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Jamaican Businesses Lack Online Presence

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How many Jamaican businesses have a good online presence? Some business operators may say that they have a website. Others might point to their email addresses. Still, others might ask, what do you mean?

Functional Website to Boost Online Presence

A good online presence is vital for business survival these days. However, businesses should not rely on a dormant website. In a global space occupied by billions of websites, a dormant site won’t cut it. Also, a website built during the stone age is just as bad a representative for your business. Jamaican businesses have suffered lost customers as a result of a non-responsive website, missing contacts, and non-existent online alternatives for customer connection.

Over the last 10 years, significant innovations occurred in the world of websites. If your business does not catch up with these innovations it will be left out in the cold. For an effective connection with customers as well as growth and profitability, your business needs a functional website.

Although a functioning website is important for business, this is not the only tool for the online arsenal. Social Media platforms have dominated the way businesses communicate with their customers.  So, to try to have an online presence without social media would be a gross and costly mistake.

Here is a quick glimpse of the data for Jamaicans who use social media. Data is provided by Statcounter.com. It reveals that from the approximately 800,000 Jamaicans who are mobile users or have access to the internet, their online use during May 2019 is

  • Facebook:  73.15%
  • Pintrest: 15.48%
  • Instagram: 3.56%
  • Youtube: 3.37%
  • Twitter: 2.62%
  • Reddit: 1.41%

These are good data for businesses to know. They can use this information to leverage their presence online. But, what are the options that Jamaican business could try?

Popular Online Platforms for Businesses

There are so many options for businesses to use for establishing their online presence.

Popular social media platforms that are good for business include

LinkedIn

This social media platform is a great way for professionals and business operators to meet each other and connect. It also allows for sharing of content and ideas, collaboration on projects and tasks, and for recruiting staff.  With approximately 500 million members, in 2017, this social media platform is a huge audience for your business networking efforts.  If your business is one that provides products and services to other businesses (B2B) then LinkedIn is the perfect solution. On this platform, businesses can promote their products and services, strengthen connections with other businesses in their industry and in related industries, and reach decision-makers in their niche. A LinkedIn account is free to set up, but for full features, the business must be on an upgraded plan.

Twitter

Not only is Twitter the favourite social media platform for US President Donald Trump, but it is also a major resource for businesses to connect with clients. With over 300 million active monthly users, Twitter is also a huge platform for content marketing. If your business has information to give to customers, Twitter provides a quick and easy way to let it out. The main drawback in using this social media platform is ineffective targeting. To get the right persons to see your content, you must use hashtags relevant to your brand.  You can get people to notice your business through Twitter.  Also, it helps by putting a human touch to your brand – tweets are coming from you and not automation.  Furthermore, tweets from Twitter engage your clients in online conversations. A Twitter account is free and easy to set up.

Online Presence with Facebook

Facebook has come a long way since it was launched in February 2004. It now has many useful features that allow businesses to promote products and services and connect with clients. In 2017, Facebook has more than 2 billion active monthly users. This is a massive platform for business promotion. To get the most out of your promotional activities, however, you would also need to target the users who will see your content. Facebook is a cost-effective way to promote your business and reach clients.  It is also an efficient way for customers to reach out to your business and receive customer support. This social media platform is also designed to enable increased user traffic to your business’s website using your website address link. As with the other social media platforms, a Facebook account is free to create.

Instagram

At first, Instagram was meant for sharing personal photographs among friends. The platform, however, quickly evolved into a multi-purpose medium that businesses can also use. With over 800 million monthly active users, Instagram is another useful online resource for marketing your business. Instagram has useful features such as live video streaming, hashtagging, and location tagging. Your business can reach out to followers with useful and positive content on this platform. On Instagram, businesses can leverage content generated by users including their clients (User Generated Content or UGC), increase interaction with consumers through hashtags, and share behind the scenes information for customer engagement. An Instagram account works well for mobile users, which is the fastest growing group of social media users globally. To set up an Instagram account is also free and easy.

SlideShare

Another solution to improve your business’s online presence is SlideShare. Unlike the other social media platforms discussed so far,  SlideShare is strictly for business users. With this social media platform, that has 80 million professionals who are users (in 2017), your business can share presentations and other documents. Generally speaking, SlideShare is a convenient sharing platform for professionals and business operators to share information and build their knowledge.

