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T&T poised to be financial centre of region
T&T is well positioned to be the international financial centre of the region, Varun Maharaj, chairman of the T&T International Financial Centre (IFC), said yesterday. “Unlike many of the competing destinations, T&T, with a Standard and Poor's rating of A, is a vibrant and stable economy with world class infrastructure and the availability of trained, English speaking financial services and accounting personnel,” he said.
“We are located within the same time zone as several financial centres such as New York and Toronto. We boast of well developed telecoms infrastructure. These factors make T&T ideal for back and middle offices to support financial service.” Maharaj , who was speaking at the launch of a Banking Process Outsourcing (BPO) Pilot Training Programme at the School of Accounting and Management, St Augustine, said opportunities for the financial sector continue to grow.
“T&T is the only country in the Western Hemisphere with a niched, sector specific value proposition. This is given the skill sets of our human capital and as well as the population size,” he said. Maharaj said the IFC's role is focused on the facilitation of foreign investment in the banking, financial services and insurance sector.
“It is our role to develop sector specific incentives and engage the Government support to transform T&T into ready-financial services hub. The T&T IFC is committed to developing T&T as a near offshore financial services destination through its end-to-end investment facilitation and support services,” he said.