It’s an honour for me to be here this morning sharing with you on behalf of Republic Bank. 
We are delighted to partner with AMCHAM T&T once again to bring together local, regional and international thought provokers, creators and influencers in the tech space under one roof. Today, whichever of those categories you fall into, we are glad that you’re here, ready to learn, teach, collaborate and network.

2024 marks our 5th year of title sponsorship and t.h.i.s. is not something we take for granted. (Pun Intended) More seriously, as a financial institution born in Trinidad and Tobago and that has since grown to establish a regional and international footprint across 16 territories in the Caribbean, South America and Ghana, we recognise the importance of investing in the talent that resides within our country and region. Moreover, we know that our talent is just as capable as any other to produce world-class solutions, products, services and companies for the benefit our people, at a globally competitive standard. 
This has proven true for the Republic Group, and I am confident also it holds true for all relevant stakeholders in our digital sector.

Perhaps that’s why t.h.i.s. continues to grow in relevance, reach and impact year on year. 
This landmark event facilitates a convergence of minds and ideas that shapes our practices, and guides us to better leverage technology and accelerate our economic competitiveness as well as our society’s and region’s sustainable development. 
And we cannot lose focus in our collective quest to fuel the digital transformation needed to achieve these goals. 

Because, ladies and gentlemen, the stark reality is that these twin goals of economic competitiveness and sustainable development will never be attained unless we get digital transformation right. 

And the longer we take, we risk being left further behind. 

Case in point. In its 2024 publication, ‘Science, technology and innovation for sustainable and inclusive productive development’, the United Nation’s Economic Commission for Latin America and the Caribbean notes that Latin America and the Caribbean is facing a structural productivity challenge. ECLAC highlights that “the year 2023 marked the end of a decade in which average annual growth was just 0.8%, much lower than the 2.0% recorded during the last decade of the 1980s.”

To reverse this trend, ECLAC suggests that a new investment structure is required, one that prioritises investments in knowledge-intensive activities, such as the exports of modern services enabled by information and communications technologies. In turn, these activities will generate stronger demand, create higher-productivity jobs and foster the development of productive value chains.

I share all of this to convey, that t.h.i.s 2024 is not to be casually dismissed as another meet and greet.  Our two-day deliberations should guide our follow-up actions to be taken for much-needed development and growth in our country and region. 

Additionally, framed around the theme Breakthrough, our dialogue at the 2024 Tech Hub Islands Summit, is not only fitting and timely to address, it is imperative.

That is why, we at Republic Bank, continue to make tech our focus and find ways to share and expand knowledge in the tech space. 

Towards this end and in keeping with spirit of knowledge-sharing that t.h.i.s. espouses, we’re here to gain insights and learn from the onstage panels and offstage conversations. 
Through our participation, whether it be with my address this morning or the contribution of colleagues on panels to follow, we hope to share some of our digital experience, including wins and lessons learned. 

For Republic Bank, technology has long been an enabler of our financial services to our customers. More recently, our focus has shifted from technology being merely an enabler to technology being the cornerstone of our quest to becoming a leading innovator.  In the words of John Chambers, former executive chairman and CEO of Cisco Systems, “If you don’t innovate fast, disrupt your industry, disrupt yourself, you’ll be left behind.”

As a bank, it is our duty to evolve and grow with the tech of the time. As the world’s demand for convenience continues to grow, so too must the services we provide. So, we’ve set out a clear vision that, in this ever-changing technological landscape, we don’t merely want to adapt as a Group- we want to lead.

We’ve inculcated that the responsibility to achieve this vision is not only IT’s job, but everyone’s job – our Board of Directors, executive, management and staff alike.
We’ve determined that our digital transformation starts with a thrust to innovate for all of our customers across all segments and throughout all our territories  -  rooted in the drive to meet and exceed their expectations.

We’ve resolved to utilise tech, both existing and emerging, to streamline our operations as well as to optimise experiences, all in pursuit of an enhanced customer experience. In so doing, we’ve been actively reviewing our processes, making them more digitally focused. We’ve also begun and will continue to upskill and expand our team to ensure that we are able to maximise our efforts towards our digital transformation vision. 

And while admittedly, the journey has not been without some road bumps and even potholes, we have made progress. 

Among recent examples of this is that we have been able to successfully launch RepublicOnboard. Through this new self-service, digital channel, individuals who’ve never banked with us can open a Republic Bank account without having to enter a banking hall. While giving our customer the ultimate convenience to open a bank account without the hassle of having to come to us, we’ve also gained operational benefits as well.  It has automated lower-value functions, freeing our employees to focus on providing our customers with individualised and higher value services. 

