Unlike other Caribbean countries that have been aggressive in developing their fintech space, Trinidad and Tobago adopted a more measured posture in which it emphasised strengthening key enablers that could eventually facilitate accelerated development. However, in recent weeks, it appeared the country took a giant step backwards by proposing a blanket ban on all virtual asset service provider activities, though successful businesses had already been established. With Alexander Gafoor, the President of the FinTech Association of Trinidad and Tobago (FinTechTT), we discuss, among other things, the proposed ban and the challenges that are likely to eventuate; the feedback and recommendations made to the Government by FinTechTT; the broader state of innovation in Trinidad and Tobago; and what the country needs to do to become the fintech powerhouse it was always meant to be.

 

This episode is also available on SoundCloud, Apple Podcasts, Spotify and Amazon Music.

As modern and progressive as Caribbean countries are, a marked deficiency tends to be evident in the banking and financial services space, which remains underdeveloped in terms of the types of services that are available and the extent to which existing services are accessible to citizens. To varying degrees, countries across the region have been trying to change the narrative. Some, such as The Bahamas, Barbados and Jamaica, have been embracing financial technology (fintech) and virtual assets and have been developing the associated frameworks, whilst others have not been as proactive.

Trinidad and Tobago, however, has been an anomaly. Although it historically was considered a commercial and financial services powerhouse in the region, it has been slow to develop in its fintech framework—though startups and businesses could operate there.

It was thus a surprise when, in mid-September 2025, the Government of Trinidad and Tobago tabled in Parliament the Virtual Assets and Virtual Asset Service Providers Bill, 2025, with the intent of banning all virtual asset service provider activities until December 31, 2027. The response in the local press was swift and damning. Many of the arguments appear to be along the lines of “throwing the baby out with the bathwater”, stifling innovation, along with increasing brain drain and the hardship citizens will experience accessing foreign exchange.

 To try to make sense of this latest development in Trinidad and Tobago, we needed to talk with someone on the ground, and who better than someone from the FinTech Association of Trinidad and Tobago, which has been actively engaging the Government on the issue.

 

Introducing our guest

Alexander Gafoor

Alexander Gafoor, BA, LLB, LEC, is an attorney-at-law and the President of the FinTech Association of Trinidad and Tobago (FinTechTT). He is also the Chief Legal Officer of Coinsher, a cryptocurrency exchange primarily serving the African and Asian markets, and the Founder of Ventureble, which is a private deal room. He is a seasoned multi-disciplined consultant with over a decade of experience in legal and business consulting and has a proven track record of success in providing strategic, practical, and commercial advice to clients across a wide range of industries.

Alexander also has a strong background in advising clients on legal matters in areas, including regulatory compliance, KYC protocols, blockchain law, contract law, corporate law, advertising law and intellectual property law. Further, he uses a combination of his keen business sense and expertise in providing business and strategic consulting services, including market analysis, market entry strategies, and business planning.

In addition to his consulting work, Alexander is also a highly skilled communicator and trainer, with a talent for making complex legal and business concepts easy to understand. He is a speaker at industry events and has experience delivering lectures and workshops on a wide range of topics, specialising in Blockchain Technology and, in particular, the fractionalisation of assets and the transformative nature of non-fungible tokens (NFTs).

 

Insights into our conversation

Without a doubt, the proposed blanket ban seemed like a draconian measure, especially since virtual assets businesses have been established and operating in Trinidad and Tobago and have been providing an avenue through which ordinary citizens could trade in foreign exchange. Relative to the rest of the Caribbean region, Trinidad and Tobago’s foreign exchange controls have become the stuff of legend. These days, and subject to certain conditions, citizens can purchase up to USD 200 per month, which can make it almost next to impossible to do business outside of the country.

However, the uproar over the proposed ban appears to have given the Government cause for pause, but as Alexander indicates, it remains to be seen the extent to which it will adjust its initial posture and pursue a more moderate path. Nevertheless, whilst we remain hopeful, there is a larger concern about the extent to which Trinidad and Tobago, as a country, can truly foster innovation if its digital payments space is still so challenged.

Below are a few of the questions that guided our conversation with Alexander.

  1. Before we jump into the virtual assets bill issues, please give us a sense of what has been happening in Trinidad and Tobago’s fintech sector since we spoke in 2023.
  2. In a conversation I had with Maria Daniel, the then President of FinTechTT, we discussed the Fintech roadmap for Trinidad and Tobago, and at that time, there was a focus on facilitating the digital transformation of the country and the realisation of a cashless society (by having, among other things, a centralised KYC AML solution and digital ID system). What has been happening on that front?
  3. As someone not based in Trinidad and Tobago, the virtual assets bill seems a bit out of left field. Can you give some background and context for what is going on?
  4. Within the parliamentary process in Trinidad and Tobago, is there scope for the public to comment on draft policies, instruments, etc.?
  5. What are some goals you are hoping to achieve during your tenure as President of FinTechTT?

 

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Select links

Below are links to some of the organisations and resources that were mentioned during the episode, or might otherwise be useful:

 

 

Images credit:  A Gafoor; WorldSpectrum (Pixabay); rawpixel.com (Freepik); cryptostock (Pixabay)

Music credit: The Last Word (Oui Ma Chérie), by Andy Narrell

Podcast editing support: Mayra Bonilla Lopez