Business

NCB Capital Markets executive urges diaspora to invest in local stock exchange

…says company's new electronic platform, GoIPO provides means for electronic investments

Wednesday, June 26, 2019

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Vice -president for the Wealth Portfolio at NCB Capital Markets Lamar Harris encouraged members of the diaspora to diversify their investment portfolios and increase their investments in Jamaica through the company's new electronic investment platform, GoIPO.

GoIPO is a fully automated system which replaces the manual one now in place to make initial public offers (IPO) investments. GoIPO is also fully integrated with the Jamaica Central Securities Depository.

During her presentation at the 8th Biennial Jamaica Diaspora Conference held last week at the Jamaica Conference Centre in Kingston, Harris informed her audience that it has been predicted that Jamaica will see unprecedented growth in the construction, agriculture, the creative industries, and tourism sectors.

The bank executive then 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 6000 applications were submitted through GoIPO on the last IPO opening.


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