Google Plus

With over 400 million active monthly users, Google Plus is another platform that your business should use.  However, it is currently underused by business content marketers. Notwithstanding this level of use by businesses, Google Plus offers another useful alternative for creating a strong online presence for your brand. One of the best features of Google Plus is its effectiveness with Search Engine Optimisation (SEO). Whatever content you post within Google Plus, once properly optimized for search engines, it will rank high on Google. Your business gets noticed quickly and easily.

Your Call

What would it take for you to invest in a strong online presence for your business? The social media platform options discussed are all free to set up and use. The main budget area will be in the creation of engaging and effective content. Whether the content is blog posts, videos, or images, you would need to carefully create these for distribution on whatever social media platform you choose. It is important to maintain a high standard in everything you do on social media, as every post, tweet, upload, and swipe represents your brand.

Also, regardless of whether your business is a brick and mortar outlet or an online store, your brand must compete with businesses that use online media. Otherwise, without a strong online presence, your business will be left in the dust.

Peter Parchment is a highly trained professional with twelve (12) years senior executive experience in Policy Formulation, Monitoring & Evaluation, Strategic Planning in the Public Sector, and Social Research. A strategic thinker with strong problem-solving skills, people and resource management skills and the ability to think outside the box. Equipped with sound technical report writing and consultation facilitation skills and knowledgeable in the workings of Government and the Public Service. Experienced in working with rural and urban communities in a variety of locally and externally funded projects. He is also trained in Media and Communications and writes for online clients and publications. [email protected]

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Bankers Urged to Remain Alert to Electronic Fraud

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Bankers, you must remain aware of the different tools that mitigate attempts at electronic fraud. That is essentially the message from Jerome Smalling, Vice President of the Jamaica Bankers Association (JBA). He was speaking at the JBA’s seminar on anti-fraud held recently at the Terra Nova Hotel in Kingston. His warning comes against the background of the increased attempts by criminal elements at defrauding financial services institutions.

100 Seminar Participants Hear About e-Fraud Technologies

Over 100 persons participated in the anti-fraud seminar that was also held in association with the Jamaica Institute of Financial Services (JIFS). International and local experts covered topics including fraud trends, artificial intelligence, data protection, and the use of closed-circuit television images in preventing fraud. Participants got first-hand data and information on the capabilities of existing technology in perpetrating fraud.

Dirk Harrison, the Director of Prosecutions at the Integrity Commission, presented statistics reported by Transparency International that demonstrate the harmful effects of corruption on the progress of governance mechanisms.

Stay Ahead of Fraudsters – Dirk Harrison

Integrity Commission Jamaica

Harrison argued for a solution-oriented rather than a problem-oriented strategy to deal with fraud. “We must stay ahead of the fraudsters, who may ultimately be responsible for programming the same technology and machines on which we are to depend,” he said. Further, the Integrity Commission Director of Prosecutions emphasised how important it is to engage with the youth. He encouraged the seminar participants to reach out to the schools, youth clubs, and the cadet force to reinforce the message of “right and wrong,” and the consequences of choices.

Interestingly, Damian Small, the Director of Corporate Security at Scotiabank, argued that institutions must use a combination of strategies to effectively manage e-fraud. Such an approach, he explained, must be transparent and trustworthy for clients. Strategies must also create awareness on the different social engineering tactics that criminals use to collect data. Furthermore, fraud detection and prevention should also be objectives from an organisational perspective.

Law Enforcement Challenges and Weaknesses

But a report appearing in the media in 2018 highlighted major weaknesses in law-enforcement and the justice system in fighting fraud. Reportedly, in 2017, as electronic fraud spread, banks, and other financial institutions lost $750 million.

Also, the Jamaica Constabulary Force (JCF) data showed that between 2013 and 2018 the police Fraud Squad received reports on almost 3,400 alleged cases of fraud.

Unfortunately, the rate at which fraudsters are convicted in the island’s courts lags the arrest rate. Reportedly, the courts found only 115 persons guilty out of the 1,029 persons held for different rackets.  Even then, more than 50 percent of the convicted persons over the five years received their conviction only in 2017. Also, according to police data, between 2015 and 2016, the police Fraud Squad secured only three convictions for fraud.

Three!

Fraud Officers Sometimes Redeployed

Even arrests fall behind reports. During the five years to 2018, the police Fraud Squad received almost 2,000 fraud reports, but only arrested a little over 900 persons. Distressingly, the situation concerning arrests and convictions for electronic fraud is much worse.

