UTC leads regional digital transformation talks

The Unit Trust Corporation (UTC) has reaffirmed its commitment to supporting a strong digital economy across the Caribbean.

The corporation highlighted its decision to drive discussions on regional digital transformation at this year's Connected Caribbean Summit 2024, held from December 9-12 in Miami, Florida.

In a release, UTC said it was a diamond sponsor of the summit, which brought together regional government leaders, business heads and technology sector representatives.

Addressing over 400 conference participants, UTC's executive director Nigel Edwards underscored the critical need for collaboration to encourage the uptake of digital initiatives and to leverage growth opportunities.

"Collaboration is no longer optional, it is the cornerstone of scalability…by establishing regional data-sharing agreements and fostering public-private partnerships, (the region) can pool resources, mitigate risks and scale digital initiatives faster and more effectively."

Edwards also spoke to the importance of pivoting towards innovation and embracing new technologies in the financial sector.

"Innovation in the financial services sector is vital to long-term economic sustainability," he said. "The Caribbean must embrace digital tools to remain competitive on the global stage. By leveraging technologies like artificial intelligence, machine learning and predictive analytics, businesses can optimise operations, make smarter decisions and better anticipate market trends."

Edwards also highlighted the role of entrepreneurs in promoting digital transformation.

"Entrepreneurship is essential to solving regional challenges with innovative, localised solutions. We are particularly committed to providing entrepreneurs with the tools necessary to succeed in a digital-first economy. Through initiatives like Scale Up TT and Urpreneur Plus, we are helping to nurture the next generation of Caribbean leaders who will drive digital transformation across multiple sectors."

UTC is the largest mutual fund service provider in the region, with Funds Under Management as of December 31, 2023, totalling $24.5 billion.

"Underpinned by a robust risk-management framework, continued good investment-portfolio performance and operational efficiency, UTC continues to honour its mission of generating wealth for all communities both locally and regionally," it said.