Jamaican SMEs Urged to Adopt AI and Digital Tools to Stay Competitive

Jamaican small and medium-sized enterprises are being encouraged to embrace artificial intelligence and digital technology to stay competitive in a fast-shifting marketplace. The appeal was made at a JMMB thought leadership breakfast, where business figures argued that such tools are no longer optional but central to growth.

The Development Bank of Jamaica told the gathering it channelled J$6 billion in financing to SMEs during the last financial year to back innovation and expansion, and said the momentum has continued into the current year. "We just touched two billion for the first quarter, so that in essence is showing progression," a bank representative said, adding that at the current rate lending could reach eight to nine billion dollars by year end.

The Amber Group said smaller firms now have an unprecedented chance to compete with larger companies by adopting the right technology. The company framed AI investment around practical returns, asking whether a given tool would lower costs, lift profitability, drive sales, widen the customer base or improve service — the aim being stronger revenue and better customer retention.

On the local stock market, the JSE main index climbed 4,098 points while the junior market index rose 65 points. Advancing stocks were led by Margaritaville Turks US dollar shares, Proven Group, Sagicor Real Estate X Fund, One Great Studio and Dolphin Cove. Declining stocks included JPS 7% preference shares, JPS 9.5% preference shares, Eppley 7.25% preference shares, Mayberry Group and Access Financial Services, while 24 shares traded firm.

In foreign exchange trading, banks and cambios sold the US dollar for an average of J$159.36 and the Canadian dollar for J$113.30. The British pound averaged J$212.99, while the euro sold for an average of J$181.66.