Pesh Money makes financial transactions between friends and family seamless

Set on simplifying person-to-person mobile payments in Trinidad and Tobago, Pesh Money introduced its inaugural service, the Pesh Money mobile app on November 21, 2023 at One Fintech Ave, at the International Waterfront Centre, Port of Spain.

Founded in 2017 by Simon Fortuné, Pesh Money Limited is a fintech company committed to making payments between friends and family convenient, fast and seamless. Designed from the ground up, specifically for Trinidad and Tobago, Pesh’s user-friendly app caters to anyone aged 18 and older, with a Trinidad and Tobago bank account and an iOS or Android phone.

On September 1, 2023, Pesh Money Limited achieved full E-Money Issuer registration with the Central Bank of Trinidad and Tobago, marking a significant milestone, after a successful six-month provisional registration period and preceded by over two years of regulatory review. Pesh's mobile app adheres to the E-Money Issuer Order (2020) and is specifically tailored for mid-value transactions, covering payments of up to $1,000 and a wallet size of up to $20,000. Additionally, per the regulation, the service only supports TT dollars and does not support international wires or transactions.

The Pesh Money mobile app is now available for download on both iOS and Android, providing accessibility and convenience to a wide range of users.

Central Bank Green Lights Pesh Money Limited Provisional Registration

FOR IMMEDIATE RELEASE

Approval is a major milestone for digital wallet start-up

Feb. 6, 2023 - The Central Bank of Trinidad and Tobago (CBTT), on Feb. 1, 2023, issued Pesh Money Limited a provisional registration as an electronic money (e-money) issuer. Pesh Money Limited (“Pesh” or the “company”) is a financial technology (‘fintech’) company, incorporated in December 2017, started and wholly owned by Simon Fortuné who developed Pesh as a digital wallet for Trinidad and Tobago.

“We landed on the name ‘Pesh’ as it is a Trinbagonian term for money, and it set the direction for how we wanted to develop the company,” Fortuné said. “As a start-up, we could not be more excited to achieve this milestone and be one step closer to providing digital wallet services to Trinidad and Tobago.”

Pesh built its application and services around how Trinbagonians use and transact money on a daily basis, within the rules and regulations of T&T.

The CBTT’s provisional registration enabled Pesh to publicly launch its website and social media channels, however, there are additional regulatory requirements the company is now working to meet before launching its mobile apps for iOS and Android later in 2023.

The Pesh digital wallet is not a cryptocurrency. Instead, Pesh works within T&T’s regulatory and financial framework and is focused on enabling users to send and receive $TTD-only payments to one another using their own local bank account, similar to writing a cheque, but without having to share their account number with others.

“Our mobile app won’t replace your wallet, but with Pesh, splitting a lunch bill or lime costs with friends becomes instant, and cashless,” Fortuné said. “These are the types of daily transactions that we are focused on.”

At launch, Pesh will include account limitations, such as

• A person-to-person per transaction limit of $TTD 1,000.00

• A monthly transactions limit of $TTD 20,000.00

• A wallet account balance maximum of $TTD 20,000

• A monthly limit of up to $TTD 20,000 for top ups

• A monthly limit of up to $TTD 20,000 for withdrawals

These limits are in place per the regulatory requirements outlined in the E-Money Issuer Order (2020).

The company met with regulators at the CBTT in 2018 and learned that a legal framework needed to be put in place for private companies like Pesh to issue electronic money. In 2018, the ability to issue electronic money was limited to banks and other financial institutions.

In August 2020, the E-Money Issuer Order (2020) became law. This provided the legal framework for private companies to issue electronic money in T&T, not only for digital wallets, but in place of other physical currency such as physical gift cards or coupons. As a new fintech CEO, Fortuné said this legislation was a big step in opening the doors for the industry and creating opportunities for new services for T&T.

Since the law was passed in 2020, Pesh has been in the application process with the regulators at the CBTT, working to meet their stringent requirements around financial and application security, privacy, anti-money laundering, compliance, and many other categories. Upon meeting those requirements, Pesh was granted the six-month provisional license on Feb. 1, 2023.

“As a new company, we intend to earn and keep your trust. We’ve brought more than a decade of finance and software development experience to the platform and have invested in making Pesh safe, secure, and easy to use”, Fortuné said.

Pesh is bringing a fintech and innovation service to Trinidad and Tobago similar to what many in the rest of the world use on a daily basis, alongside physical cash, credit cards, and bank transfers. The company is among other local companies working to develop these services as part of a new frontier for T&T.

About Pesh Money Limited: Pesh Money Limited is a financial technology company that provides person-to-person digital currency services that are easy-to-use, accessible, secure and paperless. Pesh was designed from the ground up to reflect the unique needs and culture of Trinidad and Tobago. Pesh Money Limited is led by Founder and CEO Simon Fortuné. For more information, visit www.peshmoney.com.

Source:

Pesh Money Limited
contact@peshmoney.com

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