The FinTech Association of Trinidad and Tobago (FinTech TT), has inducted Visa as its first international member, selecting Jorge Salum, Visa Senior Business Development Leader Caribbean Countries, to lead its Infrastructure and Development Working Group.
A pillar of the “FinTech Roadmap for Trinidad and Tobago,” which is a strategic plan for the country to become a fintech-enabled financial services hub, the Association brings together startups, businesses and citizens to improve the delivery of financial services in Trinidad and Tobago and the wider Caribbean.
Maria Daniel President of FinTechTT welcomed VISA given FinTechTT’s commitment to mobilising, navigating and engaging stakeholders to build a globally competitive domestic ecosystem.
“VISA’s interest in taking on this leadership role, will assist greatly in facilitating an interconnected, cashless society. Our aim is to encourage the adoption of the new technologies through public education and awareness.” Daniel said.
“Thus, we look forward to VISA’s insights and expertise as it will aid in developing flourishing FinTech companies, which will be embraced by the Government of the Republic of Trinidad and Tobago, and the business/financial services sector, along with demand by the public.”
Whether it is changing the way people invest, manage money, receive loans, or send real-time payments to friends and family — fintechs are transforming the global payments ecosystem at a rapid pace. “In today’s payments ecosystem, innovation can come from anywhere– from a large multi-national bank to a fresh startup with a brilliant idea,” says Salum.
“But great ideas are not enough – companies, whatever their size, must find ways to scale and gain acceptance in the marketplace. Visa and fintechs have recognized that we can innovate faster by working together. As lead of the FinTech TT’s Development Working Group, I will endeavor to provide scalability, reliability, interoperability and security insights from Visa’s experience as a global payment network.”
Across the globe, Visa collaborates with enterprising fintechs to help them reach their growth and payment ambitions, with the backing of Visa’s speed, security, scale and value-added services. Opening the Visa network and sharing APIs with fintechs, allows them to leverage Visa innovation as they develop new products and services.
Visa has led partnerships with multiple fintech companies in Latin America and the Caribbean, such as mobile payments pioneers Yellow Pepper, the first fintech in the region to introduce a simple solution for money exchange between consumers in real-time, for example. In addition, Visa is currently working with fintech and startups, such as Fygaro, Drop and Weeve in Trinidad & Tobago, to enable digital commerce in Trinidad & Tobago and throughout the Caribbean.
“With our fintech partners in Trinidad and Tobago and throughout the region, Visa is preparing for a very different financial sector future by innovating in constant collaboration with all types of players in the digital payment ecosystem, whether they are lenders, device manufacturers, technology companies, application developers or mobile network providers, with the objective of achieving digital and financial inclusion and ensuring that great ideas mature into new opportunities and secure, convenient, stress-free payment experiences for users and business alike,” adds Salum.
