What is the Joint Innovation Hub?
The Joint Innovation Hub will be used as a two-way dialogue between Fintechs and Regulators on financial innovation and the applicable supervision regime including all rules and policies.
The Objectives of the Innovation Hub are:
• For the Regulators to understand the new financial technologies, products and services being proposed, the associated risks including mitigants for those risks;
• To provide entities with a better understanding of the regulatory and supervisory requirements to operate in the financial environment;
• To determine whether the entity is eligible for:
i. Registration under existing legislation or;
ii. Testing of services/ products in the Regulatory Sandbox (when developed).
How does the Hub assist Fintechs?
• Provides a central point of contact with the 3 Regulators;
• Provides information and guidance on Regulatory and Operational Requirements for persons wanting to offer fintech products and services (complete Form A for Regulator's response).
Criteria and Who can Participate?
• An innovative financial product or service that results in a new way of offering or delivering the service/product to the public.
• A detailed business plan;
• Potential to improve efficiency and is beneficial to the consumer or economy;
• Does not negatively impact financial stability;
Who can Participate?
• All entities proposing the development of innovative financial technology products, services, business models or delivery mechanisms in Trinidad and Tobago.
Web and Document Evaluation Portal (Under Development)
The Innovation Hub Does Not
• Provide Financing/Funding
• Provide guidance on Business Plans or processes;
• Provide/Issue “No Objection Letters”;
• Provide Testing