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Finance Leaders on Fintech and what it means for TCI 

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Dana Malcolm 

Staff Writer 

 

#TurksandCaicos, September 15, 2023 – A regulatory structure for FinTech is something that governments and regulators need to be looking at now, before the inevitable boom that is sure to come in the future, this is according to David Oakden, Chairman of the Financial Services Commission (FSC).

“People are scratching the surface and are coming up ill all sorts of applications for financial technology and at some point, we are going to hit a breakthrough and FinTech is gonna take off,” he explained.  “I can see something happening, when this happens we are going to have an industry that is not regulated, that we will have to very rapidly try to come up with some kind of regulation for.”

FinTech encompasses technology that delivers financial services from online banking to money transfers.  Oakden had a rather bleak outlook on its potential impact on the Financial Services Sector.  He described it as ‘companies taking advantage of inefficiencies in the banking system to provide limited services,’ and warned it could constrict the current Financial Services Sector.

“The existing industry is going to suffer a severe reduction in business because of the FinTech competitors,” he warned.

E Jay Saunders, TCI Finance Minister, and Deputy Premier had a different outlook, he says he is intent on harnessing FinTech to make life easier for residents.

“FinTech is an area that we need to promote more, especially as banks are more and more reducing in-person services,” Saunders stressed.  The comment comes as several Turks and Caicos Banks (and banks all over the world) shutter their doors and the ones that remain open have streamlined their processes.

The Turks and Caicos has been a step behind in the financial sector and is now trying to digitize and automate much of its sector.

“Note that FinTech simply means “Financial Technology.” Online banking is an example of FinTech.  So, when I say that we do need to promote FinTech, I’m more talking about the technologies that augment current banking services, thereby making them easier to access and utilize.  In this regard, I have, in my position as Minister of Finance, been pushing the banking association hard to roll out new FinTech services,” Saunders assured.

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Sonia Fulford Re-Elected to FIFA Council Unopposed: A Historic Moment for The Caribbean and World Football

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Turks and Caicos, March 22, 2025 – Today marks a historic milestone in Caribbean and world football as Sonia Fulford has been re-elected unopposed to the FIFA Council for an unprecedented third consecutive term. This remarkable achievement reaffirms her status as a trailblazer, being the first woman to hold these positions on both the FIFA and Concacaf Council for three successive terms.  Fulford was initially elected to the FIFA Council in 2013, ahead of the FIFA’s reform which introduced term limits of no more than three four-year terms, which makes Fulford the second longest-serving sitting member of the FIFA Council.

Fulford’s journey in football began on the field as a player for the Turks & Caicos Islands National Team. Her passion for the sport led her to serve as General Secretary of the Turks & Caicos Islands Football Association (TCIFA) in 2006 before being elected as its President in 2014. Over the years, she has become a formidable force in shaping the development of football in the Turks & Caicos Islands, the Caribbean and beyond.

Under her leadership, Fulford has been a relentless advocate for the growth and inclusivity of the sport, championing development programs and funding, increasing opportunities for women in football, and ensuring that smaller nations have a voice on the global stage. Her re-election is a testament to the trust and confidence placed in her by the footballing fraternity, recognizing her unwavering commitment to the sport’s progress.

Expressing gratitude for this significant moment, Fulford stated:                                                                                                                                                              “I am deeply honored and humbled by the confidence shown in me by my colleagues and the global football community. This journey has never been about personal accolades but about creating opportunities, fostering growth, and ensuring that football continues to unite and inspire. I extend my heartfelt thanks to the members and stakeholders who have supported me throughout the years. My gratitude also goes to my dedicated staff and the entire TCIFA family, present and past, who have made my job easier with their unwavering commitment. To my family, especially my husband Guadrvin Missick, your support has been my pillar of strength, and I share this achievement with you.”

Looking ahead, Fulford reaffirmed her pledge to continue her mission of empowering the people of the region, particularly women, and ensuring that Caribbean football continues to thrive on the world stage.

“This re-election is not just a victory for me but for the entire region. It is proof that our voices matter and that we have a seat at the highest levels of decision-making. I remain steadfast in my commitment to advocating for our region, fostering talent, and ensuring that football serves as a vehicle for positive change.”

