FINTECH TT UPDATES
T&T IFC and the Interim Management Committee (IMC) of the FinTech Association of Trinidad & Tobago (FinTech TT) officially launched the association and its logo in February 2020. Since that time, the IMC has created several internal working groups that focus on developing the association’s internal structures while simultaneously contributing to issues in the external business environment by reaching out to stakeholders in the local and international ecosystem with whom FinTechTT can collaborate.
Currently, the Interim Structure of the IMC consists of the following working groups:
- Association Development Working Group
- Brand Management and Public Education Working Groups
- Strategic Planning Working Group
- Infrastructure Development Working Group
- Regulatory Improvement Working Group
FinTech TT remains cognisant of its role as a major pillar of the ‘FinTech Roadmap’ for Trinidad and Tobago. The FinTech Roadmap is a strategic plan for the country to become a FinTech-enabled Financial Services Hub, the realisation of which will have a knock-on effect of developing and strengthening the local Financial Services Sector. The importance of financial technology integration and access to FinTech-related services became a major talking point during the stay-at-home measures and limited operating hours for businesses brought on by the COVID-19 pandemic. The need for accessible and affordable FinTech solutions is a critical tool in business productivity and continuity, ensuring that citizens have access to finances without the restrictions of location and time.
Bearing this in mind, the association continued to reach out to stakeholders in the local and international ecosystem with whom they can collaborate. In doing so FinTech TT was able to position itself as a thought leader in the local environment and had the opportunity to engage in several activities. These included:
- FinTech TT was incorporated and is awaiting registration as a Non-Profit Organisation (NPO)
- Met with the Central Bank of Trinidad & Tobago (CBTT) to discuss the local ecosystem and regulatory environment
- Submitted comments on the CBTT E-Money Policy
- Submitted comments on the CBTT Guidelines for Non-Bank Non-Financial Institutions in Retail Payments
- Submitted a Sandbox proposal to the CBTT for consideration and comments
Over the next few months, the T&T IFC and FinTech TT plan to host a ‘Recovery Hack-a-Thon’ and hold the Annual General Meeting of FinTech TT, where a Board of Directors will be elected. This Board will then take FinTech TT forward and continue to execute its mandate.
For further details on the association or to lodge your interest in joining, please visit: https://www.ttifc.co.tt/fintechtt