Fintech – enabling TT’s economy post-covid19

As our society and the wider world continue to feel the far-reaching effects of covid19, and the exacerbated knock-on shocks, such as reduced demand for oil and gas, grounded airlift and decimated tourism, the necessity to grow our economy has never been more urgent.

The Trinidad and Tobago International Financial Centre (TTIFC) was established to develop and attract investment in the Financial Services sector. One of the most promising areas for development in the post-covid19 period is financial technology (fintech), which we firmly recommend be incorporated as a key pillar in Government’s National Recovery Committee plan.

Fintech increases the ease of doing business through improved efficiencies and processes, reduces the necessity to use cash, and is usually less expensive. The technology also provides outstanding tools for safeguarding sensitive financial information and fighting financial crime and tax evasion.

This February, with the support and approval of the government, TTIFC launched the FinTech Association of Trinidad and Tobago (FinTech TT). Made up of stakeholders in the financial services, technology and related sectors, the association will work closely with Government and regulators to shape the environment for our fintech industry. This is one component of a FinTech Roadmap that was developed by TTIFC to make TT a fintech-enabled financial services centre.

TTIFC CEO Omar Sultan-Khan said recently: “Internationally, we have seen financial centres employ innovation and technology to power growth and increase competitiveness. As the region’s premier financial hub, Trinidad and Tobago is well-positioned to do the same by the public and private sectors investing in fintech.”

In 2018 Accenture reported that globally an enormous amount of the investment for fintech firms comes from the private sector. This is a model that Government and the TTIFC believe would make the biggest impact in our economy. The private sector needs to invest in fintech and adopt it in their operations, which will position them to better respond to environmental shocks and improve the sustainability of their operating models.

Gabriel Faria, CEO of the TT Chamber of Industry and Commerce said the chamber recognises fintech’s potential to improve service delivery to its members and to power new business and economic growth.

He added: “The TT Chamber has been actively involved in the interim management committee of FinTech TT as it is consistent with our efforts to grow the technology space, demonstrated with the introduction of our latest category, The Business Technology award at our Champions of Business Awards Ceremony. Fintech companies have won the award for the past two years.”

TTIFC is supporting the operationalisation of FinTech TT, focusing on creating the necessary ecosystem, working with a wide representation of stakeholders in the public and private sectors, and acting as the contact point for the regulators.

TT is already a financial services hub. We should leverage our strengths, boldly seize opportunities such as FinTech, and integrate them into our economy and society as we evolve beyond covid19.

Contributed by Trinidad and Tobago International Financial Centre (TTIFC) with support from the FinTech Association of Trinidad and Tobago (FinTech TT).