The bottom line is that the Duke Street-based police Fraud Squad is woefully understaffed and under-resourced. Up to 2018, the police Fraud Squad had fewer than a dozen investigators assigned to tackle fraud islandwide. Even with this shortfall, the police high command sometimes redeploys these officers to other duties including Zones of Special Operations (ZOSOs) and the State of Emergency (SOE) in Western Jamaica.

Official Ambivalence Regarding e-Fraud

Interestingly, Lloyd Parchment, an anti-fraud expert at the Jamaica Bankers’ Association, suggested that official ambivalence regarding the crime of fraud contributed to the low conviction rate experienced in Jamaica. For one thing, many see fraud, particularly that against institutions like banks, as a victim-less, white-collar crime.

Parchment suggested that:

 “The justice system does not recognise fraud as a very important area of criminal activity; they do not treat it seriously.”

He further explained that the banking sector has urged the justice system to acknowledge fraud as a serious criminal offence. He also noted that the money gained from it is also fuelling more serious illegal activity. According to the JBA anti-fraud expert, banking sector leaders received only a lukewarm response from the justice ministry when they attempted dialogue on the matter of fraud.

Banks Choose Not to Report Fraud

Consequently, financial industry leaders are not so confident that investigations into the reported e-fraud cases will yield serious results. Furthermore, banks, in some cases, chose not to report fraud incidents to the police Fraud Squad as they do not see the point of doing so. Also, the substantial backlog of reported fraud cases investigated by the Fraud Squad is another disincentive for institutional victims of electronic fraud to report or follow up on fraud matters.

Parchment offered an example of what happened in a recent fraud incident:

“We had a guy recently who reaped millions of dollars in fraudulent funds from the banking industry through debit card frauds, and when we managed to engineer his arrest, and he was brought to court, he immediately pleaded guilty. He was slapped with a $200,000 fine. He then went and stole the money from a customer’s account to pay the fine. It didn’t even come out of his pocket, and he is back working the next day and continues to work right now. I have the evidence of that because we have the camera system.”

Optimistic Outlook

Participants in the recently held JBA/JIFS anti-fraud seminar got an earful on the scale of electronic fraud and the kinds of technology criminals use. Not only did presenters offer their experiences on the various ways financial institutions suffer at the hands of unscrupulous fraudsters, but they also got useful tips on how to address this growing problem.

The existing law enforcement weaknesses and challenges in the justice system, however, threaten any success in addressing the e-fraud monster.

But as an adage goes, “where there is life, there is hope”.

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BOJ Clinches Deal with Bloomberg To Allow Local FX Traders on Platform

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The Bank of Jamaica (BOJ) has clinched a deal with Bloomberg (USA) to access its advertising and trading platform.  BOJ’s arrangement with the international financial and media services provider will enable FX dealers to place Foreign Exchange rates on the Bloomberg platform in local and US currencies. Other dealers will then see them in real time.

The Deal with Bloomberg for B-Match Platform

John Robinson, BOJ’s Senior Deputy Governor announced the deal. He further disclosed that the deal with Bloomberg is an interim strategy. Dealers will, however, be able to use the Bloomberg trading platform come July 1, 2019. While this arrangement with Bloomberg is temporary, the BOJ expects to launch its own comprehensive trading platform in early 2020.

Robinson, in a media interview, further stated that Bloomberg is currently testing its B-Match model. That model enables dealers to trade among themselves. Bloomberg’s B-Match model is a data-driven service that offers information on clients so advertisers may present targeted opportunities. Bloomberg offers the same service to financial entities, such as FX dealers. They will be able to use specified information to match the FX needs of other Foreign Exchange dealers and entities.

Dealers Signing Up

Reportedly, traders and large buyers have already signed on to the Bloomberg platform. They have the advantage of seeing the rates at which other banks and institutions are selling the US dollars. These traders and buyers can see this information through a special terminal linked to the central clearinghouse system operated by the Bank of Jamaica. The BOJ official noted that it is necessary for dealers to have access to the Bloomberg terminal. This access will effectively allow them to work with their large clients who need foreign exchange from time to time.

As described by BOJ’s Deputy Governor Robinson using an example, “say JPS, which want to buy US$1 million, you can come onto the system and see who is selling and for what price, and you can buy through your dealer who will process the transaction using the Bloomberg B-Match model”.

However, in accordance with the deal with Bloomberg, the BOJ must pay a fee of US$2,000 per month for accessing the platform.

