Shared Services Insider: Scotiabank strikes oil in Trinidad
IT-BPO executives should consider Trinidad and Tobago's low business costs and strategic location between North and South America for financial services investments, especially in light of the eroding advantage in places where it's traditionally been cheaper to operate.
A two-year push by the government to grow the financial services industry continues to impact foreign direct investment decisions. Service providers such as Scotiabank and RBC, both headquartered in Canada, report that their reasons for choosing T&T range from a readily available, highly skilled labour force and low business costs, to improved communications infrastructure and a business-friendly regulatory framework. Scotiabank's launch of a shared-services hub in the central borough of Chaguanas two months ago was also the result of attractive tax incentives. Read more in this Nearshore Americas article.