UPDATE: On 26 November 2020, the Central Bank of the Republic of Cuba published using Twitter the following statement, which suggests a contradiction to its previous decisions:

Banco Central de Cuba
@BancoCentralCub
Nov 26
Se amplían las facultades a FINCIMEX y @redsaCuba, como preparación al http://futuro. Se ratifica que FINCIMEX es la única entidad que ofrecerá servicio de remesas desde el exterior, efectuando un pago eficiente y seguro. #BancariosCubanos @DiazCanelB @marta_wilson

Google Translate: Central Bank of Cuba @BancoCentralCub · Nov 26 The powers are extended to FINCIMEX and @redsaCuba, in preparation for the future. It is ratified that FINCIMEX is the only entity that will offer remittance services from abroad, making an efficient and secure payment. #BancariosCubanos @DiazCanelB @marta_wilson

LINK To Gaceta Oficial Notification

By Periódico Cubano [LINK To Article]
Hialeah, Florida
25 November 2020

Google Translate:

Central Bank moves token for the return of Western Union to Cuba
A new resolution cancels Fincimex's license to operate remittances that enter the Island

The Cuban government began to "move the tab" to allow Western Union to return to Cuba by enabling another entity other than Fincimex to serve as a partner to the US transnational in the business of remittances to the island. In the Official Gazette of the Republic of Cuba a resolution of the Central Bank of Cuba was published where it cancels the license of Financiera Cimex, S.A. (Fincimex) and grants a new one that regulates the activities of non-bank financial institutions can perform.

However, it is specifically mentioned that the only exception that is not allowed is that of “collecting deposits”. Central Bank moves token for the return of Western Union to Cuba Western Union has more than 400 points in Cuba. (Photo: Cuban newspaper) Said “capture” seems to be directed towards the entity Servicios de Pago Red S.A. (REDSA), which “requested” a revision of its license to include among its activities the management and processing of family remittances from abroad to Cuba. REDSA is the institution in charge of managing the Cuban ATM network and personalizing RED plastic cards and matrix cards under the RED brand.

Now this entity has a period of 30 days to adapt its system to the new functions granted by the Central Bank. In this way, the Cuban government moves token to remove Fincimex, an entity controlled by the military from the Business Administration Group (GAESA) led by Raúl Castro's former son-in-law, Luis Alberto Rodríguez López-Callejas, from the remittances. With the placement of a civil entity such as REDSA, they would be paving the way for a reestablishment of the remittance business to Cuba through Western Union. But, can it be said that REDSA has no ties with the military when everything in Cuba is controlled by the ruling leadership permeated by military leaders?

The answer seems to be obvious, but the Cuban authorities are betting that although the Joe Biden administration will not be able to remove Fincimex from the OFAC blacklist, it will also do nothing to place REDSA on the same list and then it could be resumed. starting in January the business of remittances to Cuba. The closure of Western Union will bring "unimaginable variants" for remittances to Cuba. This past Sunday, November 22, the end of the operations of the transnational money transfer company Western Union was completed, which for more than 20 years offered the remittance delivery service in Cuba. Faced with such a scenario, Cuban economist Omar Everleny Pérez offered an interview for the AP press agency where he warns of the negative impact of the absence of this formal way to send remittances to Cuba from the US, but affirmed that other "unimaginable variants" will surely emerge.

By Periódico Cubano [LINK To Article]
Hialeah, Florida
25 noviembre, 2020

Banco Central mueve ficha para el regreso de Western Union a Cuba
Una nueva resolución cancela la licencia de Fincimex para operar las remesas que entran en la Isla

El gobierno cubano comenzó a “mover ficha” para permitir el regreso de Western Union a Cuba mediante la habilitación de otra entidad que no sea Fincimex para que sirva de socio a la trasnacional estadounidense en el negocio de las remesas a la isla. En la Gaceta Oficial de la República Cuba se publicó una resolución del Banco Central de Cuba donde cancela la licencia de la Financiera Cimex, S.A. (Fincimex) y otorga una nueva que regula las actividades de las instituciones financieras no bancarias pueden realizar. Sin embargo, se alude específicamente que la única excepción que no está permitida es la de “captación de depósitos”.

Dicha “captación” parece estar encaminada hacia la entidad Servicios de Pago Red S.A.(REDSA), la cual “solicitó” una revisión de su licencia para incluir entre sus actividades la gestión y trámite de remesas familiares desde el extranjero hacia Cuba. REDSA es la institución encargada de la administración de la red de cajeros automáticos de Cuba y personalización de tarjetas plásticas RED y matriciales bajo la marca RED. Ahora esta entidad dispone de un plazo de 30 día para adecuar su sistema a la s nuevas funciones otorgadas por el Banco Central.

