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Lynk: A fintech platform for the Caribbean

By
Obrian
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2

National Commercial Bank (NCB) subsidiary ‘Lynk’ is marketed to be the digital payment platform for the Caribbean. It was created earlier this year under the theme to bring the company into the digital era.

Over the last couple of years, we have seen fintech companies popping up all over the world. Old models are being revamped through upstarts who are smart, effective, and hungry for change.

Financial institutions that don’t want to participate will see consumers flocking to platforms that have better user experiences and products. If we should take down south to South America, we can see companies such as Nubank, Uala, Konfio, and Neon.

All of these companies are disrupting the old conventional models. They are all bringing a breath of fresh air into the old-fashioned rigid financial system.

Patrick Hylton, CEO of National Commercial Bank Financial Group (NCBFG), talked about the main idea behind Lynk during an online investor briefing earlier this year. “It is really a digital payment app solution similar to Venmo and Cash App that customers will be able to use to send and receive money to make payments at merchants and other stores. Leveraging electronic KYC and biometrics, customers can sign up for their wallets in minutes. The idea is if you have a phone, you can Lynk,” Hylton said.

Lynk allows you to send, receive and request money from your friends within a matter of minutes. Additionally, when you request money, you don’t need to exchange bank account information each and every time. You just need to add a username and/or scan the QR code.

New Era

This is a positive move for NCB, for years customers have been urging them and other banks to make it easier to do payments and conduct business digitally. Despite the ambitions to go regional, NCB is only focusing on Jamaica at this time of writing.

Starting and scaling a fintech application can be a complicated process, there are a lot of things to think about: laws, security, scalability, etc. It will be interesting to see how far they can push this application.

Download: Google Play, App Store

Knutsford Express: Gem Waiting To Be Discovered

By
Rushane
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0

Knutsford Express Services Limited, ticker symbol (KEX) is a luxury passenger and courier transportation company. The company offers a safe, reliable, comfortable, and cost-effective scheduled service from convenient locations on the north and south coasts of Jamaica.

The company started operations on June 01, 2006, and currently has over twenty coaches in its fleet.

The company is currently trading on the Jamaican Stock Exchange (JSE) at $7.60 JMD at the close of day December 15, 2021. It traded as low as $5.10 and as high as $9.00 (JMD) for the 52-week range. The shares outstanding currently stand at 500 million units with a market cap of 3.82 billion JMD.

With persons traveling less due to the COVID-19 pandemic, the company’s operations were hit hard forcing the company to seek ways to diversify its revenue streams.

Transport terminal and logistics center in Draxhall St. Ann

The firm is currently deploying a new software that will allow business customers in Kingston with multiple shipments, to pre-enter items in the system ahead of time and have a Knutsford vehicle pick up the package.

This is part of the company’s plan to become a more active member of several supply logistics chains. The other area of focus is the introduction of more intermediate stops along its various routes which will be complemented by its super terminal at Drax Hall.

This would become a key pillar of the company’s north-coast strategy while growing its logistics business.

The Drax Hall development will also be available for commercial firms looking to use part of the 23,000-square foot area for their operations in St Ann.

From a customer’s perspective, the service offered by the company is exceptional and reliable but a little on the pricey side; however, if you value convenience over cost this is perfect for you.

The service is genuinely becoming island-wide with locations popping up all over. The company still has a lot of room for growth and we can expect big things in the future.

Source: Website, Jamaica Observer, Jamstockex

Rent or Own? In This Economy, Which Housing Option is Best for My Family?

By
Contributor
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0

There are both advantages and disadvantages to owning a home when you consider the economy. The best way to determine whether you should rent or buy is to consider the pros and cons of both positions, then see how they relate to your current home situation.

Although it may seem preferable to buy a home because of the security that it offers, there are costs associated with homeownership that may not be ideal for you at this time. You must consider all aspects of both renting and buying before you arrive at a decision, and know that these pros and cons may change over time as well.

