Slide right to see more

Fintech Licensing, Registration & Application Process in Trinidad & Tobago

Licensing Guide

The Central Bank has received valuable feedback from entities interested in providing Fintech services in Trinidad and Tobago as well as industry representatives aimed at better understanding the licensing process.

As a way of strengthening communication, the Central Bank has developed the following criteria, aimed at providing a simple summary of the basic requirements for licensing Fintech companies, and articulating the other general considerations that the Central Bank will take into account.

Licensing of Companies in Trinidad & Tobago

A. Basic Requirements that companies must demonstrate:

Incorporation under the laws of Trinidad and Tobago.

Applications can be considered from companies not yet incorporated locally but this incorporation must take place before registration is approved.

Financial soundness.

Evidence will include Audited Financial Statements, Projected Profit and Loss, Bank accounts etc.

Adequate capital and liquidity to cater for their proposed operations.

The capital and liquidity required will depend on the proposed scale of operations and clientele, in order to cater for potential financial risks, especially to customers.

A clear and detailed business plan on the proposed products, services and client base.

The precise product line, how it works and the safeguards, accompanied where possible by demonstrations; some presentations may be via interactive sessions with the Central Bank.

A formal risk management framework.

The plan for integrating consideration of key financial and operational risks including anti-money laundering/ financing of terrorism, data protection etc. in the organisation structure and processes.

Robust technology infrastructure that is standards based.

Information technology equipment, personnel, and framework that are state of the art, reliable and conform to industry standards.

Policies and procedures to ensure proper governance in conducting day to day operations.

Qualified directors and managers who implement proper work practices and business standards; this includes effective communication with customers involving avenues for dealing appropriately with complaints and for redress.

B. Other Overall Considerations by the Central Bank

The expected contribution of the activity to financial innovation and development in Trinidad and Tobago.

Ease of use and interoperability of the proposed activity with other financial instruments.

Market conditions, including the amount of firms offering similar products.

Application Process

Entities wishing to carry on the business of providing a payment service or to be registered as an e-money issuer are expected to first submit an application using the PSP/EMI Form via the GoAnywhere Portal.

The PSP/EMI Form

GoAnywhere Portal

Central Bank Trinidad and Tobago Application Process

Explore Licensing for Payment System Operators, Payment Service Providers, and Electronic Money Issuers

Payment Service Providers

E-Money Issuer

Payment System Operators