Streamlined banking piloted in the Caribbean: Caribbean Association of Banks (CAB) collaborates with the UK’s Alexander Bain

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$16m of loans over the next 3 years, targeting small and medium enterprises (SME) sector across the Caribbean region.

Streamlined is accessed through Alexander Bain’s access to finance portal www.scaleupcrowd.com.

“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 adds, “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’.

For more information or to arrange interviews contact:

Mary Popo – Caribbean Association of Banks
Chakiro Court, Vide Bouteille
P O Box CP 5404

Castries, Saint Lucia
Telephone: 1 758 452 2877
Facsimile: 1 758 452 2878
Email: mary.popo@cab-inc.com

 

CAB

From left back and clockwise: Mary Popo, General Manager, Caribbean Association of Banks; Dr. Richard Leaver, Finance Director, Alexander Bain; Ashley McFarland, Operations Director, Alexander Bain; Farid Antar, Vice Chair at Caribbean Association of Banks and General Manager, Republic Bank’s Corporate Operations & Process Improvement Division; Rhonda Best, Managing Director, Alexander Bain.

Also in attendance were Brenda Lee Tang, Head of the Association of Chartered Certified Accountants (ACCA) Caribbean (left, picture 2), Robin Lewis, FCB, General Manager – Retail and Commercial Banking (centre, picture 3)

CAB

For more information or to arrange interviews contact:

Mary Popo – Caribbean Association of Banks 
Chakiro Court, Vide Bouteille 
P O Box CP 5404 

Castries, Saint Lucia 
Telephone: 1 758 452 2877 
Facsimile: 1 758 452 2878 
Email: mary.popo@cab-inc.com

 

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