BOJ’s Comprehensive FX Trading Platform in the Works

Responding to a question on whether the BOJ would have a supervisory role in the Bloomberg B-Match system, Robinson indicated that the BOJ will coordinate rather than supervise the use of that platform. Each dealer will have his or her own terminal. The BOJ will, however, “shepherd them into sharing all this information”, Robinson explained.

Also, the BOJ’s comprehensive FX platform is still a work in progress. However, it will, in addition to the Bloomberg B-Match system, allow foreign exchange buyers to register and see the FX rates offered by each bank. FX buyers will then get the best price.

Bloomberg, a major provider of round the clock financial information and news, offers a professional analysis of financial data and news, as well as the analytical tools that financial professionals can use. The Bloomberg Terminal is one of its key income streams that is an integrated platform for streaming price data, trading information, news, and financial analysis to more than 300,000 customers globally.

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Sagicor Investments Jamaica Limited to Raise $4 Billion Through IPO

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Sagicor Financial

Another IPO is on the horizon. This time, it is the Sagicor Investments Jamaica Limited that is seeking to raise around $4 billion through an initial public offering. Sagicor Investments is offering shares in the Sagicor Select Funds Limited, which is a fund pool consisting of financial stocks that are listed on the Jamaica Stock Exchange. The public offer will open on July 3 and close on July 17, 2019.

Sagicor Investments Jamaica Limited Offers 2.5 billion Stocks

Investors can purchase a total of 2.5 billion stock units at a price of $1.00 per unit. Also, they have the choice to purchase from an additional pool of 1.5 billion stock units should Sagicor Investments Limited choose to upsize the IPO.

The Sagicor IPO consists of shares in two classes – Class A shares offered to Sagicor Investment Limited clients and Class B shares offered to members of the public who subscribe to this initial public offer. The prospectus from Sagicor Investments Limited stated that the company was structured as a passive equity fund with separate classes of shares listed as a Financial Select Fund.

JSE Financial Index Grows 18%

Presently, the Financial Select Fund has invested $1.1 billion in 11 of the 23 financial stocks that constitute the Jamaica Stock Exchange Financial Index. The funds raised from this IPO will go toward acquiring more financial stocks. Sagicor Investments Limited aims to match the financial securities that constitute the JSE Financial Index as closely as possible.

With the Financial Select Fund, investors can track the Index’s value, the net asset value (NAV) of the Fund, and its market value daily. Such information is published on the Jamaica Stock Exchange website and will be published by the Sagicor Investment Jamaica Limited.

On March 1, 2019, the Jamaica Stock Exchange (JSE) launched the JSE Financial Index. This Index consists of insurance companies, financial and microfinancing companies that are trading on the main and junior markets. On Thursday, June 20, 2019, the JSE Financial Index closed at 118 points, which represents an 18.25 percent growth since it was debuted.

While Sagicor leads the unit trust market with its Sigma branded unit trust packages, its Financial Select Fund focuses on a specific sector (financial). So, investors have the choice of specialising in a sector without suffering the accompanying concentration risk.

Why Buy into an IPO?

Investing in shares offered through an initial public offering is like entering an opportunity on the ground floor. Through this strategy, the investor benefits from significant gains once the shares hit the stock exchange. Once the IPO shares are listed on the stock exchange, it’s all systems go as the normal trading takes effect.

A quick look at the performance of some of the investment opportunities offered through IPOs from 2018 to date shows strong gains in price since they were offered to investors.

Look at this table below:

Table 1: Performance of Companies Offered through IPOs from 2018 to Date

Company Symbol Date of IPO IPO Price Closing Price June 20, 2019 % Change
Elite Diagnostic ELITE Feb. 2018 2.00 3.95 98%
Everything Fresh Limited EFRESH May 2018 2.50 1.49 -40%
Fontana Limited FTNA Dec. 2018 1.88 4.43 136%
iCreate Limited Ordinary Shares iCreate Jan / Feb, 2019 1.01 0.8 -21%
Indies Pharma Ordinary Shares INDIES July 2018 1.50 3.21 114%
Mayberry Jamaica Equities MJE July 2018 7.56 11.31 50%
Sygnus Credit Investments Limited JMD Ordinary Shares SCIJMD May 2018 13.72 13.39 -2%
Wigton Windfarm WIG April 2019 0.50 0.84 68%

 

So, as you consider whether to buy into this latest IPO, read the prospectus and talk with your broker or financial advisor.

 

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