Banking
From The Report: Trinidad & Tobago 2020
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In the face of economic sluggishness in 2019, Trinidad and Tobago’s banking sector showed continued consolidation and resilience. As the sector plays an increasingly critical role in the country’s diversification progress, executives are focused on supporting small and medium-sized enterprises. In the near term, domestic banks are seeking to hone their competitive edge and enhance their capacity for dealing with digitalisation as personal finance needs evolve. Overall, releasing the potential of non-energy sectors via structural reforms will pave the way to develop an economy equipped with greater financial clout. Increasing the ease of doing business, reducing administrative and unproductive barriers to investment, and assuming better flexibility in response to rising global competition would also aid the country in fostering durable growth over the longer term. This chapter contains interviews with Nigel Baptiste, CEO, Republic Financial Holdings; and Ronald Carter, CEO and Chief Country Officer, JMMB Bank TT.

Articles from this Chapter

Overview

On the up: Despite headwinds, key financial indicators remain sound
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In the face of economic sluggishness in 2019, Trinidad and Tobago’s banking sector showed continued consolidation and resilience. As the sector plays an increasingly critical role in the country’s diversification progress, executives are focused on supporting small and medium-sized enterprises (SMEs). In the near term, domestic banks are seeking to hone their competitive edge and enhance their capacity for dealing with digitalisation as personal finance needs evolve. Public Spending The year…

Interview

Focus on growth: Nigel Baptiste, CEO, Republic Financial Holdings, on financial technology, digitalisation and cashless transactions
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Interview:Nigel Baptiste In what ways have new financial banking instruments impacted growth in 2019? NIGEL BAPTISTE: For most sector players, the impact of new financial instruments is only becoming evident now. Moreover, 2019 has been a year of consolidation, as clients grow more comfortable with different technologies. However, there have not yet been any serious shifts in terms of how banking is done. This has been a transition year for financial systems globally. It will be interesting…

Analysis

Digital disruptors: Financial technology looks to upend the banking sector as major players roll out digital and cashless solutions
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The financial services industry in Trinidad and Tobago is one of the most developed in the Caribbean; however, the country still falls behind other emerging markets in its approach to online banking and digital payments. In 2020 customers continue to contact their banks by telephone to perform routine services, such as balance inquiries. As such, there is vast scope for digital reform and an opportunity for financial technology (fintech) companies to level the playing field by encouraging the development…

Interview

Focal point: Ronald Carter, CEO and Chief Country Officer, JMMB Bank, on the sector’s contribution to economic diversification
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Interview:Ronald Carter In what way has growth in financial services contributed to diversification strategies? RONALD CARTER: The Central Statistical Office reports that the financial services and insurance sectors contributed 7% to GDP in 2018, up from 5.6% in 2014. Given that GDP has fallen by 12% over that period, these sectors have a growing economic importance. Trinidad and Tobago continues to maintain a strong banking system alongside good governance and many well-capitalised financial…

Overview

A swing in the balance: Following a retrenchment of overseas operations by numerous major banks, how are firms in emerging markets responding?
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The three decades before the 2007-08 global financial crisis were marked by the world’s financial networks becoming increasingly interconnected. Financial system regulatory convergence, the growing penetration of World Trade Organisation rules and the creation of currency unions, such as the euro, resulted in a surge in cross-border capital flows. Global banks began to see the emergence of a single global marketplace, and the potential this held for revenue and asset growth. In 1998 co-chairman of the freshly formed Citigroup, Sandford Weill, announced the dawn of a new age of banking in which large institutions would act as financial supermarkets…

Overview

A swing in the balance: Following a retrenchment of overseas operations by numerous major banks, how are firms in emerging markets responding?
OBG
plus

The three decades before the 2007-08 global financial crisis were marked by the world’s financial networks becoming increasingly interconnected. Financial system regulatory convergence, the growing penetration of World Trade Organisation rules and the creation of currency unions, such as the euro, resulted in a surge in cross-border capital flows. Global banks began to see the emergence of a single global marketplace, and the potential this held for revenue and asset growth. In 1998 co-chairman of the freshly formed Citigroup, Sandford Weill, announced the dawn of a new age of banking in which large institutions would act as financial supermarkets…