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Trinidad & Tobago is making great strides to become a recognised international financial centre (IFC). Acknowledging how vital it is to network with international contacts and develop expertise, the Trinidad and Tobago IFC hosted a breakfast meeting in London on May 03rd, 2016 for members of the press and thought-leaders in the financial services community, to outline some of the main features of the financial centre being created.
Chief Executive Officer - Varun Maharaj, and Manager Capital Markets Development – Geron Burnett shared insights into the plans of the Trinidad and Tobago IFC, which include:
- creating an efficient, business-oriented environment with transparent and principle-based legislation and regulations;
- differentiating itself from other centres in the region by ensuring that ‘best-in-class’ regulations exist;
- modelling itself after successful IFCs creating a sense of familiarity for companies;
- being managed by three independent bodies responsible for management and business development, regulation and supervision and dispute resolution.
The TTIFC is focusing on the following business lines:
Investment Banking The Trinidad and Tobago IFC will be well positioned to handle complex financial transactions and support the financing needs of corporations and Governments throughout Latin America, allowing financial institutions to tap into the demand for financial services.
Asset Management Financial institutions operating in the Trinidad and Tobago IFC will be able to provide tailor-made products and services designed to build, preserve and manage the wealth of their clients in Latin America.
BPO/Shared Services Trinidad & Tobago provides an attractive location for the Business Process Outsourcing/Shared Services Industry for financial institutions right-sourcing activities due to its highly skilled labour pool, a history of economic stability, low utility costs and strong Government support.
Professional Services Trinidad and Tobago with its pool of highly skilled professionals has established itself as a leading location in the region for services such as legal, accounting, auditing, advisory and compliance. As a result, the Trinidad and Tobago IFC will be capable of satisfying the requirements of businesses established in the Trinidad and Tobago IFC.
With support from the Government of Trinidad and Tobago, the Trinidad and Tobago IFC is establishing a framework that will allow it to become the premiere centre for financial services in Latin America and the Caribbean.
During the trip Varun and Geron also met with a number of well-known institutions such as the Chartered Institute of Securities and Investment (CISI) who will be offering their accredited courses in Trinidad & Tobago and the Commonwealth Enterprise and Investment Council (CWEIC) of which Trinidad and Tobago IFC is now a member. A meeting was also held with the Aldermen of the City of London to lay out the plans for the development of the Trinidad and Tobago IFC.
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