U.S. Companies Interested in Managing Remittances to Cuba

HAVANA, Cuba, Jun 29 (acn) U.S. companies participating in the First Conference on International Money Transfers in Cuba, IMTC 2016, expressed their intention to establish links to manage remittances to the Caribbean Island.

After the closing of the meeting today, which brought together in Havana representatives of 40 institutions and firms from 14 countries related to the topic, Yamil Hernandez, business director of Fincimex, told the press about the interest of U.S. companies to create direct links with Fincimex, leader in Cuba of this activity.

He stressed that during the meeting there were fruitful bilateral exchanges, where the foreign parties, especially the U.S., showed the desire to boost contractual relations with Fincimex for the management, collection and sending of remittances to Cuba.

Hernandez clarified that these U.S. companies can work technically with the Cuban nation, as they are covered by a general license, although in the operating aspect limitations may exist, due to the obstacles imposed by the U.S. blockade of the island.

Irma Margarita Martinez, first vice-president of the Central Bank of Cuba (BCC), stressed the usefulness of the meeting, and with regard to its program she underlined that two of the presentations made focused on regulations of this activity in the United States.

The BCC official said that participating in the meeting were companies visiting Cuba for the first time and others that have ties with Fincimex, such as Western Union, which opened in April its services from other nations in addition to the U.S.

She considered this possibility beneficial for Cubans living in these territories, who can send money to their relatives through formal channels, which is also a source of income to the country.

IMTC 2016 was organized in conjunction with a U.S. consulting firm, Mohr World Consulting, as part of the process towards normalization of relations between Havana and Washington.

Cuban News Agency, July 1, 2016

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