What’s Hot in Business This Week
Lasco Biz to start testing
Lasco Financial Services (LFS) can now start testing its e-commerce payment system, LASCO Biz. The Bank of Jamaica (BOJ) has approved LASCO Biz for testing in its Fintech Regulatory Sandbox. The Sandbox allows approved participants to test innovative financial products, services, and businesses in a controlled environment.
Lasco was the first out of the Sandbox around September. LASCO Biz will allow small and medium sized entrepreneurs to accept card payments electronically on a website or with payment buttons.
The platform will provide them with simplified inventory management and financial statements. Upon full approval, Lasco Financial Services plans to offer the service to the public.
Jamaica InvestmentMap launched
The Government has made it easier to track public investment projects, such as road construction and Government reform with the launch of the Jamaica InvestmentMap.
The interactive online tool was launched on November 4, in partnership with the Inter-American Development Bank (IDB).
It has opened up access to information on 78 projects being funded either by the Government or donor agencies. It allows citizens to provide feedback on projects.
Minister of Finance and the Public Service, Dr. Nigel Clarke said that the platform, which is the first in the English Speaking Caribbean, will ensure projects run effectively and efficiently.
Sagicor goes mobile
Residents of Spaulding, Clarendon are the first to access Sagicor Bank’s new bank on wheels. Sagicor is sending the van to underserved and underbanked communities across Jamaica. The van hit Spaulding on Monday, and will be in Clarendon for six months.
You can use it to open accounts, make deposits and withdrawals, and carry out debit and credit card services. It will be open from 10:00 am to 2:30 pm on weekdays.
Sagicor hopes it will help them gain an edge in a highly competitive market. The bank currenlty holds around 10% of market share.
MoneyMasters expands into Real Estate
Securities firm, MoneyMasters, has created a real estate company. They’re aiming to fund it with equity through the private market.
The company hired former mortgage banker Dr Patrick Thelwell to lead the new operation, which will look to raise $1.5 billion in a private placement of shares.
The private placement opens today, November 12, and is expected to close on December 10.
In a year’s time, Money Masters Real Estate & Infrastructure Investments Limited, will then seek to list on the Jamaica Stock Exchange.
Money Masters will act as the lead broker to the private placement. But this one is for the big money guys – institutions and accredited wealthy investors. You’ll have to shell out at least $10 million to participate.
Supreme Ventures raises $3bn to expand
Supreme Ventures has raised $3-billion, through a fixed unsecured corporate bond on the Jamaican capital market, to finance its expansion plans.
The bond matures on October 30, 2025.
Last year, the company acquired stakes in Champion Gaming Company and Post-to-Post Betting, which trades as AnyBet.
SVL wants to increase its stake in these two companies with the additional capital.
Knutsford Express expands package service
Knutsford Express will now pick-up packages from business customers who want to send them to different parts of the country. This is part of their strategy to earn extra money, since fewer people are now traveling because of COVID-19.
Knutsford revenues fell in its 2020 financial year ending May when compared with 2019. The company was forced to suspend travel for nearly two months due to the pandemic in early April.
Knutsford installed new software for courier type pick-up services. It will allow business customers in Kingston with multiple shipments to pre-enter items in the system and have a company vehicle pick up the package.
They’re also looking to introduce more intermediate stops along its routes.
Leave A Comment