Her re-election serves as a proud moment for the Caribbean and the Turks & Caicos Islands, highlighting the region’s growing influence in global football governance. The announcement was made during the 40th Concacaf Ordinary Congress, held on March 15, 2025, in Castries, St. Lucia. As she embarks on another term, the future of football in the region looks brighter than ever under her steadfast leadership.

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Turks and Caicos United Investment Ltd. Launches to Empower Local Investors and Build Generational Wealth  

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Providenciales, Turks and Caicos Islands – A bold new chapter in financial empowerment has begun with the official launch of Turks and Caicos United Investment Ltd. (TCUI) on Tuesday, March 17th, during a special edition of Financially Speaking. This initiative is set to transform how Turks and Caicos Islanders—both at home and abroad—engage in wealth creation and economic growth.

Uniting Investors, Strengthening the Economy

TCUI is more than just an investment platform; it is a movement designed to unite and empower Turks and Caicos residents to take control of their financial future. By pooling resources, TCUI members will have access to strategic investment opportunities that foster economic sustainability, financial independence, and generational wealth.

“Our goal is to ensure that Turks and Caicos Islanders are at the forefront of economic development,” said Drexwell Seymour, Chairperson of TCUI. “Through collaboration and smart investing, we are creating a pathway for residents to build long-term financial security and preserve a legacy for future generations.”

A Vision for Prosperity

The idea for TCUI emerged after the Government’s announcement of a $1,000 cost-of-living relief stimulus. Instead of viewing the stimulus as a short-term fix, a group of more than 20 forward-thinking individuals came together to establish an organization that would provide lasting financial benefits. Their collective vision is to create an investment vehicle that allows Turks and Caicos Islanders to actively shape the nation’s financial landscape.

With an emphasis on community-driven investing, TCUI is positioning itself as a catalyst for economic transformation. The company aims to support ventures that not only yield strong financial returns but also contribute to the overall development and sustainability of the Turks and Caicos economy.

Meet the Leaders Behind TCUI

TCUI is backed by a strong leadership team committed to guiding the organization toward success:

  • Drexwell Seymour – Chairperson
  • Jena Janse – Deputy Chairperson
  • Kendi Jones – Secretary
  • Tekarrah Gardiner – Treasurer
  • Ranekia Lightbourne Daley – Member & Liaison Relationship Director

How to Get Involved

TCUI is inviting residents of Turks and Caicos Islands and TCI citizens abroad to become part of this groundbreaking initiative. Whether you’re an experienced investor or new to the world of finance, TCUI offers a structured, community-driven approach to wealth-building that ensures every investor has a stake in the nation’s future.

To learn more about TCUI and how you can participate, visit www.tcunitedinvestment.com.

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Turks and Caicos Islands Nominated for 9 World Travel Awards  

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Providenciales, Turks and Caicos Islands: The Turks and Caicos Islands is once again nominated for several categories in the World Tourism Awards.

For 2025, the Turks and Caicos Islands is nominated in the following categories:

  • Caribbean’s Leading Beach Destination 2025
  • Caribbean’s Leading Cruise Destination 2025
  • Caribbean’s Leading Destination 2025
  • Caribbean’s Leading Dive Destination 2025
  • Caribbean’s Leading Family Travel Destination 2025
  • Caribbean’s Leading Honeymoon Destination 2025
  • Caribbean’s Leading Luxury Island Destination 2025
  • Caribbean’s Leading Tourist Board 2025
  • Caribbean’s Most Romantic Destination 2025

The Turks and Caicos Islands won the Caribbean’s Leading Beach Destination and the Caribbean’s Most Romantic Destination in the 2024 World Travel Awards. The Turks and Caicos Islands won these awards in 2023 and has won the Caribbean’s Leading Beach Destination category every year since 2015 and the Caribbean’s Most Romantic Destination for six consecutive years.

“The Turks and Caicos Islands continue to set the standard for luxury and adventure in the Caribbean, and these nominations reaffirm our position as a premier destination. While our pristine beaches have long been recognised, we are actively working to elevate other key sectors such as diving, family travel, and honeymoons—areas that bring direct economic benefits to our people. Securing wins in these categories will strengthen our global brand, drive visitor interest, and create more opportunities for our local businesses. I encourage everyone who is eligible to cast their vote and help us showcase the very best of the Turks and Caicos Islands to the world,” said Minister of Tourism, the Hon. Zhavargo Jolly.

Votes can be cast by travel professionals, media and tourism consumers.

Voting is now open and ends on June 22nd.

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