Financial Crime World

Trinidad and Tobago Financial Regulatory Updates: Fintech Sector Remains Concentrated in Payments Sector

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As the financial technology (fintech) industry continues to evolve in Trinidad and Tobago, a closer look at its impact reveals that it is primarily concentrated in the payments sector. Recent meetings with firms utilizing fintech, trade bodies, and public authorities have highlighted the influence of fintech on e-money and payment service providers (PSP), as well as its slow spread into other areas such as crowdfunding, robo-advice, and crypto assets.

Concentration of Fintech in Payments Sector

  • The fintech sector has made significant strides in recent years, but its impact is not yet broad-based as some had expected.
  • Data on the impact of fintech is limited, but a review of public information, conversations with authorities and market participants, and applications for licensing and regulatory support suggest that fintech remains relatively concentrated.

Regulatory Environment

  • This report provides an update on the current state of fintech in Trinidad and Tobago, highlighting its impact on the payments sector and other areas of the financial services industry.
  • The findings of this report are based on public information, discussions with stakeholders, and regulatory filings, which provide valuable insights into the current state of fintech in Trinidad and Tobago.

Future Direction of Fintech

  • There are signs that fintech could potentially expand into other areas in the future, such as lending, insurance, and wealth management.
  • However, for now, it appears that fintech will continue to play a supporting role in the financial services sector, rather than a dominant one.

Overall, while fintech has made significant strides in recent years, its impact is not yet as broad-based as some had expected. This report aims to provide an update on the current state of fintech in Trinidad and Tobago, highlighting its concentration in the payments sector and potential future direction.