ON November 15, 2018, Central Bank Governor, Dr Alvin Hilaire, provided an update to T&T on the role that the regulator of financial institution was playing in providing oversight of the fintech and digital banking developments that have taken most of the world by storm in the last three years.
In the stament, Hilaire said: “Recent developments in financial technology offer immense possibilities for improvement in the efficiency and security of financial transactions, as well as financial inclusion by providing easier, cheaper and more accessible options to the public for engaging in such transactions.”
In the statement issued following the news conference, the Bank said it would “engage with those companies wishing to provide such new financial services, (the specific example cited was digital wallets) in order to understand the products, and to assure that the framework for the conduct of such activities, including governance structure, risk management, recourse measures, financial soundness etc are well established prior to public…
