Banco Central authorizes ETECSA to operate and “support financial institutions”

Cuba News

The objective of both companies is to control the money operated by the digital platforms Transfermóvil and EnZona

Etecsa and Xetid are authorized by the Central Bank to operate

Etecsa and Xetid are authorized by the Central Bank to operate “supported financial institutions”. (Photo: Periódico Cubano)

An important recovery of Cuba’s finances is taking place this week from Official Extraordinary Gazette 79 Extraordinary, with a closing date of 21 December 2020.

The document publishes the intention of the Cuba Telecommunications Company, ETECSA, and the Defense Information Technology Company (XETID), to control the operating and operating network of the Transfermóvil and EnZona digital platforms.

I work as a solicitor, finally, obtaining a license from the Central Bank of Cuba to operate as an entity to support financial institutions in the national territory. In this form, the BCC issues a favorable and, if anything, ETECSA, like Xetid, has been authorized to carry out its referendum intentions.

In order to own the total control of the electronic payment services, ETECSA has to complete with various requirements such as the availability of the required infrastructure and adopt the security measures associated with the authorized activity, conciliate the operations carried out with RAD systems Internal control and attention to the customer that guarantees consumer protection.

From Transfermóvil, users can interact with their bank accounts, pay public services, manage telecommunications services and make payments on the electronic commerce site in the country.

For its part, the company Xetid, owner of the EnZona platform, will practically own the same control as Etecsa, which is supported by EnZona. One of the official data from the month of November passed through the EnZona payroll, which passed more than 120 million transactions, while there were 3,600 new users.

In its official Twitter account, Xetid proposes an alliance with state or particular entities, to remind customers of the possibility of making electronic pages about the products or services that they sell. The management to establish the contract can be done online.

With this new resolution of the BCC monopolizes the market of electronic commerce in Cuba with these entities, one of them (Xetid) directly linked to the Ministry of the Revolutionary Armed Forces.