TTIFC sees growth, challenges in 2023

The Trinidad and Tobago International Financial Centre is aiming to build on its momentum in fiscal 2023 in a bid to push the digital financial services industry in the country.

In the T&T IFC’s 2023 annual report, chairman of the board of the TTIFC, Richard Young, noted the institution had made substantial strides toward fulfilling its mission since its last report.

Among the achievements listed by Young included:

• Increasing the use of digital payments throughout Government TTIFC Implemented Payment Service Provider Retail Payment Network (PSRPN) instructions, electronic funds transfer (EFT) instructions, and the rollout of a customised e-cashbook solution to four of the six targeted ministries, departments and agencies (MDAs);

• Increasing financial inclusion in T&T

TTIFC performed the first national digital financial inclusion survey, with the sample surpassing the sample target by 100 per cent;

• Positioning T&T as a hub for the development of fintech

One FinTech Avenue, the premier FinTech innovation centre in the region, was launched by TTIFC with US$140,000 in funding assistance and donated assets from public and private sector partners.

Young also highlighted some financial achievements in the report as he stated, “I am pleased to report a net income of $69,129 for 2023 fiscal year. With these accomplishments, and a renewed strategic focus for 2024-2026, TTIFC continues to grow and increase T&T’s visibility on the world map in the face of a booming industry that, according to Boston Consulting Group and QED Investors, is projected to achieve a six-fold increase in financial technology revenues from US$245 billion to US$1.5 trillion by 2030, with fintech accounting for 25 per cent of global banking valuations.”

However TTIFC CEO John Outridge noted the aformentioned survey detailed just how much more work is to be done with regard to T&T’s digital push.

“It is becoming more known of the challenges MSMEs face when accessing business bank account facilities. According to the survey 72 per cent of MSMEs do not have a business bank account, and 88 per cent of this segment do not accept digital payments. Additionally 69 per cent of these persons cited their lack of access to business banking facilities as the primary reason for their non-acceptance of digital payments.

“While this is only one out of many insights, it presents unique opportunities for the government to drive increased awareness, education, and policy development to reduce these barriers as we work toward our vision of a cashless society in Trinidad and Tobago,” said Outridge.

“We have learned that we need to reevaluate our strategies and consider what we can do differently to make sure that the change we want to see in T&T is not one where we are merely ‘ticking boxes’ off of a checklist, but rather one where the society is impacted in a meaningful way,” the TTIFC CEO said.

“To that end, it was critical that we spend time listening and understanding the needs of citizens, how they use digital financial services, transact with government and financial institutions, their view of cash, and the challenges and concerns associated with the transition from cash to digital payments. These insights come from simply asking questions on the ground in each region across Trinidad and Tobago and evaluating data from digital payment services established in the previous fiscal year.”