Jack: Digital currency impacting financial sector

UNDERSTANDING FinTech, blockchain technology and digital currencies were the main topics of the THA Division of Finance and the Economy’s 2nd annual financial literacy breakfast meeting on Wednesday.

The meeting formed a part of the Division’s 16th annual Finance Week celebrations.

“The Financial Literacy breakfast meeting was created by the Division as a forum for updating and informing Tobago consumers on pertinent financial developments that are changing the global financial and economic landscape,” said Financial Literacy Secretariat Programme Coordinator, Afeisha Melville-McKain.

“The theme was strategically chosen as the focus for this year’s meeting based on the increase of cryptocurrency and bitcoin opportunities being offered to Trinidad and Tobago consumers. While these technologies have enabled an environment that provides faster, easier and more convenient ways of conducting financial and business transactions, there is so much to learn about these evolving technologies,” Melville-McKain said.

The Division’s Secretary, Assemblyman Joel Jack added, “Our primary objective is to examine the financial technology revolution with a view of better understanding its implications, opportunities, risk and challenges to exploit available opportunities while mitigating any downside risk.

“This meeting would address issues as it relates to the role of FinTech, blockchain technology and digital currencies, in particular, and its likely impact in the financial and business sectors. It would also address issues related to regulatory implications and the opportunities and risk associated with these technologies,” he said.

Jack noted globalization and technological innovations are revolutionizing the global financial landscape, leading to permanent disruptions in financial services sector.

“As policy makers, we therefore have a responsibility to sensitise persons of these risk as well as the opportunities associated with these in-depth revolutions,” he said.

The breakfast meeting would be followed by the Youth Empowerment Forum today and the Economic and Outlook Business conference on November 20.