Joint Regulatory Innovation Hub

• 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).

• 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.

• Allows persons to submit applications for approval of fintech products and services.

Criteria

• 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.

• Provide Financing/Funding

• Provide guidance on Business Plans or processes;

• Provide/Issue “No Objection Letters”;

• Provide Testing