PRESS RELEASE
Mastercard and Trinidad & Tobago International Financial Centre Fast Track Digital Transformation in the Caribbean Nation
NOVEMBER 18, 2021 | PORT OF SPAIN
From left: Chandradath Maharaj, Vice President, Financial Markets Development and John Outridge, Chief Executive Officer, TTIFC
Trinidad & Tobago has partnered with Mastercard to implement solutions that drive financial inclusion, support small businesses, and enhance digital transformation readiness in the country
Port of Spain, November 18, 2021 - Today, Mastercard and Trinidad & Tobago International Financial Centre (TTIFC) announced their partnership to develop and implement strategic solutions that advance digital and financial inclusion by supporting fintech companies on the island. This agreement between Mastercard and TTIFC will accelerate digitalization.
Through this partnership, Mastercard will leverage its global technology platforms, insights, and experience from working with governments and fintech companies around the world to support Trinidad & Tobago in achieving its digital transformation objectives. The key areas of focus in the agreement include:
- Mastercard and TTIFC will optimize relationships with fintech companies, best practices in payments and services to drive its digital agenda, which directly supports efforts toward financial inclusion, and creating secure and accessible digitized payment solutions for small and medium-sized businesses.
- The organizations will drive assessments of the ways in which the government can leverage technology to improve the disbursement of social benefits, payroll management and other public sector payments. As seen in other countries around the world, digitization of such payments paves the way for benefits such as increased efficiencies, ease of access and security for citizens.
From Left: John Outridge, Chief Executive Officer, TTIFC
"As the TTIFC seeks to modernize the way citizens interact with the Government in terms of payments, it is imperative to have experienced partners such as Mastercard who have the expertise and insights in enabling ‘cashless societies’," explained John Outridge, Chief Executive Officer of TTIFC.
Mastercard and TTIFC have cemented their relationship through a Memorandum of Understanding (MoU), signed by John Outridge, Chief Executive Officer of TTIFC, and Dalton Fowles, Mastercard Country Manager for Jamaica and Trinidad & Tobago.
The MoU underlines Mastercard’s ongoing efforts to advance digital and financial inclusion through human capital development and small business engagement, supporting its global commitment to bring 1 billion people and 50 million micro and small businesses into the digital economy by 2025.
About the Trinidad & Tobago International Financial Centre (TTFIC), www.ttifc.co.tt
The TTIFC (Trinidad & Tobago international Financial Centre) is the state agency charged with developing the Financial Services Sector. It is the lead agency under the Ministry of Finance for Government’s digitalization initiatives in the Financial Services Sector and acts as a resourceful ally for all stakeholders as the country pursues its goal of becoming a Cashless Society and a FinTech-enabled Financial Services Hub by 2023. Our mission is the continuous expansion of the Financial Services Sector through the integration and application of Financial Technology, thereby improving service delivery for the citizens, the ease of doing business, and increasing financial inclusion.
About Mastercard
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions safe, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
