Building A 'Mini London' For Fintech In The Turks And Caicos Islands

• Published date: 16 June 2023
• Subject Matter: Finance and Banking, Technology, Fin Tech, Fund Finance
• Law Firm: Invest Turks And Caicos
• Author: Mr Invest Turks And Caicos

As a major international centre for fintech, London is the main inspiration for the Turks and Caicos as the nation seeks to shape its own sector and develop new financial services products, only with much better weather than the UK capital.

The white sand beaches and year-round sunshine in the Turks and Caicos are quite a contrast with the grey cityscapes of established fintech hubs like London and New York. (Photo by VisitTCI.com)

As a major international centre for fintech, London is the main inspiration for the Turks and Caicos as the nation seeks to shape its own sector and develop new financial products.

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The Turks and Caicos Islands has all the ingredients for a successful fintech sector, and plans are gathering momentum to create a 'Mini London' in the Caribbean.

What provides the Turks and Caicos with an advantage over other regions pursuing the same goal is that the nation is a UK overseas territory, meaning that the laws and regulatory environment that benefit London can also be applied.

The lack of income or corporation tax in the Turks and Caicos offers considerable appeal for fintech businesses seeking to reinvest profits in growth, but what sets Turks and Caicos apart from London is that the Caribbean nation uses the US dollar as its currency and is only a four-hour direct flight from the fintech hub of New York. Additionally, the white sand beaches and year-round sunshine in the Turks and Caicos are quite a contrast with the grey cityscapes of London and New York, offering a radical change of scenery for talent.

Because the fintech sector in Turks and Caicos is still in its infancy, there are first-mover opportunities for businesses to gain a large share of the market. Furthermore, the Turks and Caicos brand is increasing in global recognition due to its successful luxury tourism industry, which is currently the main driver of the nation's economy.

"We have got all of the ingredients to make Turks and Caicos a 'Mini London' in the Caribbean based on fintech," says the Honourable E Jay Saunders, Deputy Premier of the Turks and Caicos Islands, and the minister responsible for investment. "We have got the appetite and we have got the laws. So, we wouldn't be reinventing the wheel.

"It is not like we have to convince the local regulators, or even the UK Government, about the opportunity, as London is currently one of the top two global...