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Tuesday, March 18, 2025

Bacchus: State cannot transform T&T by itself

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1266 days ago
20210928
Senator Hassel Bacchus  Minister in the Ministry of Public Administration and Digital Transformation

Senator Hassel Bacchus Minister in the Ministry of Public Administration and Digital Transformation

Office of the Prime Minister

The State can­not trans­form T&T by it­self, Dig­i­tal Trans­for­ma­tion Min­is­ter Has­sell Bac­chus has said.

Bac­chus made the state­ment while speak­ing at a vir­tu­al event host­ed by RBC Roy­al Bank T&T.

He said his min­istry is not “a panacea to get us where we want to go” but rep­re­sents a spe­cif­ic fo­cus of the Gov­ern­ment and its in­tent to “get us where we want to be.”

Ac­cord­ing to the Bac­chus peo­ple, not the tech­nol­o­gy, are at the core of dig­i­tal trans­for­ma­tion as he stressed the im­por­tance of part­ner­ing in the dig­i­tal trans­for­ma­tion jour­ney.

He al­so com­mend­ed RBC Roy­al Bank for its part­ner­ship with the Ox­ford Busi­ness Group, which pro­duced a trans­for­ma­tion re­port that ex­plores digi­ti­sa­tion and a re­duced re­liance on cash in dri­ving post-pan­dem­ic growth in T&T.

Ti­tled “The Way For­ward: Cash Trans­for­ma­tion and the Dig­i­tal Econ­o­my,” the re­port pro­vides in-depth analy­sis of the in­no­va­tions un­der way across the coun­try’s fi­nan­cial ser­vices sec­tor, fo­cus­ing on key da­ta and in­fo­graph­ics re­lat­ing to the coun­try’s so­cio-eco­nom­ic land­scape.

It al­so ac­knowl­edges the im­pact the pan­dem­ic has had on the in­dus­try and iden­ti­fies the “new nor­mal” bank­ing trends that have since been trig­gered.

Speak­ing at the launch, Dar­ryl White, CEO, RBC Fi­nan­cial (Caribbean) Ltd, and re­gion­al vice-pres­i­dent, cor­po­rate and in­vest­ment bank­ing said RBC start­ed to of­fer its dig­i­tal so­lu­tions pri­or to the pan­dem­ic.

These in­clud­ed on­line bank­ing ser­vices and a dig­i­tal client ad­vice cen­tre, adding that tech­nol­o­gy has al­lowed flex­i­bil­i­ty in the bank’s op­er­a­tions, the abil­i­ty to bet­ter an­tic­i­pate client needs as well as cre­ate new op­por­tu­ni­ties for clients to ac­cess dig­i­tal fi­nan­cial ser­vices.

“This re­port is an im­por­tant re­flec­tion of where we are head­ing as a coun­try. The glob­al pan­dem­ic put the need for digi­ti­sa­tion at the fore­front of many eco­nom­ic sec­tors, in­clud­ing bank­ing.

“By ex­plor­ing new ways of do­ing busi­ness with a fo­cus on dig­i­tal in­vest­ments, we can help en­sure that our busi­ness­es and econ­o­my re­main po­si­tioned to com­pete in an in­creas­ing­ly con­nect­ed world and trans­for­ma­tive mar­ket­place, no mat­ter the chal­lenges pre­sent­ed to us,” White said.

He added that this can yield tremen­dous ben­e­fits like fi­nan­cial de­vel­op­ment and eco­nom­ic ad­vance­ment for busi­ness­es, con­sumers, and for the coun­try as a whole.


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