QUARTERLY NEWSLETTER 29
CHAIRMAN’S NOTE
Over the last decade, the Trinidad & Tobago International Financial Centre’s (T&T IFC) mandate has focused on assisting with economic diversification by facilitating the development of the Financial Services sector. This sector employs approximately nine percent of the country’s labour force and is the fifth highest contributor to GDP. During this time, the traditional methods used in the delivery of financial services have evolved. Recognising this, the T&T IFC commissioned a feasibility study in 2018, to determine the optimal approach towards developing the sector locally. The result was the develop-ment of a FinTech Roadmap that outlined the path to making Trinidad & Tobago a FinTech-Enabled Financial Services Hub. Much of our communication over the past two years has focused on this and related initiatives.
Covid-19 and its impact on our economy highlighted the need for greater focus to be placed on the realisation of a fully digitalised Government. It also placed the T&T IFC in a pivotal position to assist the Financial Services sector in its drive for the adoption of digital financial services across the public and private sectors. For this reason, the T&T IFC reviewed its strategic outlook and undertook a realignment of its original mandate. The T&T IFC is now the lead Agency under the Ministry of Finance for Government’s digitalisation initiatives in the Financial Services sector.
This has aptly positioned the Company to work collaboratively with other government agencies such as the Ministry of Digital Transformation (formerly the Ministry of Public Administration and Digital Transformation) as well as the private sector, to propel the vision of a ‘cashless’ society into a reality by 2023.
Our realigned mandate is outlined in the following four pillars:
During the last quarter, the T&T IFC continued to survey this space through a series of stakeholder outreach. These stakeholders include the Central Bank of Trinidad and Tobago, the Treasury Department, the then Ministry of Public Administration and Digital Transformation, the Ministry of Social Development and Family Services, The Bankers Association of Trinidad and Tobago, and the Trinidad and Tobago Coalition of Service Industries. Through this stakeholder outreach and engagement, the T&T IFC will evaluate the needs of the market and facilitate the ecosystem development necessary for further FinTech integration into our way of life, so that we may all take advantage of its many benefits.
As we chart new territory towards delivering on our realigned mandate, I must commend our team as they continue to adapt and deliver despite the prevailing circumstances of the pandemic.
In this regard, the Board of Directors and I would like to welcome the newest addition to the team – incoming Chief Executive Officer – John Outridge. Mr. Outridge has been given the clear task to execute a strategic plan to carry out this mandate and lead the T&T IFC as it seeks to make an indelible impact on the Financial Services sector in Trinidad and Tobago. The Board and I look forward to a productive final quarter for fiscal 2020-2021.
I also invite you to keep up with the T&T IFC on Facebook, LinkedIn, and YouTube.
Enjoy the Quarterly!
Best Wishes,
Richard P. Young
Chairman, Trinidad and Tobago IFC