Financial Sector Regulators prepare to facilitate Fintech
The Central Bank of Trinidad and Tobago (CBTT), the Trinidad and Tobago Securities and Exchange Commission (TTSEC) and the Financial Intelligence Unit of Trinidad and Tobago (FIUTT) have been collaborating in their capacity as Financial Sector Regulators to establish a framework to supervise entities that offer products and services based on financial technology (Fintech).
As such, the following will be implemented to facilitate Fintech:
- The E-Money Issuer Order, 20201 (“Order”) was issued on August 4, 2020, by the Minister of Finance on the advice of the Central Bank under Section 17(4) of the Financial Institutions Act 2020 (“FIA”). The Order, which is a key component of the Fintech strategy, establishes the legal framework to facilitate the issuance of e-money (money stored on cards/electronic wallets etc) by persons other than financial institutions licensed under the FIA. The Order can be found on the Bank’s website at www.central-bank.org.tt.
- The Regulatory Innovation Hub (a portal on the Regulators’ websites) will provide the opportunity for entities to receive guidance on the regulatory requirements for proposed financial technology products and services. This portal will be made accessible to the public on all Regulators’ websites from October 2, 2020.
- The Regulatory Sandbox which will be launched in two phases, will allow interested entities to test their products and services in a controlled environment, under the supervision of the Regulators. Phase 1 of the Sandbox will be operational upon granting of provisional registration to an EMI. Phase 2 will apply to other Fintechs and will be launched at a later date.
For more information on regulatory developments for Fintechs, visit the Central Bank’s website, TTSEC’s website and the FIUTT’s website.