The Central Bank of Trinidad and Tobago is planning a shift to a fully digital payments system by 2035, with fintechs, instant payments, and emerging technologies at the centre, governor Larry Howai has said.
Howai made the statement as the Central Bank hosted its 100th meeting of the Payments System Council (PSC).
"Looking ahead to the future, we envision our payments system with new players such as fintechs and non-bank payment service providers offering innovative payment options; new systems like fast payments and digital-first solutions; and enhanced technologies including APIs, QR codes, payment gateways, artificial intelligence, distributed ledger technology and quantum computing," Howai said.
Howai also outlined a strategic roadmap with key milestones from 2026 to 2030, including the advancement of the Payment Systems and Services (PSS) Bill, operationalisation of UPI (Unified Payments Interface)-based instant payments, full rollout of the Caricom Payment and Settlement System (CAPSS) and the introduction of regulated stable coin issuance and pilot programmes for asset tokenisation.
He noted that central to these milestones will be the ongoing promotion of financial inclusion and literacy.
Trinidad and Tobago is scheduled to join three other jurisdictions in a pilot of CAPSS as regional governors move the project beyond its proof-of-concept stage. CAPSS is a digital financial infrastructure that facilitates real-time, cross-border payments in domestic currencies, eliminating the need for US dollars or other third-party currencies in trade transactions. It is modelled on the Pan-African Payment and Settlement System (PAPSS).
The announcement about the CAPSS pilot was made after the 65th biannual meeting of the Caricom central bank governors on November 13-14 at the Renaissance Hotel in Curacao.
"The governors agreed to move beyond the proof-of-concept of the Caricom Payment and Settlement System (CAPSS) by starting a pilot involving The Bahamas, Barbados, Trinidad and Tobago, and the ECCU as participating jurisdictions. CAPSS is being designed to deliver instant local currency payments across participating Caricom countries," it stated.
Since its inception, the PSC has played a pivotal role in shaping T&T's financial architecture.
"The Council's 100 meetings have witnessed and contributed to the rapid evolution of the national payments landscape, including the launch of critical infrastructure systems such as the Real Time Gross Settlement System (RTGS) in 2004, the Automated Clearing House (ACH) in 2006, and the Government Securities Settlement (GSS) system," a release from the Central Bank stated.
"Over the years, the Council advanced payment system policy, strengthened legislative frameworks, established fintech policies, and developed e-money regulations, all foundational to safeguarding financial stability, operational reliability, and systemic resilience," it stated.
Among the Central Bank's priorities, Howai highlighted the need to strengthen cybersecurity across all payment infrastructures, provide clear regulations that balance innovation with consumer protection, and invest in digital literacy to empower businesses and citizens.
Minister of Public Administration and Artificial Intelligence Dominic Smith reaffirmed the Government's commitment to digital innovation and citizen-centred services. He said the Government's vision is centred on placing citizens at the centre of digital transformation; modernising government systems and processes; and shaping technological pathways that drive generational prosperity and intergenerational equity.
"Why we are here today is to serve," Smith said.
"The payments system is a cornerstone of how Government delivers value to its citizens, and it is through seamless, secure, and accessible payment solutions that we can build trust and deliver real transformation," he said.
Smith outlined several key Government initiatives supporting the Council's mission, including the development of a National Interoperability Framework to ensure systems and agencies operate collaboratively rather than in silos; the launch of T&T's first National Intelligence Assistant; and the development of a unified citizen services portal to bring all public and legal services into one accessible space.
Additionally, the Government, in collaboration with the International Telecommunications Union (ITU), has become one of only five countries globally to participate in a landmark AI Governance Assessment, positioning T&T as a forward-thinking nation in the responsible adoption of AI, it stated.
Reforming the National
Payment System
A key focus of the meeting was the presentation by Jeanette Joseph, the assistant manager of Payments and Financial Markets Infrastructure at the Central Bank, on the proposed legislative reform of the National Payment System.
The Payments Systems and Services (PSS) Bill and accompanying regulations will unify and consolidate the nation's fragmented legal framework under a single comprehensive law.
"This legislation is critically important to the development and growth of the payments industry, particularly in light of the rapidly evolving payment landscape that is changing drastically, precipitated by new fintech solutions and digital payment options," Joseph noted.
"Though mostly technology-agnostic, the legislation encourages innovation, and is modern, flexible, and future-driven."
The PSS Bill and Regulations will grant the Central Bank the requisite supervisory powers to promote the safety, soundness, and efficiency of the national payments system while contributing to financial stability.
The occasion provided an opportunity to recognise and present awards to members of the Council and stakeholder organisations for their active engagement and participation since the Council's inception, acknowledging their essential contributions to the evolution and success of Trinidad and Tobago's payments system.