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Creating a new industry, welcoming investors – Trinidad and Tobago IFC signs MOU with Quatrro and CE Payments

  • The Trinidad and Tobago International Financial Centre (Trinidad and Tobago IFC) has achieved yet another milestone in its mission to create a locally-based financial institution support services (FINeSS) industry. The agency has formalised “first interest” in Trinidad and Tobago by two international financial service firms through the signing of two Memoranda of Understanding (MOUs) on December 13, 2013 at the International Waterfront Centre in Port of Spain.

    These MOUs will facilitate the launch of a pilot project for "card processing" to clients in the Caribbean and Latin American markets.

    Speaking at the signing, Trinidad and Tobago IFC Chairman Franco Siu Chong, said, “these MOUs are proof that our value proposition has merit for the international financial services business process outsourcing (BPO) community and that we are on the right track. “The aim is for the pilot project to eventually expand into a near shore card processing centre.

    “This is not an end to itself, “explained Mr Varun Maharaj, Chief Executive Officer of the Trinidad and Tobago IFC. "I wish to signal our vigorous and unstinting support toward the success and growth of these projects and the financial services sector.”

    Mr Maharaj added that the initiative could eventually lead to the creation of many high-level employment opportunities for tertiary-level graduates in the areas of finance and accounting, actuarial science and even engineering.

    The MOUs were signed with Quatrro Global Services Ltd., an India-based, global services BPO provider with 130+ Enterprise Clients, 15000+ SMBs and 1,000,0000+ retail customers and offices in the US, UK and Canada, and Caribbean Electronic Payments (CEP), a provider of payment processing services to the Caribbean and Latin America. CEP is Quatrro’s partner in the region.

    In welcoming the two companies, Senator the Honorable Vasant Bharath, Minister of Trade, Industry and Investment reaffirmed the full support of the Government of Trinidad and Tobago and stated “we are committed to diversification and we will do whatever is required to ensure that it is easy to do business in Trinidad and Tobago.”

    Representatives from both companies highlighted Trinidad and Tobago’s strengths as a BPO industry hub.

    Mr Rajesh Dhuddu, Vice President of Market Development for Quatrro, said, “The support that we received from the Trinidad and Tobago IFC and the Government is commendable. I sincerely believe that we are at the forefront of doing something significant in this region."