SEIZING OPPORTUNITIES IN ADVERSITY TO CLOSE THE FINANCIAL INCLUSION DIVIDE
A CEO’s Perspective on Leadership and Innovation
Trinidad and Tobago, like many developing economies, faces challenges in driving digital payment adoption, such as cost, transparency concerns, and a lack of availability. I see these challenges as an opportunity for us to advance our vision of a financially inclusive economy that benefits all citizens. The growth of financial sovereignty via the move towards Instant Payments, as seen in nations such as India’s UPI system and Brazil’s PIX platform, lays the groundwork for what we can do in the Caribbean, particularly in Trinidad and Tobago. At the Trinidad and Tobago International Financial Centre (TTIFC), we are actively working to develop the concept for a Caribbean potential and will have a lasting impact not only for Trinidad and Tobago, but for the entire region. As TTIFC’s CEO, I operate with a global vision, knowing that our work is not just about local impact but also about positioning Trinidad and Tobago as a regional leader in financial inclusion and FinTech innovation. To me, leadership demands an unrelenting ability to create opportunities in adversity as we constantly face tremendous hurdles in reforming the local financial services sector. Drawing from my own experience, growing up in a singleparent household presented its own set of challenges as we struggled financially. This inspired my entrepreneurial spirit and humble beginnings selling mangoes outside Mt. Hope Hospital to delivering doughnuts and eventually creating many more successful businesses. These experiences have given me the fortitude and determination to venture into new territories, pushing innovation for the greater good, and inspire my vision to instil an intrapreneurial culture in every business that I have had the privilege of leading in some capacity.
My journey began more than a decade ago as a consultant at PwC Trinidad & Tobago, where I developed a deep interest in the intersection of public sector innovation and technology. Back then, the notion of technological transformation in government was in its infancy, but I knew this would be the future driver of large-scale change. My path indeed took shape when I transitioned from consulting to leadership roles in the public sector. As Head of Consulting at iGovTT, I spearheaded transformative initiatives across multiple ministries, notably launching the country’s first online payment service for the Office of the Attorney General. This milestone marked the beginning of my passion for leveraging technology to drive systemic change. It was also a critical moment in my career that would eventually lead me to helm TTIFC with a vision of national and regional impact.The shift from strategy design to execution came when I was introduced to TTIFC as a client while leading the technology consulting practice at Ernst and Young (EY) Trinidad. This was uncharted territory and a pivotal time for the company as it endeavoured to shape the future of T&T’s financial landscape. TTIFC was at a crossroads, reevaluating its mandate and future. I was honoured to support the redefinition of the organisation’s strategic roadmap, but I never expected to have the opportunity to bring that vision to life when I was later invited to manage the very transformation I had designed—a rare chance to advise and execute a significant plan.
TRANSFORMING OBSTACLES INTO OPPORTUNITIES
Achieving the government’s vision of promoting more inclusive digital financial services, enabling the citizens to choose between payment methods like cards, online, mobile wallets, and e-money, is crucial for financial inclusion and economic growth. As you might expect, driving this transformation in a critical area such as financial services is a massive undertaking and the journey has been fraught with challenges, which we have chosen to view as opportunities. Regulatory frameworks that need to keep pace with innovation, the complexity of integrating new technology into old systems and resistance to change, were just a few of these opportunities and starting points for much-needed innovation.
One of the most critical decisions I made as CEO was to cultivate a culture that fosters creativity, problem-solving and autonomy. We’ve empowered our team to make bold moves and take calculated risks, even when the road ahead seemed uncertain. This approach has been instrumental in navigating the challenges of transforming the sector, particularly as we work toward advancing our three core pillars: increasing financial inclusion locally, developing T&T’s FinTech sector and accelerating digital payments across government services.
SPURRING FINANCIAL INCLUSION
T&T has enormous potential to use technology to build low-cost, accessible financial services that benefit everyone. However, the lack of data was viewed as a serious impediment to understanding the hurdles limiting citizens’ access to formal financial services. Bridging the gap between underserved populations and the formal financial system necessitated the availability of reliable data and insights to drive data-driven
initiatives, policies, and programmes. Prior to the release of the National Financial Inclusion Survey Report (2023), the World Bank’s Findex Data for Trinidad and Tobago was obsolete. Today, we have an immense repository of data and insights that will be critical to the leap forward in providing inclusive financial solutions
that benefit both citizens and businesses. This research will be critical to the progress we intend to make in providing inclusive financial solutions that reduce the friction associated with ordinary transactions for both enterprises and citizens.
BUILDING CAPACITY FOR A ROBUST FINTECH SECTOR
FinTech, a quiet giant, it is a booming sector with untapped economic potential for import and export services, especially with the rise of e-commerce and knowledge-based services. Establishing the region’s first FinTech innovation centre was a significant milestone, as actors in the sector required a clear starting point on their paths to becoming legitimate operators with market-relevant solutions. Through One FinTech Avenue, we were able to bring together a community of FinTech entrepreneurs, operators, regulators, investors, digital payment experts, and other interested parties in order to build sector capacity. Through these ties, we have already begun to effect change both locally and regionally, with new solutions in the works to alleviate consumer pain points for smallholder farmers. Credit unions and digital currency onboarding. By cultivating collaborations and promoting the development of local talent, we’ve established the basis for the sector to succeed.
As most leaders will tell you, success is not measured by the absence of failure but of how quickly and effectively you can bounce back from setbacks. As a company we have and will continue to have setbacks, but those experiences built the “muscle memory” we now rely on to navigate the complexities of transformational change that will impact future generations. Our success as a company, is not solely the result of sound strategy but also of a strong organisational culture. We are committed to building a sustainable and successful organisation, and I believe the key to that is creating the right environment. We have built a culture where the values of the organisation are reflected in the work we do, where people are empowered, and where teamwork drives results and a zero-attrition rate. It is the outcome of a deliberate focus on mentorship, creating a supportive atmosphere where talent can flourish, and people are given a clear pathway to leadership. This has been one of my proudest achievements as CEO and I am deeply committed to ensuring that TTIFC remains a place where individuals can advance their careers, potentially even to the CEO level. As we look to the future, my vision for TTIFC remains clear: to continue positioning Trinidad and Tobago as a leader in FinTech, digital payments, and financial inclusion agendas. Our goal is to not only provide world-class services locally but also to tap into international markets, generating revenue and returns for the state. I see TTIFC becoming recognized as a regional catalyst for financial innovation, and I believe that with the right leadership and continued resilience, we can achieve this vision. Looking ahead, TTIFC is poised for tremendous growth. The future of business in Trinidad and Tobago—and across the region—will be defined by digital payments, FinTech innovation, and financial inclusion. We are at the forefront of this transformation, and while our work is far from done, I am confident that with resilience, innovation, and a relentless focus on our mission, TTIFC will continue to seize the opportunities that adversity presents, leaving a lasting impact on our country and the region.
Source: amchamtt.com