

Meanwhile, Mr. Duncan said the Fiscal Commission is to commence operation in the calendar year 2025.

The Commission, which will be the guardian and interpreter of Jamaica’s fiscal rules, will monitor compliance with these, report on outcomes and keep the public informed by providing independent analysis on fiscal policy developments.

In March 2023, Courtney Williams was sworn in as Jamaica’s first Fiscal Commissioner.

By: Judith A. Hunter, JIS

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