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Streamlined banking piloted in the Caribbean
Published on May 22, 2014 Email To Friend    Print Version

CASTRIES, Saint Lucia -- The Caribbean Association of Banks (CAB) is collaborating with UK-headquartered Alexander Bain to pilot ‘Streamlined’, a new internet-based secure financial intermediation platform to improve accessibility to loans for businesses regionally.

Through Alexander Bain, a pioneering management consultancy with presence in the UK and the Caribbean, users will access an electronic network of banking associates across the Caribbean.

Streamlined will facilitate prospective borrowers to electronically apply to a network of multiple commercial banks across the Caribbean. Banks will receive a copy of the professionally reviewed (typically conducted by an Association of Chartered Certified Accountants member) application forms and by mutual agreement introduce the applicant to the bank. Following lending, the Alexander Bain relationship then enables monitoring of the loan covenants increasing banks confidence to lend.

The key benefits of the Streamlined platform include reducing application time and the associated load on individual banks. Lenders will access a significantly enhanced pool of potential borrowers and this initiative is projected to transact over US$16 million of loans over the next three years, targeting small and medium enterprises (SME) sector across the Caribbean region.

“Streamlined is the result of a perfectly timed strategic partnership with Alexander Bain and Associates. I personally think that such collaborative approach is what is required across the Caribbean. The landscape for the financial services sector globally is changing rapidly and Caribbean bankers within our membership aim to stay ahead of the curve,” said Carlton Barclay, chairman of the Caribbean Association of Banks.

Rhonda Best, managing director of Alexander Bain added, “Streamlined is just the beginning, at Alexander Bain we are determined to create opportunities to improve access to debt and equity finance to enable businesses with growth potential. We are pleased that the Caribbean Association of Banks shared our strategic vision and look forward to working together’.
 
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Comments:

Rhonda Best:

Thank you for publishing, the piece fails to mention where users can access the portal. The web address is www.scaleupcrowd.com. Thanks again.

Louis Vestal:

l shared the concept of Alexanderbain and associates, and i will say this is good in this present time of ours. Kudos to you.


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