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Banking
Fintechs is the presence of a rapidly growing in the Dominican Republic, where they promise to improve totalitarianism in a nation still under residence.
Along with Jamaica and Puerto Rico, the Technology Companies Association highlighted the Dominican Republic as a technical leader in Central America and the Caribbean. The IDB Development Bank (IDB) states that the number of companies hosted by the island’s nation in this field grew from six in 2018 to 65 in 2024. This places the eighth country in Latin America for its intermediate economy and the leader in Central America and the Caribbean.
The banking payments of the Domainine Republic and electronic payments show significant growth for more than 20 % year on an annual basis from 2023-2024, along with impressive innovation. This is especially true in terms of tourism and transfers, which make up 30 % of the country’s gross domestic product. An example of this is QIK, the first Niopan Bank in the country, which was launched Panco in 2022, which rapidly grew from an application to an independent digital bank with more than 600,000 customers.
Part of the fall from the Covid-19 in the Republic was an increase in demand for unconventional financial services, along with the accelerated digitization. Jose Alberto Adam, rural manager at Equifax Dominican Republic, says that improving organizational guidance from the Central Bank of the Dominican Republic and the honor of banks, including the 2016 innovation law and focus on financial integration, activated the Fintech sector.
“Fintech has evolved towards more diversification, technological development, and focus on financial integration,” he says. “There is now a multi -service expansion, technology in specific sectors such as the Geneo financing tools of Z, and banking solutions for immigrants or informal workers.”
At the upper end of the Fintech ecological system, there are emerging companies that explore the distinctive symbol and decentralization (Defi) and use artificial intelligence in credit registration. Adam notes that the industry has come a long way, as Bluewallet, a Bitcoin and PrestamistApp portfolio, was launched in 2018.
The financial inclusion has left yet, despite the growth of the consistent gross domestic product of the republic; Adam argues that only 55 % of adults are surrounded, making it “one of the main challenges of the Dominican Republic”. “Focusing the efforts of the display side on the previous banking population is about to reach penetration penetration. Therefore, the transformation of the unacceptable population will greatly help the economic sectors that we need to continue growth.”
Adam says to achieve this that would necessitate a shift in focusing into “inclusion, efficiency, expansion and new hybrid models that combine the best in traditional and decentralized worlds.” New efforts, mobile banking services, education programs and gender -focused initiatives include. The central bank targeted the merging of 65 % of adults within the financial system by 2030.
Blockchain help
In April, PaySet and JAMAICA held a partnership to expand in the country and will provide reinforced digital payments and financial integration by Payett’s PayBank solution.
Felix Bago, emerging in Miami in Miami, added coverage of the Dominican Republic as well as the northern triangle of El Salvador, Guatemala and Honduras at late last year. Follow this partnership with MasterCard you will see a chat platform with transfers outside the United States. Félix Pago Stablecoin USDC is used to provide currency exchange costs and savings are fun for customers at a price lower than fast transactions.
“You have to ignore them from the user. I always say it can be a donkey crossing the borders, and it does not matter. What they want is money, and the local currency, and they want it immediately and at the best possible price,” said Cryptocurrency’s CEO is a strong empowerment factor for transfers, “
Last August, the International Monetary Fund (IMF) published a report on technical assistance that evaluates the potential impact of the Central Bank of Digital Bank (CBDC) on retail transactions in the Dominican Republic. She found that although the country has a good developed national payment system, additional improvements are necessary. Criticism remains king in the region, and the International Monetary Fund estimated that the Dominican CBDC intake will affect up to 20 % of transactions, which in 2017 was more than 90 % cash.
