ISSUE 21 – Article 1

March 11, 2020

CEO’s Message

This is the 21st edition of the Trinidad and Tobago International Financial Centre (T&T IFC) Quarterly, and I can’t help but be reminded about the hope and excitement felt by the global community, at the dawn of the 21st Century. There was also much trepidation with the potential risks of the ‘Y2k Bug’ being bandied about and becoming the basis for immense pop-culture conspiracies, story lines, books, movies and events.

That level of hope, excitement and trepidation has remained with us as the 4th Industrial Age has begun and almost daily there are new technological advancements and social paradigm shifts that demand nations, businesses and individuals maintain agility and awareness, or face being left behind as life rushes on by.

At the recent Nexus Nearshore Conference we attended, Mexico presented on its plan to continue to expand its Information Technology (IT) infrastructure including training for its people and specialised incentives to foster domestic and international private sector investment and growth in this area. It has credited much of its economic development to similar investments in making technology a cornerstone of all its public and private transactions.

With this is mind, the T&T IFC welcomes the ongoing work of the Trinidad and Tobago Government to increase our own IT capacity – with E-tax and other online public sector services, proving that it is capable to leverage technology to increase efficiency and convenience while reducing cost and corrupt practices.

In this edition of the Quarterly, our Chairman outlines a solid case for such development in the Financial Services space as the T&T IFC continues to work to ensure Trinidad and Tobago becomes a FinTech-enabled financial centre. This space is necessary now more than ever, if we are to maintain our competitive value proposition in areas such as Finance & Accounting (F&A), Business Process Outsourcing (BPO) and Shared Services (SS) which promises sustainable employment and foreign exchange revenue in the medium term.

As I marked my first year with the company in May, I reflected on the work during that period and I am mindful of the trepidations held by some who are wary of the oncoming technological convergence and the changes needed to give effect to this tidal wave. However, I remain hopeful and excited – fueled by my committed team that strives for excellence in the public sector, and the men and women of both the private and public sector who have embraced these changes and are prepared to face and meet with the changes that are coming. Together we all aspire and together we can indeed all achieve.

Enjoy the Quarterly 21!