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  • 2 years ago
Not deterred by recent data breaches in the State and private sectors the government intends to press on with switching to a cashless society.

This, from the Finance Minister on Friday.

Minister Colm Imbert says, he did not plan on being a psychic when he announced a Cyber-Security Investment Tax Allowance, in the Budget.

But look how things turned out.

Political Editor Juhel Browne reports.
Transcript
00:00 On Friday, Finance Minister Colm Imbutt expressed a vote of confidence in the government's plans
00:05 to transition Trinidad and Tobago's economy away from being one in which most of the transactions
00:11 are cash-based, just one day after Chief Justice Ivor Archi revealed that the judiciary was
00:16 able to prevent a data breach attempt by some of the hackers behind the cyber attacks at
00:21 the Ministry of the Attorney General, the majority state-owned TSTT and two private
00:26 companies.
00:27 "So this digital divide remains a concern as not all of our citizens have equal access
00:35 to the benefits of digital transformation.
00:38 Added to this, obviously, is the danger of cyber attacks and hacking, which recently
00:44 reared their head again.
00:46 But notwithstanding that, we must press on with our cashless and digital agenda lest
00:52 we be left behind."
00:54 The Finance Minister outlined the government's plan for a cashless society while he delivered
00:58 a speech at the 14th Annual International Finance and Accounting Conference hosted by
01:04 the Institute of Chartered Accountants of Trinidad and Tobago at the Hyatt Regency Hotel
01:09 in Port of Spain.
01:11 Minister Imbutt spoke about an announcement he made in the 2023-2024 budget.
01:16 "In terms of cyber security, I didn't anticipate what was going to happen, but I put in the
01:21 budget that we were introducing a cyber security investment tax allowance of up to $500,000
01:28 for companies that incur expenditure in cyber security software.
01:33 I didn't want to be a sidekick, but apparently it was so."
01:41 The Finance Minister also repeated information he announced in the budget for fiscal 2024
01:46 that 72% of businesses in Trinidad and Tobago do not have a business bank account, 88% of
01:52 businesses do not accept digital payments, and 55% of individuals do not now have the
01:58 knowledge to use mobile or web online banking.
02:01 "Our ambition is to make as many citizens and businesses knowledgeable and comfortable
02:08 with digital banking and digital payment solutions to keep pace with the rest of the world."
02:14 The Finance Minister then digressed from his written speech to talk about one particular
02:18 bank which he did not name.
02:20 He said that bank is way ahead where digital banking is concerned.
02:24 "In terms of allowing check payments to be done using digital imaging and so on, and
02:34 they have been doing that for quite a while, but I was very pleased the other day, I went
02:38 to my bank, I won't say which one it is, and I was able to deposit a check through the
02:44 ATM with a digital image created.
02:46 I was quite astonished, because previously you would have to put it in an envelope and
02:52 write on it and I didn't have to do this this time.
02:54 I in fact called the CEO and congratulated the CEO."
02:58 Minister Inbert said the e-commerce sector has grown significantly, making it easier
03:02 for local businesses to reach international markets.
03:05 "The first upgrade of the single electronic window, TT BizLink, is an ongoing digitalization
03:11 process aimed at reducing the cost of businesses by allowing organizations to make online payments
03:18 and directly download their approved documents in a timely manner.
03:23 In the next year, a further 14 new e-services on the platform will be launched."
03:29 Finance Minister Inbert said e-government initiatives, together with an increase in
03:33 online banking and digital communication tools, have definitely streamed the line processes,
03:38 reducing bureaucratic inefficiencies and transaction costs.
03:43 Jule Brown, TV6 News.
03:45 [BLANK_AUDIO]
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