Here are some considerations to make when deciding to buy or rent:

  1. Owning a home isn’t always a good investment – Avoid buying a home as an investment vehicle to turn a quick profit. While some real estate investors make a lot of money, many do not, particularly in a down economy. It’s generally better to buy a home if you want to stay in it for a while.
    • Buy a home as part of your family’s plans for settling into a place of your own.
  2. Homeownership requires a down payment – A substantial down payment is typically required for most borrowers looking to secure a mortgage loan. If squirreling this much money away is difficult, you may be better off keeping an emergency fund or investing the money, rather than buying a home.
  3. Mortgages include interest payments – Although mortgage interest is deductible in some situations, this is not always the case. If your interest payments, along with your other deductions, aren’t higher than the standard deduction on your tax return, there’s no tax benefit to paying mortgage interest.
  4. Homeowners are responsible for repairs – As a homeowner, you must make repairs yourself or turn to a professional serviceman. There’s no landlord to contact for repairs. You’ll also be responsible for the day-to-day upkeep and maintenance costs as well.
  5. Homeowners have additional insurance requirements – While you’re making payments on your mortgage, you must pay for homeowner’s insurance. Even if you’ve already paid for your home, you should still obtain this valuable insurance to protect your most important asset.
    • Renter’s insurance is less expensive than homeowner’s insurance.
  6. Renting doesn’t earn equity – By paying rent monthly, you’re not building up any worth in the property, but the owner of the property is. Renting has no investment value at all, unless you’re saving money by renting that you can invest in other investment vehicles like IRAs and mutual funds.
  7. Homeownership does offer benefits – Home ownership provides your family with a sense of community, pride, and family security. You can design, decorate, and improve upon your home however you like without worrying about landlords, lease agreements and the potential for lease termination.
  8. Renters can save money – As a renter, you don’t have to pay homeowner’s association fees, property taxes, homeowner’s insurance fees, and maintenance charges. Renters can save significant money in comparison to buying, which can be put toward other investments and purposes like keeping an emergency fund.

There are definitely benefits and drawbacks to both of these positions, renting or buying. It’s important to weigh all of these pros and cons before making a decision. Your best housing solution depends on your individual family and financial situation.

Choosing wisely based on your own needs will enable you to live more comfortably, secure in the knowledge that you’re doing what’s best for you and your family.

Ramp has now raised a total of $63 million to bolster its crypto payment service

By
Obrian
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0
Nick Tomaino, founder 1confirmation LLC, speaks during the Token Summit in New York, U.S., on Thursday, May 16, 2019. The Token Summit discusses the economics, development, regulation and best practices around blockchain-based tokens, protocols, and crypto-assets. Photographer: Alex Flynn/Bloomberg

Ramp a company that claims to be “the PayPal” for the crypto-verse raised $52.7 million in a Series A round led by Balderton Capital. This now pushes the overall capital raised to $63 million.

The main idea behind Ramp is that it allows businesses that are a part of its ecosystem to send and receive cryptocurrencies without having to go through an exchange.

Exchanges such as Coinbase, Binance, and FTX allow us to send, receive and even trade cryptocurrencies. Prices for cryptocurrencies can be different for all exchanges at any given time.

This can lead users to be actively searching for the best exchange for business. Additionally, all of these exchanges are made for retail investors who want to get some sort of skin in the game.

Ramp’s ultimate vision is to help with crypto transactions through banks or other financial institutions through their banking applications. Not a novel concept, but interesting nonetheless.

As for regulatory issues, they have already secured approval from UK’s Financial Conduct Authority (FCA). They have also received regulatory approval from the Financial Crimes Enforcement Network in the US.

From a competitive perspective, this is already teeming with competitors such as MoonPay who had already raised $555 million. Myre also raised $29.1 million so far. Ramp is differentiating itself by focusing on transaction transparency and regulatory approval. These are two important factors within the crypto industry that are important right now.

Consumers are beginning to realize the manipulative practices being used by large crypto exchanges to drive up prices. Also, regulations are a major issue facing the industry and could be the downfall for companies operating as rogue anonymous businesses.

Margaritaville at Sea

By
Oneil
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5

Margaritaville Resorts and Hotels is set to embark on its newest journey across the tides, with its newest partnership with The Bahamian Paradise Cruise Line. This is set to go into effect in April 2022 with the rebranding of the cruise line to Margaritaville at Sea.

