whereas in mature / developed payments market, the focus may have shifted towards convergence of payment channels and real-time payments. 24. Another important issue that is emerging in the innovations context, relates to legal and oversight issues of the innovative payment services. Two examples come to mind: (a) virtual currencies and (b) access to customer accounts by third party service providers. 25.
As Mr. Benn has noted, the UTC established the first mutual fund in Trinidad and Tobago in 1981, but since the opening of the mutual fund market in 1993, subsidiaries and affiliates of commercial banks have become major players in the mutual fund market. [In 1981, the local mutual fund market started with $ million under management, invested in equitybased and money market funds.