GEORGETOWN, Guyana, Trinidad, CMC – Caribbean financial stakeholders have concluded a two-day forum here discussing efforts to modernise the Caribbean Community’s (CARICOM) financial sector to align the region’s economic architecture with global standards.
Deputy Governor of the Central Bank of Trinidad and Tobago (CBTT), Dr. Dorian Noel, described the discussions as critical to strengthening financial market infrastructure and improving inclusiveness in the regional economic space.
He spoke of the importance of aligning regional efforts with international conventions and standards, and of addressing key concerns around financial integrity, cybersecurity, stability, and consumer protection.
The CBTT official said that independent national initiatives should converge into a single regional strategic framework to save resources and achieve a unified, interoperable digital financial infrastructure.
“The future of payments in the Region is not just about technology; it is about trust, inclusion, and opportunities,” he said.
Presentations and discussions during the two-day meeting here focused on governance models for cross-border payment systems; digital public infrastructure for central banks; a CARICOM public-private pilot for real-time, inclusive cross-border payments and securities settlement; and remote brokerage and digital settlement solutions.
A statement issued Monday by the Guyana-based CARICOM Secretariat noted that the “outcomes of the meeting are expected to enhance the region’s ongoing efforts to modernise its financial architecture and advance a more integrated, digital, and resilient CARICOM financial ecosystem”.
The meeting to advance cross-border payment and settlement innovation in CARICOM was convened by the CARICOM Secretariat’s Economic Policy and Development Programme with support from the 11th European Development Fund (EDF).
The acting CARICOM Assistant Secretary General for Economic Integration, Innovation and Development, Dr. Wendell Samuel, underscored the pivotal context of the meeting, noting that the discussions are essential to supporting economic growth and deepening the CARICOM Single Market and Economy (CSME), which allows for the free movement of goods, skills, labour, and services across the region.
“Modern commerce requires that cross-border payments move with speed and reliability; that strong, predictable settlement arrangements support regional investment; that liquidity can move safely across jurisdictions; and that development partners continue to support experimentation with secure cross-border financial infrastructure.”
He said that the region has already laid meaningful groundwork, with several central banks having launched or piloted digital currencies; payment providers are innovating; and stock exchanges and regulators are open to new cooperative models.
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