VM Investments has officially completed its much-anticipated digital onboarding system, delivering on its promise to make investing more accessible for clients, wherever they are in the world. The new platform allows clients, including those in the diaspora, to open an investment account entirely online. The system has already been completed and is now in the process of receiving final approval from the Financial Services Commission (FSC).

“I recall very specifically stating that at some point in the future, we want our clients to be in Timbuktu and still be able to open an account online,” said Allison Mais, chief operations officer of VM Wealth Management, during its recent annual general meeting.

The digital onboarding system forms part of VM’s broader three-year transformation strategy, which was approved by the board and is currently in progress. The strategy also includes a major upgrade to the company’s investment banking system, scheduled for delivery by September 2025. VM says it is driving productivity through digital migration and cited Amazon as an example of the kind of online transition it aims to emulate.

“Amazon has transitioned their business online and provide a lot of services that people can do for themselves online, that is exactly the business model we are trying to pursue,” said Mais.

VM is also seeing increased client interaction with its digital platforms. The company reported significant growth in usage of its client portal, with online transactions nearly doubling compared to last year. VM expects to end 2024 with an 87 per cent year-over-year increase in digital engagement. Other platforms such as IPO Edge are also seeing higher adoption as the company simplifies the process of doing business. The number of clients using the JTrader platform has jumped from just over 23 per cent to 53 per cent. Year to date, VM has grown its enrolment to 52 per cent, up from 49.7 per cent in 2023. Mais noted that while the growth may seem modest, she gave an example citing that shifting even 1 per cent in a client base of 20,000 is no small feat.

“The fact that we have moved 2 per cent by the end of 2024 is an amazing accomplishment,” she said.

VM Investments closed the year with a 40 per cent increase in revenues, reaching $2.64 billion. Net profits also grew from $198.84 million in 2023 to $555 million in 2024. According to VM, the performance was supported by continued growth in its investment portfolio and the earlier acquisition of a 10 per cent stake in Home Choice in May 2022.