Trinidad and Tobago: Central Bank Consults on Draft Policy on E-Money Issuance

In November 2018, the Central Bank of Trinidad and Tobago launched a public consultation seeking feedback on its draft e-money policy and the accompanying ministerial order for the category of persons that may be qualified to issue e-money, under the power conferred upon it under Section 17(4) of the Financial Institutions Act 2008 (FIA) and Section 36(cc) of the Central Bank Act (CBA).

Under the existing framework, namely the FIA, only financial institutions licensed to conduct "business of banking" or "business of a financial nature" (licensees) are allowed to engage in the issuance of e-money. Therefore, non-bank entities wishing to carry out similar activities are obliged to partner up with another licensee.

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