Stock account opening now online via GoIPO for TransJam listing

Business

Stock account opening now online via GoIPO for TransJam listing

Wednesday, January 15, 2020

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Nearly 500,000 customers of the National Commercial Bank Jamaica Limited (NCB) who already have a deposit account can now open an investment account with NCB Capital Markets Limited (NCBCM).

This innovation can be accessed from the comfort of their own home or mobile device via NCB's GoIPO platform.

Using of the GoIPO platform will apply only to customers of the bank who are “Know Your Customer (KYC)”-compliant.

“Customers of the bank whose records are up to date and currently have active online banking profiles, who may want to open an investment account in anticipation of the mammoth TransJamaican initial public offer (IPO) can also do so using the new platform,” Steven Gooden, chief executive officer of NCBCM shared.

This electronic account opening also facilitates the creation of a Jamaica Central Securities Depository (JCSD) account, which is a requirement for investing on the local exchange.

Though the investment house could not confirm when the operators of the east-west toll roads would come to market, Gooden informed that his team was committed to ensuring maximum participation. This participation, he assured will be done by allowing customers of NCB Financial Group with up-to-date records to open both the brokerage and JCSD accounts online.

GoIPO revolutionised our equities market in just a few months and we are set to do that yet again by introducing another feature designed to make the investment experience seamless, especially for new stock market investors,” he said.

Customers of NCB can pay directly from their bank accounts to purchase shares securing an IPO. Also, these customers Gooden stated will experience greater efficiencies during the post-IPO refunds, which can be sent back directly to their bank accounts or their NCB broker accounts.

Speaking to the further value of the brokerage account, Gooden noted that this account may be used by clients to avail themselves of other NCBCM products and services, not just stocks.

NCB clients who already use online banking can open an NCBCM account in minutes at the GoIPO portal ( goipo.jncb.com). Those without NCB online banking access are encouraged to download the NCB mobile app and sign-up for online banking from that platform. Once completed, customers can then go to GoIPO and open their investment account.

“People who are not NCB customers should not feel left out. They can visit an NCB branch to open both investment and deposit accounts in minutes using NCBX,” said Gooden, explaining that NCBX is a digital solution that allows users to open investment and savings accounts via tablets at select NCB locations.


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