The cruise ship formally known as The Grand Classica began sailing in 2018 and is fitted to accommodate 1680 passengers in a total of 658 cabins. It is also the only cruise ship at the Port of Palm Beach in Riviera Beach.

The ship will be themed to provide the full Margaritaville experience at sea; this means that signature features like the 5’oclock Somewhere Bar and Radio Margaritaville will be adopted onto the cruise.

Guests enjoying themselves at Margaritaville Ocho Rios Jamaica

The introduction of this cruise will most likely provide great benefit to the other Jimmy Buffett’s Margaritaville franchises across the Caribbean, as this is the territory where the cruise will operate and most of the locations are in close proximity to a Port of Call.

Looking forward we are hopeful that the branches in Jamaica will receive an increase in the number of visitors whenever this cruise meets our shores.

In the event that this happens it should have a heavy impact on the earnings of the company which should translate into more investor activity on our Jamaica Stock Exchange.

Source: Website, Instagram

Wells Fargo and HSBC will use blockchain-based platform to handle forex transactions

By
Obrian
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0
A Wells Fargo Bank branch in Niles, IL on Tuesday July 10, 2017. Photographer: Christopher Dilts / Bloomberg *** Local Caption ***

Banking giants Wells Fargo and The Hong Kong and Shanghai Banking Corporate Limited (HSBC) will be gearing up to use blockchain-based technologies to handle forex transactions.

The technology is provided by Baton Systems which is a payments firm that is transitioning into the blockchain space. The technology will is aiming to be a frictionless, blockchain-based system that can settle payments.

Mark Jones who is Wells Fargo’s co-head of the macro division comments on the use of the technology.

“The platform enables participants to efficiently settle bilateral cross border obligations across multiple onshore and offshore currencies, coupled with the added flexibility of extended settlement windows to optimize PvP [Payment versus payment] risk reduction opportunities.”

HSBC also sees this as a positive move for their forex business operations. Mark Williamson, global head of FX partnerships and propositions at HSBC sees this as a positive move. He said this will help in handling digital currencies that are currently gaining interest from investors.

The blockchain-based system will start off processing Euro, Canadian dollar, British pound, and the Us dollar. This is just for the initial stages as they plan to add more currencies in the future into the system.  

The banking industry may not be as far behind as most within the crypto industry had assumed. As most banks are preparing to roll out their own digital currencies, it will be an interesting time ahead to see how this unfolds.

The Lack of Innovation in Jamaica

By
Rushane
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0

Jamaica is the financial and creative hub of the Caribbean with a population consisting of 2.9 million inhabitants. It is the third-largest island and the largest English speaking in the Caribbean.

For such a small island, it’s the most well-recognized across the world for its many features and accomplishments such as being a premier travel destination, reggae music originator, cultural hub, and having the fastest persons in the world.

Jamaica is not new to doing great things; However, we lack the drive for innovation. We should be on par with neighboring countries such as Trinidad with innovation from companies like WiPay. WiPay is a registered payment service provider empowering people to accept and make payments online using all forms of payment in their local currency.

The government and the overall system have a lot to do with it. They don’t foster or encourage innovation, they actually do the opposite. They stifle innovation and make it very hard to even get started in business.

A lack of risk-taking is a major reason for the lack of innovation. Jamaica doesn’t have a culture for risk-taking in business, we like to play it safe. We are not like the US in that respect; Hence, why you never hear Jamaica coming up with any new technological ideas, inventions, breakthroughs, etc.

The number one reason though for the lack of innovation is funding. Getting access to funding in Jamaica is the hardest thing to do. If you’re not doing a real estate development or a retail/distribution venture you won’t be getting any funding. It seems like that’s the only thing the banks or accredited investors care about.

We are going into 2022 and we don’t have one innovative or proper S.T.E.M. firm on the stock exchange. The exchange is filled with financial, real estate, and manufacturing companies. The country can do much better than that, we can be on par with the rest of the world if given the proper environment to thrive in.

Jamaica is not lacking talent, we have so many young people with exciting and innovative ideas. All they need is a chance and the time to make it happen. We need our own Jamaican Silicon Valley.

