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Mastercard, Trinidad & Tobago Fast Track Its Digital Transformation

PORT OF SPAIN — Mastercard and Trinidad & Tobago International Financial Center (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.

“The Caribbean is experiencing exponential growth in digitalization, and Trinidad & Tobago is leading the way. We are supporting this dramatic transformation and efforts to enable financial inclusion, especially after the global challenges we are facing due to the COVID-19 pandemic,” according to Dalton Fowles, Mastercard Country Manager for Jamaica and Trinidad & Tobago.

“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 one billion people and 50 million micro and small businesses into the digital economy by 2025.

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The Author

John McCarthy

John McCarthy

John McCarthy is primarily known for his investigative reporting on the U.S. Virgin Islands. A series of reports beginning in the 1990's revealed that there was everything from coliform bacteria to Cryptosporidium in locally-bottled St. Croix drinking water, according to a then-unpublished University of the Virgin Islands sampling. Another report, following Hurricane Hugo in 1989, cited a Federal Emergency Management Agency (FEMA) confidential overview that said that over 40 percent of the U.S. Virgin Islands public lives below the poverty line. The Virgin Islands Free Press is the only Caribbean news source to regularly incorporate the findings of U.S. Freedom of Information Act requests. John's articles have appeared in the BVI Beacon, St. Croix Avis, San Juan Star and Virgin Islands Daily News. He is the former news director of WSVI-TV Channel 8 on St. Croix.

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