JMMB delivers Moneyline app
SFC’s Ivari deal strengthens group bottom line
As the JMMB Group continues to leverage technology in keeping with its smart growth strategy, the long-awaited Moneyline app, it said, is now up and running and ready for use by customers across the region.
Providing an update at an investor’s briefing held on Thursday, General Manager for Group Digital Services Gifford Rankine said the technology will allow clients to manage both their banking and investment needs at the touch of a fingertip.
“They will be able to see all of their portfolios from the app as well as being able to trade live on the Jamaica Stock Exchange. It also has a great feature when doing transfers whether internal or external where you can get a receipt and easily share it to others via WhatsApp, e-mail, and others, without having to do a screenshot. I encourage all our clients to download and give it a try as they also stay tuned for further updates and some great new features to come for the app,” he said.
Group CEO Keith Duncan, commenting on the roll-out of the app, said, “We’re happy to be able to deliver it… we have promised to do so for some time but it is now here and I know our clients will be overjoyed when they use this app.”
The fintech solution, which forms part of the group’s strategic direction focused on the acceleration of digital technologies, comes on the heels of the launch of the JMMB Moneyline IPO platform last December which allowed non-JMMB clients to participate in a number of public offerings.
The app available for download from both Google and Apple play stores is powered by state-of-the art security features including biometric and multi-factor authentication to safeguard users.
“As the company aims to better cater to the needs of our clients and empower them to manage their financial lives in a seamless way, the app will allow them to also pay bills effortlessly, wire funds locally and overseas, and so much more. We aim to continuously enhance the user experience by introducing new features and capabilities over time. With this in mind, clients can look forward to doing more with the JMMB
Moneyline app including tracking their equities portfolio, managing their card (so that they can easily block or report their debit card outside of business operations), purchase IPOs, among other things,” Rankine added.
The regional group, after securing commendable results, despite what Duncan described to be “a tough operating environment” which continued to compress margins, said management remains even more bullish as it cautiously navigates various challenges in the different markets.
The group now operates in four territories across the Caribbean, Jamaica, Trinidad and Tobago, Domincan Republic and Barbados since late last year.
Duncan in mentioning the appointment of Shawn Moses, who recently assumed the post of chief operation officer and CEO for the group’s Trinidad and Tobago office, said he anticipates even greater results from this market as Moses’s leadership drives more efficiency and brings more returns to the group’s bottom line.
At the end of the nine months ended December 2023, the group’s net profit climbed to $17 billion, driven largely by a one-off gain from its 23.4 per cent stake in Sagicor Financial Company (SFC), which contributed some $16 billion in shared profits to the group’s coffers following the closure of its acquisition of the Canadian-based insurance company Ivari.
Net operating revenues over the period also amounted to $17.6 billion as total assets grew 10 per cent to close at $726 billion.
“Our group diversification continues to work for us — it continues to deliver profitability, especially in our regional coverage which sees where we are impacted in one area we become bolstered in another as we continue to execute on our smart growth strategy,” JMMB Group Chief Financial Officer Patrick Ellis said.