Supreme Ventures plans to expand fintech operations in coming months

 

Supreme Ventures says its financial technology (Fintech) operations have been doing well in the remittance business.

 

Gary Peart, Executive Chairman of Supreme Ventures, says after the initial phase of operation starting late last year, there are plans for expansion in the coming months.

 

Supreme Ventures Fintech forged a strategic partnership with Ria Money Transfer last year. 

 

"The first phase is you have a limited rollout. We have six locations. It's going pretty well. And so we're going to be assessed by the central bank. Once they confirm that we're running the business in accordance with the details of the licence then we'll get to the second and final phase where we can now take on third party locations and additional locations to expand our footprint."

 

"We expect that to go pretty well because we think there are synergies with our target market and the remittance market, and certainly in this initial first phase we're seeing that. Our revenues from just the six stores that we have is ahead of the budget that we have put in place," Mr. Peart reported. 

 

He said this avenue will be an added stream of foreign currency earnings.

 

Mr. Peart was addressing this week's Mayberry Investor Forum.