Similarly, since 2020, Republic Bank has been powering Trinidad and Tobago’s most successful mobile wallet, “Endcash”.  It enables users to spend, send and receive funds with just a mobile phone. While individual customers love the convenience of purchasing the products and services the app makes available, we’ve found that business customers (particularly Micro, Small and Medium Enterprises) have gained significantly. Endcash gives them mobility to sell any where in the country without the added risk of managing physical cash, and without the need for a point-of-sale machine. 

Additionally, in 2024 we launched our revolutionary Republic Life Insurance online customer portal – enabling the first and only fully digital life insurance customer journey in the Caribbean. Using our fully digital platform complete with Facial Recognition Software, Republic Life Insurance’s application process distinguishes it from the rest of the market. Customers can conveniently request quotes, apply for and be issued a Life Insurance policy within 10 minutes. Through this self-service portal, the customer can amend beneficiaries, update personal details and view their digital contract without having to depend on an agent. This company represents digital transformation and innovation at its best, upending industry conventions to meet the customer’s needs. I think this deserves a round of applause don’t you? [initiate applause]

Indeed, while our digital transformation is underway, we are already seeing fruitful returns from the groundwork already laid.  While I can’t divulge too much about what’s to come, I can say, we’re seeking to leverage developments in Artificial Intelligence, Blockchain technologies, Cyber security and Fintech in our continued transformation. 
We’re looking forward, with great enthusiasm to the heightened agility, responsiveness, competitiveness that promises to come. 

However, ladies and gentlemen, as I mentioned earlier – for Trinidad and Tobago (and the Caribbean in its entirety) to breakthrough to a new level of digital development we have to work together. 

And though we’re not a tech company, the Bank is also striving to support the breakthrough of stakeholders in our national digital eco-system.  It is well established that countries that ranked as the top Digital Risers had “ambitious goals for their (digital) transformation efforts as well as a strong focus on entrepreneurship.”

Of course, as a bank, our most obvious contribution is financing. Whether by sponsoring events to facilitate tech start-ups to access venture capital or providing generous and flexible MSME loans and credit facilities for agri tech and sustainable tech, we hope do our part to bolster T&T’s digital local content. 

But we’re also working to provide non-financial assistance where we can to:
• help our tech entrepreneurs to scale up; and 
• assist other entrepreneurs to use technology to level up.

For example, any entrepreneur has free access to useful tools and guides to support their business operations via our SME Toolkit information hub.

Just last Thursday, in observance of World MSME Day, we joined with the Trinidad and Tobago Chamber of Industry and Commerce NOVA Committee as a Platinum Sponsor on their Digimark Reloaded Workshop and also sponsored fifteen (15) of our very own MSMEs to attend. Themed “Innovate to Elevate,” the workshop aimed to provide MSMEs with the technology and tools to further innovate in their products, services, and operations. And at Republic Bank we found this to be consistent with our goal of empowering our MSMEs for technological success.

In the same vein, under our Power to Make A Difference corporate social responsibility programme, we’ve forged partnerships to facilitate business development programmes such as:
• workshops on accessing export markets which are held in conjunction with the Caribbean Export Development Agency.
• our Entrepreneurs Business Builder programme, done in tandem with BPD & Associates which emphasises leveraging tech for business sustainability for Women entrepreneurs; and
• our series of agri-business development seminars, facilitated by the MarVista Institute for Agriculture, Training, and Development. Here too, the use of technology to boost crop and business productivity is underscored. 

Technological innovation and adaptability are key factors in ensuring that our businesses and countries, large or small, thrive now and in the years to come.  And so t.h.i.s is indeed a worthy initiative - one that I must heartily thank and congratulate the AMCHAM T&T’s Summit committee and for championing every year. 

I’d also like to express appreciation to our fellow sponsors, Price Waterhouse Coopers, EXIMBANK, the Inter-American Development Bank and Digicel Business who’ve admirably stepped up to make this summit possible.

Finally, I wish to thank all participants - for your belief and determination that a technologically-advanced society is not only possible for metropoles such as California, Tallinn, London and Singapore – but it can, will and must be a reality for us here in Trinidad & Tobago, and in the Caribbean.

For our part, Republic Bank remains committed to developing our Group as well as contributing to an enabling environment where innovation knows no bounds. Together, we’ll surely navigate the complexities of the digital age and unlock the immense potential that technology holds.

Thank you!

END.