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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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Two Deaths on Monday July 8, Police report on Sudden Death and Unresponsive Male

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#TurksandCaicos, July 19, 2024 – Officers of the Royal Turks and Caicos Islands Police Force are actively investigating separate sudden deaths that occurred in South Caicos and Providenciales.

On Monday, July 8th, 2024, shortly after 10 a.m., the Police Control Room received a call reporting that a male employee had fallen from the fourth floor of a Resort in South Caicos.

Officers and medical personnel were dispatched, and upon arrival at the resort, officers were told that the employee was fixing an air-conditioning unit when he fell off a ladder.  The male was transported to the South Caicos Clinic for treatment but was pronounced dead at 11:47 AM.

The deceased has been identified as a 47-year-old Indian national, whose name is being withheld at this time, pending the next of kin being informed.

The second incident occurred shortly after noon in Providenciales.

Officers of the RT&CIPF responded to a report made at a Resort located along Lower Bight Providenciales. Upon arrival at the scene, officers observed a male lying on his back on the beach, surrounded by a group of people performing chest compressions. The victim had been removed from the water after being discovered floating.

The 52-year-old victim was rushed to the Cheshire Hall Medical Center via ambulance but sadly passed away.

The RT&CIPF extends condolences to the family and friends of the deceased men

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TCI Cabinet agrees to subsidise South Caicos international flights in May 29th meeting

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#TurksandCaicos, July 19, 2024 – Her Excellency the Acting Governor Anya Williams chaired the 16th meeting of the Cabinet on Wednesday May 29th, 2024, at the Office of the Premier on the island of Providenciales.

All members of Cabinet were present with the exception of Governor H.E. Dileeni Daniel-Selvaratnam.

At this meeting Cabinet:

  1. Approved the Statutory Bodies 4th Quarter Special Purpose Financial Report for FY 2023-2024.
  2. Approved the 4th Quarter Financial Report for the Turks and Caicos Islands Government and agreed for the report to be published on the government’s website.
  3. Granted approval under Refurbishment Policy for a duty concession on the importation of construction, materials, furniture, fixtures, and fittings for the Palms Resort.
  4. Granted approval of the request from the Ministry of Public Safety to access the Contingency Fund to support immediately required security arrangements.
  5. Did not support the request for the waiver of Import Customs Duty.
  6. Granted approval for the disposal of 73,000 cubic yards/meters of silt that will be dredged from the seabed during the South Dock Redevelopment Project.
  7. Granted approval for amendments to the Electricity Ordinance and approved Draft Control of Capital Investment Policy which would allow for advance approval of any significant capital expenditures by a public supplier.
  8. Granted approval for the reappointment of the following persons to the Electricity Board for a period of one (1) year commencing May 21, 2024: John Ariza-Chairman, Master Electrical, Richard Harvey-Member, Electrical Contractors, Menelik Astwood-Member TCICC, James Fulford-Member Electrical Contractors, Director of Planning-Dainer Lightbourne-ex-officio, Energy and Utilities Commission-Delano Arthur-ex-officio and Permanent Secretary (MPSU) Mrs. Bridgette Newman ex-officio, and Shanetta Thompson appointed as Secretary for a period of 2 years.
  9. Granted approval for a long-term lease over Parcels 10506/29 South Suburbs, Grand Turk for the development of a cruise stop over resort type facility.
  10. Noted the findings of the Registrar and approved an interim settlement to be paid in respect of Interim Certificate of Taxation re: CL 42/21 Thanbyrase Srikanth et al v Director of Immigration et al-Cost Certificate)
  11. Granted approval of the Draft District Administration Bill 2024 and noted the stakeholder consultation plan that was scheduled to be conducted throughout the islands.
  12. Noted the previous approval for the budget reallocation within the DMMO Experience Turks and Caicos to fund the minimum revenue guarantee (MRG) in respect to international airlift to the island of South Caicos

Further information on these matters will be provided by Ministers in due course.

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Proposed Amendments for Business Licensing in TCI heard at June 4 Cabinet Meeting  

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#TurksandCaicos, July 19, 2024 – Her Excellency the Acting Governor Anya Williams chaired the 17th meeting of the Cabinet on Tuesday June 4th, 2024, at the Office of the Premier on the island of Providenciales.

All members of Cabinet were present with the exception of Governor H.E. Dileeni Daniel-Selvaratnam, Attorney General Hon. Rhondalee Knowles and the Ministers of Home Affairs and Public Safety and Utilities.  Ms. Yaa McCartney attended in the capacity of Acting Attorney General.

At this meeting Cabinet:

  1. Received a presentation from the Ministry of Finance on the proposed amendments to Business Licensing which was being put forward as a result of the consultations that had taken place and agreed next steps.

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