Coinbase launches Defi yield product for non-us customers

By
Obrian
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0

Coinbase is continuing to innovate in the cryptocurrency space. Earlier this year they worked on launching a non-fungible token (NFT) marketplace that can allow Coinbase users to buy and trade NFTs. Now they are launching a decentralized finance (DeFi) yield product for global users. The platform will be launched in 70 countries excluding the US at this time of writing.

They are capitalizing on the wave of decentralized finance. It is deemed by experts to be an area that will upend the current financial industry. The space is still quite new and unpredictable but there is a handful of interesting projects floating around the crypto-sphere.

In their post announcing the new product, one of their main selling points is accessibility and usability. They want to make it easy for newcomers to get involved in the Defi space.

“Accessing DeFi protocols can require expensive network fees and involve a somewhat complex user experience. Coinbase is making DeFi more customer-friendly and accessible. Eligible users will now be able to access the attractive yields of DeFi from the comfort of their Coinbase account with just a few taps and without the network fees.”

They also made it clear that you will earn DeFi yield on a stablecoin called Dai.

“When you opt in to earn DeFi yield, your Dai is deposited into Compound Finance, an industry-leading DeFi protocol. The offered APY varies based on the rates from Compound and will automatically update to reflect changes in the market. Compound’s rates are variable — as an example, during the month of October, the APY for supplying DAI fluctuated between 2.83% and 5.39%”

This is a great product for newcomers if they want to explore their options as to what they can achieve in the crypto space.

DiDi delists from the New York Stock Exchange

By
Obrian
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0
Signage outside the Didi Chuxing Technology Co. offices in Hangzhou, China, on Wednesday, March 24, 2021. Chinese ride-hailing giant Didi is accelerating plans for an initial public offering to as early as next quarter to capitalize on a post-pandemic turnaround, people familiar with its plans said. Photographer: Qilai Shen/Bloomberg

China’s ride-hailing giant DiDi Chuxing will be delisting from the New York Stock Exchange after its June 30th debut. It is a move that is not surprising for many given China’s tech crackdown since the start of the year.

Companies such as Alibaba and others have truly felt the wrath of Chinese authorities. For onlookers, it seems as if it’s a strategic move made by the Chinese government to help decouple its tech companies from America.

Over the last few decades, we have seen a loosening of the “playpen” for big businesses around China. Tech companies were allowed to grow and break a “few” rules here and there in the name of innovation and strengthening China’s global power.

Many companies benefited from such a wave: Alibaba, DiDi, Baidu, Tencent, and many others. They were allowed to grow and amass great wealth at the same time. A win-win situation for China it seems. Over the last couple of years, the screws have been slowly tightening.

We are now seeing the real China that has been hiding under the guise all along.

It was only a matter of time before the Chinese government reels in its tech companies and focus back on home soil. The growing tension between America and China also adds to the move. Especially if we should take a look at the data laws for each company, it was a political move that the executives at DiDi couldn’t stop.

Going forward expect more crackdowns from the Chinese government as they show who really has power. They are doing something that would be a wet dream for most governments which is in controlling big business.

1834 Investments: Diamond in the Rough

By
Rushane
-
0

1834 Investments Limited (formerly The Gleaner Company Limited) is a Jamaican incorporated and domiciled holding company for a portfolio of domestic and international investment assets.

The company’s main activity is the management of its income-generating real estate, bond, and equity investments, and the management of its joint venture and subsidiary companies.

This company is a gem waiting to be discovered. Its stock price is currently trading at .87 cents (JMD) as of market close Friday, December 10, 2021. The total number of shares outstanding is 1.22 billion units while the companies stock price is down 16.5% for the quarter to date.

1834 has yet to declare a dividend for 2021 or for the fiscal year; however, its annual general meeting is scheduled for December 14, 2021. Investors are anticipating that this meeting will produce a dividend declaration.

Total assets amount to 1.66 billion (JMD) while total liabilities stand just a little above 150 million (JMD) based on the company’s Annual Report for 2020-2021. The earnings per share (EPS) was 6.69 cents (JMD) and the PE ratio is currently 13x.

This company has huge potential for growth based on the fact that its asset exceeds its liability 10x. It is a solid company with an experienced management team and board of directors which I am sure will do what’s best for the company to increase shareholder value.

Source: Website

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