MASSY CHOSES FIRST CITIZENS AND BARITA ADVICE FOR CROSS-LISTING
Massy Holdings has chosen a joint bid by First Citizens Investment Services and Barita to provide advice for the company’s cross-listing on the Jamaica Stock Exchange (JSE). According to an article in the Trinidad Express, the cross-listing is expected to take place in January. Massy Holdings President Gervase Warner said the joint bid was chosen after a competitive selection involving players in Jamaica and Trinidad and Tobago. The selection was made on August 8; however, Warner says the company has not advanced discussions. No decisions have been taken yet as to whether the shares will be cross-listed in Jamaican dollars, US dollars or both. Warner said there are several options but the company is not considering an additional public offering (APO). FCIS and Barita’s connection started in 2020 when the wholly owned subsidiary of First Citizens Bank purchased over 54 million shares in Barita’s September 2020 APO. The bank, owned by the TT Government, also acquired an additional 12 million shares last December. Massy would be the second Trinidadian company to cross-list on the JSE in recent months. Guardian Holdings did so earlier this year.
FSC RESPONDS TO CONCERNS ABOUT INSURANCE PREMIUM FINANCING
The Financial Services Commission (FSC) says it is not banning insurance premium financing nor is it prohibiting insurance companies from accepting monthly payment of premiums by policyholders. It says it has also never, and doesn’t intend to restrict companies from receiving premiums monthly within the context of current requirements. Its position was relayed in a letter to Kalilah Reynolds Media last week in response to concerns raised about Insurance Premium Financing on the last episode of Taking Stock with Kalilah Reynolds. FSC says there was an initial proposal, in a consultation paper, for insurance companies and intermediaries to be restricted from offering premium financing. Entities/companies that are not insurance companies or intermediaries are free to offer premium financing. It says this was to protect policyholders from a potential conflict of interest that may arise with insurance entities offering the policies, determining the premium charge, and then in turn offering a loan to finance the premiums. The FSC says its main concern arose following complaints about a practice that appeared to infringe on the policyholder’s right to full disclosure that left them at a disadvantage. The regulator says it has since committed to reviewing it’s position on whether insurance entities may offer premium financing under certain conditions that protect, and are fair to the policyholder.
WIPAY RELOCATES HQ TO JAMAICA
Regional payment systems provider, WiPay, has relocated its headquarters from Trinidad and Tobago to Jamaica. The company officially opened its offices in New Kingston last week with plans to invest US$4 million in the country over the next year. One million has been earmarked for salaries, 1.5 million for direct cash investment, with the remaining $1.5 million to be invested in technology infrastructure. The company plans to hire an initial 40 persons. Last December, WiPay CEO Aldwyn Wayne had told the Trinidad Express that the company would be moving its offices to facilitate the needs of countries understanding the future of digital payments. The relocation comes in time for the start of the pilot of Jamaica’s digital currency. Speaking at the office opening, Wayne said the company intends to use technology to reach every corner of Jamaica. WiPay was founded in 2017. The company is expected to do an IPO to list on the Jamaica Stock Exchange in the coming months.
SCOTIA EXPANDS MOBILE APP FEATURES
Scotiabank customers can now transfer funds to loan accounts and make pre-payments, for up to two future payments, using the bank’s mobile app. It’s part of a new round of upgrades recently announced by Scotia, in line with the rise in online and mobile transactions sparked by the pandemic. The updated Scotia Caribbean mobile app also allows customers to transfer funds from their Scotiabank deposit account to another customer’s loan account. There are also quicker actions for the management of credit card payments. Alerts for missed credit card payments, declined and reversed transactions are soon to be added. Customers are also now able to manage their personal information on file as well as document uploads for new address verification. A multifactor authentication feature has also been enhanced to verify a customer’s identity and send them notifications that keep them aware of their transactions.
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