De esta forma el gobierno cubano mueve ficha para quitar del medio de las remesas a Fincimex, una entidad controlada por los militares del Grupo de Administración empresarial (GAESA) dirigida por el ex yerno de Raúl Castro, Luis Alberto Rodríguez López-Callejas. Con la colocación de una entidad civil como REDSA estarían facilitando el camino para un restablecimiento del negocio de las remesas a Cuba por medio de Western Union. Pero, ¿se puede afirmar que REDSA no tiene vínculos con los militares cuando en Cuba todo está controlado por la cúpula gobernante permeada de mandos castrenses? La respuesta parece ser obvia, pero las autoridades cubanas apuestan a que si bien la administración de Joe Biden no podrá sacar a Fincimex de la lista negra de la OFAC, tampoco hará nada para colocar a REDSA en la misma lista y entonces se pudiera reanudar a partir de enero el negocio de las remesas a Cuba.

Este pasado domingo 22 de noviembre se concretó el fin de las operaciones de la transnacional de envío de dinero Western Union que por más de 20 años ofreció el servicio de entrega de remesas en Cuba. Ante tal escenario el economista cubano Omar Everleny Pérez ofreció una entrevista para la agencia de prensa AP donde advierte el impacto negativo de la ausencia de esta vía formal para enviar remesas a Cuba desde EEUU, pero afirmó que de seguro surgirán otras “variantes inimaginables."

Gazeta Oficial de la Republica de Cuba [LINK To Gaceta Oficial Notification]
Ministry of Justice
Havana, Republic of Cuba
23 October 2020

BANCO CENTRAL DE CUBA
GOC-2020-14-EX3
RESOLUTION No. 4 2020

Google Translate:

WHEREAS: Resolution No. 80 of October 23, 2004 of the Minister President of the Central Bank of Cuba, in Article 6, provided that bank accounts opened in US dollars by individuals before the entry into force of the aforementioned legal provision can receive funds through bank transfers in any freely convertible currency, as well as receive cash deposits in convertible pesos, euros, Canadian dollars, British pounds and Swiss francs, except cash deposits in United States dollars.

WHEREAS: In article 7 of the aforementioned Resolution No. 80 of 2004, it was established that as of November 8, a period that was later extended to November 14, those who wish to open accounts in US dollars could do so, but in Those new accounts would only allow cash deposits and withdrawals in US dollars.

WHEREAS: Resolution No. 275 of October 15, 2019, of the Minister President of the Central Bank of Cuba, provided that the bank accounts of natural persons receive funds through bank transfers from abroad in any freely convertible currency; bank transfers from other accounts in freely convertible currency that operate in Cuban banks; FINCIMEX S.A. transfers for remittances, and cash deposits in US dollars, euros, pounds sterling, Canadian dollars, Swiss francs, Mexican pesos, Danish crowns, Norwegian crowns, Swedish crowns and Japanese yen.

WHEREAS: The resurgence of the genocidal economic, commercial and financial blockade of the Government of the United States of America against the Cuban people confirms the validity of the grounds expressed in Resolution No. 80 of 2004 that served as the basis for the application of the tax on the 10% to cash operations with US dollars.

WHEREAS: It is necessary to unify the treatment of bank accounts in US dollars opened by natural persons before Resolution No. 80 of 2004 and after its entry into force, and those authorized under the Resolution No. 275 of 2019 of the Central Bank of Cuba.

THEREFORE: In the exercise of the attributions conferred in article 25, paragraph d), of Decree-Law No. 361 “Of the Central Bank of Cuba”, of September 14, 2018,

RESUELVO

PRIMERO: As of the entry into force of this Resolution, bank accounts in US dollars opened by natural persons before Resolution No. 80 of October 23, 2004 and after its entry into force, may receive cash deposits in US dollars and the 10% tax is applied. These bank accounts accept in freely convertible currencies recognized in the country, as well as cash deposits, bank transfers from abroad, remittances and bank transfers from other accounts opened in Cuban banks. In the case of transfers, the 10% tax is not applied. Likewise, cash may be withdrawn in convertible pesos, Cuban pesos or in freely convertible currency at the client's choice, at the corresponding exchange rate. Balances of the bank accounts referred to in the previous section may be transferred by their holder to the bank accounts in US dollars authorized for retail sales in foreign currency, based on the provisions of Resolution No. 275, of October 15, 2019, of the minister president of the Central Bank of Cuba.

SPECIAL UNIQUE DISPOSITION

The application of the 10% tax to cash deposits of US dollars in bank accounts opened in that currency is still in force under Resolution No. 275 of October 15, 2019.

FINAL DISPOSITION

FIRST: Articles 6 and 7 of Resolution No. 80 of October 23 of the Minister President of the Central Bank of Cuba are repealed.

SECOND: This Resolution enters into force after ten (10) days after its publication in the Official Gazette of the Republic of Cuba.

TAKE ACCOUNT to the Secretary of the Council of Ministers.

LET IT BE PUBLISHED in the Official Gazette of the Republic of Cuba, the original

LET IT BE PUBLISHED in the Official Gazette of the Republic of Cuba, and the original be Filed in the Secretariat of the Central Bank of Cuba DADA in Havana, on the eighth day of January, two thousand and twenty.

