The Jamaica Stock Exchange (JSE), has announced plans to launch and pioneer The Jamaica Social Stock Exchange (JSSE), not just as a Corporate Social Responsibility (CSR) activity of the JSE, which it is initially, but is actually innovating the Financial Sector to the promotion of the Social Capital Markets.
According to a release published on the JSE’s website, the Exchange is expected to help localize the 17 United Nation’s Sustainable Development Goals-SDG’s, which evolved out of the Millennium Development Goals (MDGs).
It proposes to initially establish a self-sustaining Jamaica Social Investment Exchange (JSIX) for the “Not for Profit” Sector and to establish in the second phase, as the upcoming legislation allows, the Equity or Impact Investment based model, the Jamaica Impact Investment Exchange(JIIX).
The JSSE will engage the Financial Sector and the entire economy of the country towards a greater good, which encompasses sustainable development with people at the centre, growing the Social Economy, which is now approximately 3.5% of Jamaica’s US$17B economy, largely comprising “Not for Profits” or NGOs.
Combined with an emerging formal Social Enterprise (SE) sector, through the JSSE, growth in Gross Domestic Product (GDP) will be realised.
According to the Jamaica MSME and Entrepreneurship Policy, 2018, a Social Enterprise is a business whose mission is to solve social, cultural, economic or environmental problems at the community and/or national level, through effective and ethical business practices with the reinvestment of profits to the social mission.