FinTech is the shortened version of Financial Technology, which describes the use of the internet, mobile devices, and software technology or cloud services to perform or connect with financial services.
FinTech can be used for Business to Customer, Business to Business, Individual to Individual and Government transactions.
FinTech is useful because:
It has global reach – It does not matter where a company or person is located, they can use FinTech if they have access to Wi-Fi or Data plans. FinTech helps to remove geographical borders enabling the transaction of business from one country to the next.
It is Cheaper – Compared to traditional financial services FinTech options are generally more affordable attracting lower fees for operations.
It is Convenient – FinTech transactions can happen any time of day and are not dependent on stipulated business hours. Transactions are real time and can be done from anywhere without the need to visit a “brick and mortar” establishment.
It is Secure – FinTech companies are built on cutting edge technology therefore they are equipped with the best in class cyber security.
FinTech will help open global economies and business opportunities for the citizens of Trinidad and Tobago. It will also provide a means of diversification away from oil and gas by redirecting skills and talent in the area of FinTech development. It will allow for Trinidad and Tobago to maintain its position as a financial hub. Focus on Digital services will help support the achievement of the goals set out in the Roadmap to Recovery post COVID-19 Pandemic
FinTech companies in Trinidad and Tobago must follow the guidelines outlined by the E Money Policy of The Central Bank of Trinidad & Tobago. The Electronic Funds Transfer eTransactions Act should also be referenced and can be found using the following link http://laws.gov.tt/ and the guidelines stated from the Central Bank of Trinidad and Tobago(CBTT)
The Fintech Association of Trinidad and Tobago (FinTech TT or the Association) is a registered Non- Profit Organization under the laws of Trinidad and Tobago. Its purpose is to bring together FinTech stakeholders to create a collective voice for the industry. Launched in February 2020, it seeks to facilitate collaboration between market participants and stakeholders to provide a platform for members to engage with agencies of the Government of the Republic of Trinidad and Tobago and other key stakeholders to share ideas, solve problems, promote best practices, network and shape the future of the industry.
The association is governed by a Board of Directors. Any Member of the Association in good standing shall be eligible to be appointed as a Director through the election process as set out in the NPO’s Bylaws.
1. Regulatory Improvement
2. Public Education
3. Infrastructure Development
The E-Money Order was issued by the Central Bank of Trinidad and Tobago on 4th August 2020.