What is the Joint Regulatory Innovation Hub?
The Joint Innovation Hub will be used as a two-way dialogue between Fintechs and Regulators on financial innovation and the applicable supervision regime including all rules and policies.
The Objectives of the Innovation Hub are:
• 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:
i. Registration under existing legislation or;
ii. Testing of services/ products in the Regulatory Sandbox (when developed).
How does the Hub assist Fintechs?
• 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 (complete Form A for Regulator's response).
• Allows persons to submit applications for approval of fintech products and services (complete Form B or EMI form).
- For payment related entities, including Payment Service Provider applications – Email to: [email protected]
- For non PSPs (general Fintechs) - Email to: [email protected]
Criteria and Who can Participate?
• An innovative financial product or service that results in a new way of offering or delivering the service/product to the public.
• A detailed business plan;
• Potential to improve efficiency and is beneficial to the consumer or economy;
• Does not negatively impact financial stability;
Who can Participate?
• All entities proposing the development of innovative financial technology products, services, business models or delivery mechanisms in Trinidad and Tobago.
The Innovation Hub Does Not
• Provide Financing/Funding
• Provide guidance on Business Plans or processes;
• Provide/Issue “No Objection Letters”;
• Provide Testing