The Turks and Caicos, with legislation and regulatory frameworks
in place, is developing its financial services sector. A sizeable
unbanked, remittance-sending population awaits those who can offer
much-needed services.
For financial services start-ups, SMEs, or traditional retail
banks that can provide access to bank accounts and money transfer
services, there is real opportunity to make inroads in an untapped
market in Turks and Caicos. (Photo by South Bank Turks and
Caicos)
First-mover advantages are rife in Turks and Caicos for
entrepreneurs and more established financial service providers who
can offer much-need banking solutions on the islands. Financial
services in the Turks and Caicos are dominated by three Canadian
traditional retail banks, but they have become more risk-averse and
are looking to divest, leaving more island residents
'unbanked'.
