06:01 GMT +321 January 2020
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    US investment fund Navigator Principal Investors LLC is seeking to do money transfer business in Cuba, fund principal Kyle Shostak told Sputnik.

    WASHINGTON (Sputnik) — Shostak said he is considering the project of the Canadian company that received a money transfer license from the Cuban government.

    “I am looking at the project of the Canadian company that received a money transfer license from the Cuban government,” Shostak said. “While currently Western Union is operating there and controlling the market, with transfers amounting to $2 billion, there are niches for other players.”

    Shostak noted that the Canadian company became the first private company to receive the license.

    “Now they are trying to develop their business,” he added.

    In December 2014, President Barack Obama announced that the United States would normalize relations with Cuba after more than 50 years of non-engagement and hostilities.

    Relations between the United States and Cuba were frozen since 1961. The two countries reopened embassies in their respective capitals in July 2015, but the congressionally-mandated US trade embargo on Cuba continues to remain in effect.

    Related:

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    Tags:
    business, transfer, money, United States, Cuba
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