Marta Sabina Wilson Gonzalez
Minister President
Central Bank of Cuba

Servicios de Pago Red S.A. [LINK To Profile]
Havana, Republic of Cuba

Google Translate

Servicios de Pago Red S.A. (REDSA): It was established by Deed of Incorporation of the Public Limited Company No. 36/2009 dated January 28, 2010 issued by the Special Notary of the Ministry of Justice of the Republic of Cuba. The Central Bank of Cuba, through Resolution No. 100 of December 21, 2009 authorized its creation in order to manage and administer the network of ATMs, as well as the processing of RED and non-RED Debit Card Operations. The organizational changes made in the institution, made it necessary to proceed to modify the specific License through Resolution 69/2011. The entity began its operations on March 5, 2010 and since then its Financial Statements have been audited by the independent auditing firm Centro Internacional de La Habana, with a satisfactory evaluation.

REDSA is empowered to carry out the following activities: - Administer, control and manage the ATM network and its control software. - Carry out the necessary processes for interbank clearing of operations carried out through the Automatic Teller Machine Control Center (CCCA). - Serve as a plastic card processing center, in accordance with the provisions of Resolution No. 64 "Rules for the issuance and operation of plastic cards as a means of payment", dated July 9, 1999, established by the Minister President of the Central Bank of Cuba. - Process and send the reconciliation of RED cards to national issuing banks. - Process and send the reconciliation of non-RED cards to the acquiring banks. - Representing RED card issuers before other acquiring networks, guaranteeing access to them. - Represent the RED acquiring institutions before other national and international issuers, guaranteeing access to them. - Personalize the cards of the issuing banks, with their respective pins. - Issue the tables and other information required by the member banks of the RED system. - Address claims for ATM operations of issuing banks, Financiera Cimex S.A and other national and international issuers. - Design and install ATM networks. - Dictate the procedures that link the CCCA with the institutions authorized to issue RED cards and guarantee their compliance. - Guarantee compliance with the international standards for the card payment industry throughout the RED system. - Guarantee compliance with the security measures established by the card issuers with whom they have a relationship. - Guarantee the inviolability of the information processed in the Automatic Teller Machine.

Control Center. The development of its activity is fundamentally reflected in the work carried out by the Management of the ATM Control Center, guaranteeing greater support for the administration, control and management of the ATM network and control software, as well as the technical service offered.

Servicios de Pago Red S.A. [LINK To Profile]
Havana, Republic of Cuba

Servicios de Pago Red S.A.(REDSA): Fue constituida mediante Escritura de Constitución de Sociedad Anónima No. 36/2009 de fecha 28 de enero de 2010 emitida por la Notaría Especial del Ministerio de Justicia de la República de Cuba. El Banco Central de Cuba, mediante Resolución No. 100 del 21 de diciembre de 2009 autorizó su creación con la finalidad de gestionar y administrar la red de Cajeros Automáticos, así como la tramitación de Operaciones de Tarjetas de Débito RED y no RED. Los cambios organizativos realizados en la institución, hizo necesario proceder a modificar la Licencia específica mediante la Resolución 69/2011. La entidad comenzó sus operaciones el 5 de marzo de 2010 y desde entonces sus Estados Financieros han sido auditados por la firma de auditores independientes Centro Internacional de La Habana, con evaluación de satisfactoria. REDSA está facultada a ejercer las siguientes actividades:

- Administrar, controlar y gestionar la red de cajeros automáticos y su software de control.
- Realizar los procesos necesarios para la compensación interbancaria de las operaciones que se realicen a través del Centro de Control de Cajeros Automáticos (CCCA).
- Fungir como centro de procesamiento de tarjetas plásticas, de acuerdo con lo estipulado en la Resolución No. 64 "Reglas para la emisión y operación de tarjetas plásticas como medio de pago", de 9 de julio de 1999, dispuesta por el ministro presidente del Banco Central de Cuba.
- Procesar y enviar la conciliación de las tarjetas RED a los bancos emisores nacionales.
- Procesar y enviar la conciliación de tarjetas no RED a los bancos adquirientes.
- Representar a los emisores de tarjetas RED ante otras redes adquirentes, garantizando el acceso a las mismas.
- Representar a las instituciones adquirentes RED ante otros emisores nacionales e internacionales, garantizando el acceso a las mismas.
- Personalizar las tarjetas de los bancos emisores, con sus respectivos pines.
- Emitir las tablas y demás informaciones requeridas por los bancos miembros del sistema RED.
- Atender las reclamaciones de operaciones en cajeros automáticos de los bancos emisores, Financiera Cimex S.A y otros emisores nacionales e internacionales.
- Proyectar e instalar las redes de cajeros automáticos.
- Dictar los procedimientos que vinculan al CCCA con las instituciones autorizadas a emitir tarjetas RED y garantizar su cumplimiento.
- Garantizar en todo el sistema RED el cumplimiento de las normas internacionales para la industria de pago con tarjetas.
- Garantizar el cumplimiento de las medidas de seguridad que establezcan los emisores de tarjetas con quienes se tengan relación.
- Garantizar la inviolabilidad de la información que se procesa en el Centro de Control de Cajeros Automáticos.

El desarrollo de su actividad se refleja fundamentalmente en el trabajo desplegado por la Dirección del Centro de Control de Cajeros Automáticos, garantizando un mayor apoyo a la administración, control y gestión de la red de cajeros automáticos y software de control, así como del servicio técnico que se ofrece.