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Trinidad and Tobago Financial Regulators Ready to Facilitate Fintechs

September 30, 2020 - A Major Step Towards Regulating Fintech in Trinidad and Tobago

In a significant move towards regulating financial technology (Fintech) in Trinidad and Tobago, the Central Bank of Trinidad and Tobago, the Trinidad and Tobago Securities and Exchange Commission, and the Financial Intelligence Unit of Trinidad and Tobago have been working together to establish a framework for supervising Fintech entities.

Major Developments

The regulatory body has announced several major developments aimed at facilitating the growth of Fintech in the country. According to a joint media release, one of the key components of this strategy is:

E-Money Issuer Order, 2020

This order was issued by the Minister of Finance on August 4, 2020, and establishes the legal framework for entities other than financial institutions licensed under the Financial Institutions Act 2008 to issue e-money.

Regulatory Innovation Hub

Another initiative is the Regulatory Innovation Hub, a portal that will provide guidance on regulatory requirements for proposed Fintech products and services. The public can access this portal from October 2, 2020, through the regulators’ websites.

Regulatory Sandbox

Additionally, the regulatory body has announced the launch of a Regulatory Sandbox in two phases:

Phase One

This phase will be operational once an E-Money Issuer (EMI) is granted provisional registration.

Phase Two

Phase two will apply to other Fintechs and will be launched at a later date.

Learn More

For more information on regulatory developments for Fintechs, visit the Central Bank’s website, TTSEC’s website, or FIU TT’s website.