The Central Bank of Trinidad and Tobago (CBTT) has issued a provisional registration to PayWise Limited as an electronic money (e-money) issuer.

The provisional registration authorises PayWise to issue e-money in Trinidad and Tobago from September 1, 2022, becoming the first entity, apart from banks and non-bank financial institutions, so authorised.

PayWise will also be allowed to enlist new customers in a controlled environment monitored by the Central Bank. PayWise is registered as a payment service provider since 2019 by CBTT.

Traditionally, only licensed-financial institutions under the Financial Institutions Act could issue e-money. However, given the emergence of fintech in the financial landscape, the Government of Trinidad and Tobago has approved an E-Money Issuer Order, effective August 4, 2020, that allows entities other than licensees to issue e-money.

E-money can be broadly defined as an electronic store of monetary value on a technological device that may be used for making payments to entities other than the e-money issuer. E-money can be used for payment transactions with or without bank accounts.

PayWise was founded by Ian Alleyne, who lectures on business and entrepreneurship at the University of Trinidad and Tobago (UTT). Before joining the university, he worked in the banking and financial sector at two leading financial institutions, according to a short bio of him on the UTT website.

Asked about the impact of his company receiving the first e-money registration from the Central Bank, Alleyne responded, “This is a watershed moment for the country, for payment systems specifically and for the development of the local technology sector in general. I see it as the ability to provide the country with much-needed technological payment services. I am also appreciative of the Central Bank and the role they have played in bringing the process to this point.”