According to Kepios, 46% of the population of Turks and Caicos had access to the internet at the beginning of 2022.
Turks and Caicos Islands
No Open Banking
The Turks and Caicos Islands is a British Overseas Territory. Crown Dependencies and British Overseas Territories do not come under the Competition and Markets Authority (CMA) order, therefore the Open Banking Implementation Entity (OBIE) does not have any mandate or remit over them. However, the UK Open Banking Standard is completely open for anyone to use. OBIE has also built a separate domain for Crown Dependencies within the commercial Tech Directory onboarding platform.
Financial inclusion is a priority of the Government of the Turks and Caicos Island, therefore recently, the Credit Union legislation was introduced to fill a gap by availing another regulated financial option to the public.
The Turks and Caicos Islands have started to become an increasingly popular centre for Fintechs.