The T&T International Financial Centre (TTIFC) is developing standards and international best practice to become internationally competitive, CEO Varun Maharaj said yesterday.
"What we are seeking to do is to raise an authority which will be focused on business development and also create a financial services authority to regulate the institutions that choose to register within the authority and carry out business according to the laws and rules under the authority," he said in his presentation on the second day of the Caribbean Investment and Finance Forum hosted by Latin Finance and the TTIFC at the Hyatt Regency Hotel, Port-of-Spain.
Maharaj added that the TTIFC is training local financial professionals to bring them up to international standards. To that end, strategic alliances have been established with the New York Institute of Finance, as well as an institution in the UK "to keep our professionals on the cutting edge.""We are also hoping to partner with the Global Risk Institute to bring up the skills of our professionals," he said.
Maharaj said T&T has been recognised as the international financial centre of the Caribbean for the last 15 years."US $12 billion worth of debt has been issued in the market for governments of the region and corporations. It speaks out the importance of T&T in the region," he said.Janet Ecker, president and CEO of Toronto Financial Services Sector (TFSA), said public and private partnerships are important in building IFCs anywhere in the world.
"We in Toronto now have the second largest IFC in North America and have the highest concentration of financial services jobs in the economy. One of the important things is a public and private partnership between the government and companies within the financial industry.