Regulators and Virtual Asset Service Providers are working to bridge the digital divide while ensuring that innovation does not come at the expense of financial security.
The Central Bank on Thursday hosted its Research Review Seminar 2026, bringing together regulators and Virtual Asset Service Providers to discuss the future of digital finance locally.
Governor Larry Howai welcomed the discussion, which focused on how regulators intend to bridge the digital divide.
“Our region has consistently demonstrated its capacity to adapt to technological change. The challenge before us is to create an environment that encourages innovation while preserving the trust, security and stability upon which our financial systems depend.”
Director of Legal Services at the Financial Intelligence Unit, Kylene Dowden, highlighted the benefits of the T&T Securities and Exchange Commission’s regulatory sandbox.
“We are able now to actually see the practical implementation of these rules because right now we do not have AML rules, including aspects of the travel rules that cover the VASP sector, within the sandbox, and we can observe how well those rules and those obligations are working in a real-life scenario.”
However, CEO of the T&T Securities and Exchange Commission, Kester Guy, said more work is needed to ensure innovators understand and comply with international standards.
“Innovators are doing innovation; their first reference point is not what FATF rule says, and therefore there has to be that bridge that allows for ensuring that they are doing what they are supposed to do in an appropriate way or in a way that is important to jurisdiction.”
Senior Financial Sector Specialist Ivo Jenik and President of the Fin Tech Association of T&T, Alexander Gafoor, shared what they anticipate from the seminar.
Mr Jenik: “If at the end of this journey there is a significant reduction of remittance cost on the main corridors between Caribbean, Trinidad and Tobago and the other countries, and that proves that innovation can help to be an alternative or fill the gap that has been left by correspondent banking, I think that will be a great success.
Mr Gafoor: “The ongoing presence of a sandbox signals confidence in the growth of the private sector inside of this financial services sector, so it will be great to see that continue.”
The local fintech body is also hopeful that it will result in a modern legal framework for virtual assets in T&T.