JMMB Group Launches JMMB Moneyline IPO for Non-Clients
The JMMB Group recently launched its JMMB Moneyline IPO platform, which is designed to now allow investors who are non-JMMB clients to participate in public offers, including: initial public offerings (IPO), additional public offerings (APO), rights issues and preference share offers. This move makes the regional financial conglomerate, JMMB Group, the latest broker to roll-out a platform, that caters to the general investing public, who wishes to participate in public offers, irrespective of their broker affiliation.
The platform was launched just ahead of the opening of the now-listed Sygnus Capital Investment (SCI) Cumulative Redeemable Preference Share Offer, for which JMMB Securities Limited was the co-broker.
Gifford Rankine, general manager, digital services at JMMB Group, outlined, “We are excited about the positive feedback that we have received from investors so far who have utilized the JMMB Moneyline IPO platform to participate in the SCI dual currency preference share offer, which was oversubscribed by 102%. We anticipate a further uptick of users as we make additional offers available via our IPO platform. In line with our commitment to providing exceptional client experience we will continue to enhance the platform and optimize its capabilities to meet investors’ needs.”
The IPO platform comes in response to changing behavior of the investing public with an increasing desire for ease of use and access to financial services; as such, JMMB Group aims to give a broader cross-section of investors increased options, irrespective of their broker alignment. The release of the JMMB Moneyline IPO platform, will now allow non-clients, to enjoy some of the great benefits that are available to clients who have been able to apply for public offers, via JMMB Moneyline, since 2020. In addition to greater convenience and a seamless process to take advantage of investment opportunities in real-time, the digital services exec added, “We are pleased to deliver on our promise to the investing public to provide innovative solutions to meet their needs, and accelerate our digital strategy to further enhance our client experience.”
This roll-out of JMMB Moneyline IPO is another step in supporting the growth of the capital markets landscape locally and regionally, as the fusion of technology makes greater cross-border collaboration and listing possible. Currently the platform facilitates applications from 14 Jamaican stockbrokers, with plans to explore leveraging this platform in the region, subject to the necessary regulatory approvals. “Providing easy access to capital through the stock market, to fund business growth is critical to the progress of the productive sector and the economy; as such, we are proud of taking this step. As individuals and institutions assess recommendations, review offer prospectuses and weigh investment opportunities, they can seamlessly take immediate action to leverage wealth creation opportunities.”
The launch of this platform will help to bolster JMMB Securities Limited’s (JMMBSL) already dominant position in the market, as Jamaica’s largest retail brokerage firms, having participated as a co-broker and arranger of two of Jamaica’s largest offers, namely: TransJamaica Highway, which raised J$14.1B and the JMMB Group additional public offering (APO), which raised J$19B. JMMBSL’s position in the stockbrokerage community has also been reinforced at the recent Jamaica Stock Exchange (JSE) Best Practices Awards, with the subsidiary being named the winner of the Chairman’s Award, which recognizes the top member dealer for its overall performance. This marks the fourth time JMMBSL has copped this award since its introduction in 2010.
The JMMB Moneyline IPO platform has undergone robust security testing to meet security best practices and has implemented features to safeguard users and the organization.
Getting Started
The application process is straightforward and requires all applicants to have an active Jamaica Central Depository account, tax registration number (TRN), government identification, selfie camera or webcam and mobile number in order to register on the platform and then apply for the requisite offer. Investors are also able to add joint account holders on the application form, for approval. Additionally, in a bid to ensure investors can maximize the wealth creation process, they can set notifications and get real-time updates.
Acceleration of Digital Strategy
Gifford Rankine shared that in line with the thrust toward digital acceleration, the Group is looking to build out its payment solutions which include: the full-scale launch of the JMMB Money Transfer Visa Prepaid card, in Jamaica; offering its merchant services (point-of-sale, mobile point-of-sale, card services) in Trinidad & Tobago; and roll-out of the much-anticipated JMMB Moneyline app first release, by the end of the financial year, subject to the necessary regulatory approval. He also revealed that several other digital solutions are set to come onboard, such as: the virtual assistant, Johanna, which is in its infancy stage and now allows clients to check account balances and money transfer status, via its website and WhatsApp number. The JMMB Group digital exec also announced that JMMB Bank is slated to roll-out Visa-enabled cards to business clients to provide easy access to cash, locally and overseas.
The acceleration of digital solutions is in keeping with the Group’s smart growth strategy, which is centred on utilizing capital more efficiently and diversifying its revenue streams, while meeting the needs of clients.