Supreme Ventures Eyes July Launch For Digital Wallet And Mastercard Debit Card

Supreme Ventures Ltd, the technology and entertainment group, is aiming to bring a digital wallet and Mastercard-certified debit card to market this summer, a move executive chairman Gary Peart says could significantly change the way the company does business.

Peart said both products are undergoing checks in the Bank of Jamaica's regulatory sandbox, the central bank framework used for mobile money services. He said the company is looking toward a public release by late July 2026, once the necessary regulatory clearance is granted.

According to Peart, SVL has been collaborating closely with regulators on the development of the wallet and card. Approval to leave the sandbox would allow the company to promote the products to the wider market, including people who do not currently have bank accounts.

"We project that we'll be able to sell to the public by the end of July, (2026) (or) somewhere around there, but again, it's subject to regulatory approval. So right now, we're testing in the sandbox," Peart told the Financial Gleaner after the meeting.

Peart said the products would make online transactions and financial services easier for many customers to access.

"For example, there are a lot of our customers who either pay somebody to use their card to buy stuff on Amazon or Shein or to do business online. Now with our card, they'll be able to do it themselves because the card is a Mastercard. It's accepted anywhere in the world where the logo is," he said.

He said the debit card will also work on the Multilink network, giving cardholders use of more than 800 automated teller machines across Jamaica. Some SVL outlets will also be equipped to handle cash-in and cash-out services.

"We currently have 2,000 points of sale. I don't think we'll have it in 2,000 of them, but probably at least anywhere between 400 to 500 of them as it grows out into the ecosystem. So, we're excited about it," Peart said.

The executive chairman said the mobile money products are expected to lower SVL's costs while creating additional income opportunities. He noted that the offerings have been in development for three years and have required major investment, which he expects to strengthen the group's earnings over time.

"We've spent almost a billion dollars getting to this point. Where we are as a group is that all the subsidiaries are now in a position to be cash flow positive and making profits," Peart declared.

Peart said growth should show up across the SVL Group, spanning fintech activities and international operations, including the company's business in Ghana.

"This is a huge game changer for the business," he said.