TTIFC and AMCHAM T&T Partnership to Benefit Local FinTech Sector and Increase Cashless Transactions in Trinidad and Tobago

Port of Spain, Trinidad and Tobago – November 16, 2022: The Trinidad and Tobago International Financial Centre (TTIFC) and the American Chamber of Commerce of Trinidad and Tobago (AMCHAM T&T) signed a Memorandum of Understanding (MoU) to signal the commencement of a partnership to further the development of Trinidad and Tobago’s FinTech ecosystem and to accelerate the country’s position as a FinTech-enablement Hub.

“…The MoU is a broad framework outlining collaboration and cooperation and we have many initiatives and programmes already in train. We will be laser-focused on the execution, as we have a goal to launch the flagship FinTech Innovation Hub which we envision will serve as the beacon across the region, and provide a collaboration space between FinTechs, regulators, Government, investors, and all parties concerned.

“AMCHAM T&T has been one of the main champions for digital transformation as well as putting forward a number of policy recommendations over the years in terms of supporting the Government’s thrust towards building a digital society. This aligns with TTIFC’s interest to progress the FinTech sector forward to our collaboration with AMCHAM T&T as we work to establish T&T as a fintech-enabled hub.” stated John Outridge, CEO of TTIFC.

AMCHAM T&T’s CEO, Nirad Tewarie added “We are very excited to be partnering with the TTIFC to develop the FinTech sector in T&T, since we’ve been working to develop the tech industry and accelerate the digital transformation of both the public and private sectors in Trinidad and Tobago. We know that this is an all-hands-on-deck endeavour and so, to be working with a state entity that is dynamic, forward-looking, and progressive … is very exciting. We are very committed to identifying and working on the specific actions that would lead to the development of the FinTech sector and towards TTIFC’s goal of Trinidad and Tobago becoming a cashless society and the most dynamic tech and fintech hub in this hemisphere outside of the US. I don’t think this is an overreach. I think it is possible and that is what we will be working towards.”

Through this arrangement, TTIFC will work with AMCHAM T&T as it relates to enabling the FinTech ecosystem and collaborating with all related stakeholders. AMCHAM T&T in return will continue facilitating and promoting investment opportunities with the Americas and the Caribbean region by promoting local and international FinTech to T&T’s FinTech Innovation Hub, while also establishing linkages with similar international facilities.

In addition to promoting greater access to safe and convenient digital payment solutions for citizens, this partnership will benefit the local FinTech sector by increasing its access to the resources and investment opportunities required to expand the financial sector’s contribution to the country’s GDP. The relationship will also include support for policy enablement to build and grow the local FinTech ecosystem.

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About the Trinidad & Tobago International Financial Centre (T&T IFC):

The TTIFC is the state agency under the Ministry of Finance charged with accelerating the adoption of digital payments across the public sector and the wider financial services sector toward the Government’s goal of becoming a ‘Cashless Society’ and a FinTech-enabled Financial Services Hub.

Vision: To be the driver of digital financial services adoption across all sectors leading Trinidad and Tobago to becoming the regional premier location for FinTech-enabled services.

Mission:

The continuous expansion of the Financial Services Sector through the integration and application of Financial Technology thereby improving service delivery for the citizens, the ease of doing business, and increasing financial inclusion.

Visit the T&T IFC’s website for more information: www.ttifc.co.tt

For media inquiries please contact:

Kamilah Evans, Manager, Stakeholder Relations & Communications.

M: (868) 689-6427 | E: kamilah.evans@ttifc.co.tt