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Innovation Hub


 

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What is the Joint 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).

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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 (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).

 

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Criteria and Who can Participate?

Criteria

• 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.

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Process
 

Web and Document Evaluation Portal (Under Development)


FAQs

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The Innovation Hub Does Not

• Provide Financing/Funding

• Provide guidance on Business Plans or processes;

• Provide/Issue “No Objection Letters”;

• Provide Testing

 

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