JMMB partners with Bayshore
- Andrea Perez-Sobers - Daily Express
- Apr 22, 2023
- 2 min read
Updated: Apr 15
JMMB Express Finance (T&T) Ltd has acquired a minority stake investment of 19.9 per cent in Bayshore Finance (T&T) Limited.
Bayshore is a privately-owned company in Trinidad and Tobago that provides insurance premium financing solutions to retail and corporate customers.
At the contract signing ceremony at JMMB’s Express office in Chaguanas, on Friday, the chief executive officer of JMMB Express Finance Ltd, Elson James said Bayshore was a great fit as it provides premium insurance and the company pushes the boundaries in fintech financing.
“This kind of partnership between a fintech and a regulated entity is happening across the globe. JMMB Express Finance has the structure and the governance in place, but the speed and the ability to reach the bank and the under-bank sector is a lot more nimble. So, teaming up with Bayshore would help us to grow in that fintech space,” James said.
Chairman of Bayshore Finance TT Ltd Brian Goldson said JMMB was the bank it came to when its company had the idea to focus on its premium insurance.
“As a fintech company you need capital to meet the needs of your customers and insurance premiums is a multi-billion-dollar business and it was a natural fit. They knew our business and understood the business model. We also had customers asking us if we do other things than the insurance premium. So rather than compete we just came together,” Goldson said.
He noted that when it first started seven years ago Bayshore had no collateral and now it does business with all the insurance companies in this country.
Bayshore Finance TT provides instalment credit finance and payment services directly to a network of insurance companies and insurance intermediaries to individuals and small and medium sized enterprises (SMEs) in Trinidad.
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