Interest expressed by various U.S. companies in establishing business links with the Cuban entity Fincimex, related to processing remittances to the island, features among the positive outcomes of the First Conference on International Monetary Transfers in Cuba, which concluded June 29, in Havana.
According to Yamil Hernández González, business director of Fincimex, Cuba’s leading money transfer entity, there exists significant interest from U.S. companies in establishing direct links with the island; noting that now a negotiation process must begin looking toward the establishment of future contracts.
None the less, he noted that although companies are legally able to do business with Cuba under a general license, operational obstacles could emerge given blockade legislation.
In regards to this issue, Irma Margarita Martínez, first vice president of the Central Bank of Cuba, recalled that despite the fact that in March of 2016 the U.S. government authorized Cuba’s use of the dollar in international transactions, in practice the measure has had little impact, and contributes to continued uncertainty and fear among international businesses interested in establishing links with the island.
She likewise mentioned several talks on the U.S. money transfer regulatory system which took place during the event, a useful topic for Cuban professionals, in light of new opportunities opening up within the process of normalization of relations between the two nations.
Martínez highlighted the presence of companies visiting the island for the first time, and also called attention to firms such as Western Union, which have been working with Cuba for 17 years.
In this sense, Ricardo Amaral, Western Union regional director for Cuba, praised the development of the Cuban market and expansion of the money transfer network.
He also reiterated that since April, 2016, the company has been able to handle remittances sent from the U.S., as well as those from various European, Latin American and Caribbean countries, among others. Amaral also pointed out that since June customers from the U.S. have been able to send remittances via a cell phone app or their webpage, westernunion.com
