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The global evolution of payments is changing the payments landscape of Trinidad and Tobago. The Central Bank of Trinidad and Tobago has seen new players offering new payment services and products. These new products and services, supported by fintech solutions, create new risks to the domestic payment systems that require management and control. The Bank has therefore embarked on a strategy to modernize Trinidad and Tobago's National Payment System by 1) developing comprehensive payment systems legislation, 2) enhancing its engagement with fintechs, and 3) examining cross-border payment activity consistent with the Financial Stability Board's (FSB) Recommendations...

The Central Bank of Trinidad and Tobago reportedly hopes to make a decision on a possible CBDC pilot by mid-year. The central bank's focus is on improving the payments system by promoting more widespread, safe and efficient electronic financial transactions. It is receiving IMF technical assistance, including on technical aspects and country experiences.