ISSUE 22 – Article 5

March 11, 2020

The Trinidad & Tobago IFC In Suriname: Developing FinTech Solutions 

On 15th September, the Chairman, CEO and Manager, Financial Markets Development travelled to Suriname to meet with representatives of the Southern Commercial Bank N.V. (SCB), the Centrale Bank van Suriname (CBvS), Telesur and the Ministry of Trade, Industry and Tourism.

The T&T IFC was given an overview of the ongoing initiatives of the CBvS and its work with FinTechs to facilitate their operations, which are seen as a key component to achieve financial inclusion and offer financial services to the underbanked and unbanked. This is in line with the objectives of the Government of Suriname to provide e-services to its citizens; an essential part of which is providing a modern payment system. A FinTech Innovation Hub, a FinTech Working Group and a Sandbox have been launched by the CBvS to facilitate the development of FinTechs with the aim of increasing the adoption of FinTech solutions by citizens.

A meeting was also held with local FinTech stakeholders to discuss the development of solutions that will facilitate domestic and international electronic transfers between citizens and payments between merchants and their customers. These solutions are intended to make it easier for citizens to conduct transactions without the need for a bank account or to have access to a bank branch or cash, which can be challenging for persons living in rural areas of Suriname.

Image caption – Chairman of the Trinidad and Tobago IFC Mr. Richard P. Young presents a token of appreciation to His Excellency Stephen T.K.W. Tsang, Minister of Trade, Industry and Tourism of Suriname