Nov 2015 Financial News

Western Union reopens in Cayman via GraceKennedy Money Services

Nov 27, 2015

ON Wednesday November 25, GraceKennedy Money Services (GKMS), a subsidiary of GraceKennedy Limited and authorised agent of Western Union, announced its expansion into the Cayman Islands.

Michelle Allen, Chief Executive Officer of GKMS, said that the company will initially have a total of four locations in Grand Cayman and one in Cayman Brac, all opening from Monday to Saturday.

Under the 25-year-old partnership, GKMS now represents Western Union in ten countries across the Caribbean, the other nine being Jamaica, Trinidad and Tobago, Guyana, St Vincent and the Grenadines, St Kitts and Nevis, Antigua and Barbuda, Anguilla and Montserrat and the British Virgin Islands.

In Cayman, the GK subsidiary is replacing previous Western Union partners who exited the market mid-year under pressure from banking service providers.

Western Union closed in July when local banks shut down the cash-transfer windows.

JN Money Services (JNMS), a subsidiary of the Jamaica National Building Society, was also affected, but subsequently negotiated a reopening based on the sole use of US dollars for sending remittances. It did so without the usual banking support, resorting to shipping cash to Jamaica.

GKMS said that it would be partnering with Scotiabank in its market entry.

Sloane Muldoon, Scotiabank & Trust (Cayman) Ltd, Managing Director, was quoted in a GKRS release on the opening as stating, "Scotiabank is proud to partner with GraceKennedy and Western Union to deliver money transfer services to the residents of the Cayman Islands. Scotiabank has a long history with GraceKennedy in the region and is pleased to support their strategic vision and expansion across the Caribbean."

Muldoon said, "Scotiabank continues to see the Caribbean region as an important part of our international footprint and this announcement demonstrates our continued commitment to the Cayman Islands community. Scotiabank looks forward to continuing to expand on our long-term relationship with the GraceKennedy Group of companies as we welcome them to the Cayman Islands."

Allen said that alongside remittances, GKMS will also be introducing "other complementary money services."

GraceKennedy Money Services (GKMS) is the umbrella entity which encompasses FX Trader, Bill Express and Western Union.

Don Wehby, CEO of GraceKennedy Group and chairman of GKMS Caribbean, stated in the company release that the Cayman market would be well served by GKMS's 25 years of experience in the remittance business.

"GKMS is really happy to be offering our services in Cayman. It is in keeping with GraceKennedy's strategic vision of becoming a Global Consumer Group delivering long-term consumer and shareholder value, through brand building and innovative solutions in food and financial services, provided by highly skilled and motivated people. We have two and a half decades of expertise in the money services industry, and we look forward to meeting the needs of our customers," he said.

Source:
BY AVIA COLLINDER
Business reporter
Jamaica Observer
Friday November 27, 2015

http://www.jamaicaobserver.com/business/Western-Union-reopens-in-Cayman-via-GraceKennedy-Money-Services_19240723