On 10 August 2022, the Central Financial institution of Trinidad and Tobago issued a provisional registration to PayWise Restricted as an issuer of digital cash (e-money).
Digital cash may be broadly outlined as an digital deposit of financial worth on a technological gadget (together with cellphones) that may be broadly used to make funds to entities aside from the digital cash issuer.
Digital cash can be utilized for cost transactions with or with out financial institution accounts.
The provisional registration authorizes PayWise to difficulty digital forex in Trinidad and Tobago from 1 September 2022.
Beneath the phrases of the provisional registration, PayWise might be allowed to enroll new prospects in a managed surroundings monitored by the Central Financial institution.
PayWise is an organization established in Trinidad and Tobago in 2013 and has been registered as a cost service supplier since 2019 by the Central Financial institution.
PayWise would be the first firm, aside from banks and non-banking monetary establishments, to be approved to difficulty digital forex domestically.
For extra info, please see the Digital Foreign money Issuer Order (2020), which may be accessed, along with different reference materials, on the Central Financial institution’s web site.