Slide right to see more

Fintech & Payments

Fintech

The Central Bank of Trinidad and Tobago (Central Bank/ CBTT) considers Fintech to encompass the provision by companies of new financial services that primarily take advantage of recent developments in technology and communications. For us, the key distinguishing features from traditional financial services that we monitor are that:

many of the companies offering such services are not financial institutions under our purview (banks, insurance companies, pension funds etc.).
the technology used is dynamic and allows for almost instantaneous movements of funds and contact among users that may bypass financial institutions.

The Central Bank developed a Fintech Policy aimed at promoting an environment to accommodate ongoing financial innovations while mitigating risks. Key tenets of the Fintech Policy were published in 2018.

The Bank remains committed to executing its Fintech Policy through:

The Monitoring and supervision of Fintech activities where the activities relevant to the use of a Fintech product/service falls within the Bank’s remit.

Collaboration with domestic regulators to facilitate wider Fintech Innovation and to ensure that Fintech is appropriately regulated.

Engagement with entities wishing to utilize Fintech to provide financial service.

Collaboration with International and Regional Regulators.

National Payment System Reform

As part of its strategic focus, the Central Bank is engaging in the reform of the national payment system in order to modernise and strengthen:

its legislative, supervisory, regulatory and oversight functions;
the enforcement capabilities of the Central Bank with regards to all payment systems and payment service providers; and
the overall payments infrastructure.

The current legal framework for the national payment system will be revised to keep abreast of international standards and developments in the payments space both locally and internationally.

Overall, the reform of the national payment systems will allow the Central Bank to continue to maintain confidence in and promote the safety, soundness, reliability, and efficiency of payment systems and the stability of the financial system in Trinidad and Tobago