Wednesday 23 October, 2019

NCB urges Diaspora to invest in local stock exchange

Members of the panel for the discussion around Inclusive Economic Growth and Job Creation session (from left) Michael McDonough, Chief Economist, Bloomberg, Laron Harris, Vice President, Wealth, NCB Capital Markets, Ryan Strachan, Vice President, Investor Relations, GK Capital Management and  Christopher Reckord, CEO, tTech, share the platform during day one of the 8th Biennial Jamaica Diaspora Conference.

Members of the panel for the discussion around Inclusive Economic Growth and Job Creation session (from left) Michael McDonough, Chief Economist, Bloomberg, Laron Harris, Vice President, Wealth, NCB Capital Markets, Ryan Strachan, Vice President, Investor Relations, GK Capital Management and Christopher Reckord, CEO, tTech, share the platform during day one of the 8th Biennial Jamaica Diaspora Conference.

Vice President for the Wealth Portfolio at NCB Capital Markets, Lamar Harris is encouraging members of the Diaspora to use its GoIPO platform to capitalise on the initial public offerings in the local market.

GoIPO is a fully automated system which replaces the manual and lengthy process which Investors previously endure to make IPO investments. It is fully integrated with the Jamaica Central Securities Depository.

Harris said Jamaicans living abroad can diversify their investment portfolios and increase their investments in Jamaica through the electronic platform.

Speaking at the 8th Diaspora Conference held at the Jamaica Conference Centre, Harris said it has been predicted that Jamaica will see unprecedented growth in the construction, agriculture, the creative industries, and tourism sectors. 

So she urged members of the diaspora to tap into the multi-billion dollar investment options across the island.

“Traditionally we see significant investment in fixed income.  However, due to the high cost of entry, we see where members of the diaspora are shying away from investing in real estate. In spite of this, the real estate market in Jamaica is on a positive trajectory and we want the diaspora to own and profit from some of the region’s assets,” she said.

Harris also explained that the innovation was created against the backdrop of making the Capital Markets more accessible to the diaspora and through GoIPO members have direct access to local investment opportunities.

“At NCB, we will soon be launching an IPO which will facilitate members of the diaspora to partake in the real estate market without having the expense of maintaining property, an opportunity they will be able to easily take advantage of through our GoIPO portal,” she said.

The encrypted platform, which was launched earlier this year, has seen thousands of users electronically submitting their applications to buy into IPOs from their mobile devices, regardless of their location. 

Approximately 6,000 applications were submitted through GoIPO on the last IPO opening.

The online solution is the first of its kind in Jamaica.  It provides timely updates on the progress of applications for shares and reduces the traditional paper work associated with applications while eliminating the need to visit a physical location and significantly reduces errors associated with manual processing.

Get the latest local and international news straight to your mobile phone for free:

  

Comments