AMCHAM T&T & TTIFC Signs MoU To Develop the Fintech Sector in T&T

(Nirad Tewarie (l) AMCHAM T&T CEO and John Outridge (r) CEO of TTIFC at the official MoU Signing Ceremony) 

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T he emergence of FinTech is rapidly changing the way companies conduct business, especially in how they interact with their consumers. Since the onset of Fintech, consumers have greatly benefited from having more expansive access to financial services, reduced transaction costs, greater convenience and efficiency, successfully managing their finances, and gaining insight into their spending patterns. In short, FinTech has proven its many advantages to both companies and consumers, so the development of a thriving FinTech sector can be seen as a means of diversifying T&T's economy and ensuring future economic prosperity.

AMCHAM T&T took another major step in progressing the local tech sector by signing a Memorandum of Understanding (MoU) with The Trinidad and Tobago International Financial Center (TTIFC) to signal the commencement of a partnership to further the development of Trinidad and Tobago’s FinTech ecosystem and to accelerate the country’s position as a FinTech-enablement Hub.

Speaking at the official MoU Signing Ceremony at the TTIFC’s head office in Port-of-Spain on November 18th, AMCHAM T&T’s CEO, Nirad Tewarie expressed his excitement for the partnership to develop the FinTech sector in T&T. “We know that this is an all-hands-on-deck endeavour and so, to be working with a state entity that is dynamic, forward-looking, and progressive … is very exciting,” Tewarie said. “We are very committed to identifying and working on the specific actions that would lead to the development of the FinTech sector and towards TTIFC’s goal of Trinidad and Tobago becoming a cashless society and the most dynamic tech and fintech hub in this hemisphere outside of the US. I don’t think this is an overreach. I think it is possible and that is what we will be working towards.”

The MoU will see TTIFC working with AMCHAM T&T through this arrangement as it relates to enabling the FinTech ecosystem and collaborating with all related stakeholders. AMCHAM T&T will continue facilitating and promoting investment opportunities with the Americas and the Caribbean region by promoting local and international FinTech to T&T’s FinTech Innovation Hub and establishing linkages with similar international facilities.

“…The MoU is a broad framework outlining collaboration and cooperation and we have many initiatives and programmes already in train,” stated John Outridge, CEO of TTIFC. “We will be laser-focused on the execution, as we have a goal to launch the flagship FinTech Innovation Hub which we envision will serve as the beacon across the region, and provide a collaboration space between FinTechs, regulators, Government, investors, and all parties concerned.”
“AMCHAM T&T has been one of the main champions for digital transformation as well as putting forward a number of policy recommendations over the years in terms of supporting the Government’s thrust towards building a digital society. This aligns with TTIFC’s interest to progress the FinTech sector forward to our collaboration with AMCHAM T&T as we work to establish T&T as a fintech-enabled hub.”

In addition to promoting greater access to safe and convenient digital payment solutions for citizens, this partnership will benefit the local FinTech sector by increasing its access to the resources and investment opportunities required to expand the financial sector’s contribution to the country’s GDP. The relationship will also include support for policy enablement to build and grow the local FinTech ecosystem.