The Central Bank of Trinidad and Tobago in collaboration with the Trinidad and Tobago Securities and Exchange Commission (TTSEC) and the Financial Intelligence Unit of Trinidad and Tobago (FIUTT) have established a Joint Fintech Steering Committee to ensure effective collaboration among the domestic Supervisory Authorities (“Authorities”) on Fintech related matters that span multiple authorities. These Regulatory Authorities are collaborating on a Joint Regulatory Innovation Hub.
Joint Regulatory Innovation Hub
The Joint Regulatory Innovation Hub
The Central Bank of Trinidad and Tobago
The Central Bank of Trinidad and Tobago has developed a Fintech Policy aimed at promoting an environment to accommodate ongoing financial innovations while mitigating risks. The Bank is aware of the possibilities that Fintech offers for improving the efficiency and security of financial transactions, as well as, financial inclusion.
The Trinidad and Tobago Securities and Exchange Commission
The Trinidad and Tobago Securities and Exchange Commission (“TTSEC”) has also developed a Fintech Policy which is “intended to guide the Commission’s approach to fulfilling its legislative mandate with regards to Financial Technology (“Fintech”) as well as form the basis for the Commission’s implementation of international best practice for the regulation and supervision of Fintech within the securities industry in Trinidad and Tobago.”
The Financial Intelligence Unit of Trinidad and Tobago
The Financial Intelligence Unit of Trinidad and Tobago (“the FIUTT”) acknowledges that the rapid growth of financial technology (Fintech) presents many opportunities for the development of the financial sector within Trinidad and Tobago. However, it also recognises that these new technologies can be misused for illicit purposes, including money laundering, the financing of terrorism and proliferation financing (ML/TF/PF). In fulfilment of its mission to effectively detect and deter ML/TF/PF, the FIUTT is committed to collaborating with the other Regulators (the Central Bank and the TTSEC) for the effective supervision of Fintechs and toward the common goal of maintaining a safe and stable financial, social and economic environment.
What is the Joint Regulatory Innovation Hub?
The Joint Regulatory Innovation Hub is a central point of contact with the three (3) Supervisory Authorities (“Authorities”). Entities and individuals can contact the Authorities for guidance on regulatory and operational requirements.
Objectives of the Innovation Hub:
- For the Regulators to understand the new financial technologies, products and services being proposed, the associated risks including mitigants for those risks;
- To provide entities with a better understanding of the regulatory and supervisory requirements to operate in the financial environment;
- To determine whether the entity is eligible for:
- Registration under existing legislation; or
- Testing of services or products.
How does the Hub assist Fintechs?
The Hub:
- Provides a central point of contact with the 3 Regulators;
- Provides information and guidance on Regulatory and Operational Requirements for persons wanting to offer fintech products and services.
- To contact us for information and guidance, complete the Query/Request for information form.
- Allows persons to submit applications for approval of fintech products and services using the Joint Regulatory Innovation Hub Application Form.
Criteria and Participation
All entities proposing the development of innovative financial technology products, services, business models or delivery mechanisms in Trinidad and Tobago can utilise the Innovation Hub.
A proposed innovative product and/or service should:
- Result in a new way of offering or delivering the service/product to the public;
- Have the potential to improve efficiency and benefit the consumer or economy; and
- Not negatively impact financial stability.
What the Innovation Hub Does Not Offer
We’re here to support you, but it’s important to note:
- We don’t offer financing or funding assistance.
- We won’t guide you on creating business plans or processes.
- We don’t provide or issue ‘No Objection Letters.’
- Testing services are not within our scope.
DISCLAIMER
Joint Regulatory Innovation Hub Disclaimer.
The following applies to entities engaging the Regulators via the Joint Regulatory Innovation Hub (“Innovation Hub”):
- Responses issued by the Regulators (“Responses”) to the individual/entity that would have submitted a query/application via the Innovation Hub are specific to the individual’s/entity’s situation and information provided to the Regulators.
- Responses must not:
- Be shared with any third party (either in part or in full) without the express written consent of the Regulators; and
- Be used as a means of attracting investors for its business and/or promotion of any proposed fintech service/product.
- Individuals/entities may, however, share Responses where compelled by law to do so or for the purposes of seeking advice from their attorney, auditor, or other professional advisor, provided attention is drawn to this disclaimer and in particular the requirements at paragraph 2 above.
- Interaction with the Regulators via the Innovation Hub does not constitute an endorsement or approval of the individual’s/entity’s fintech product or service, nor does it imply that the Regulators are in partnership or collaboration with the individual/entity. Claims to the contrary may result in the individual/entity being barred from participation in the Innovation Hub and by extension the Regulatory Sandbox.
- The Regulators reserve the right to change an assessment/opinion given as part of the Innovation Hub process under the following circumstances:
- Further consideration of the information provided by the entity;
- The receipt of further material information;
- A change in legislation that relates to the proposed fintech product and/or service; or
- Any other circumstances as may reasonably result in a change of assessment or opinion.
- Notwithstanding items 1-5 above, no response or other communication from the Regulators shall preclude the Regulators from taking enforcement or other regulatory action in accordance with relevant laws.