Bank Superintendent Highlights Collaboration Between Banking and Fintech Companies in the Dominican Republic

The activity of the fintech sector, which refers to companies that provide digital solutions in financial matters, has been considerably boosted in the Dominican market, with many entrepreneurs creating new value propositions and creating alliances, especially with multiple banks, a sector where 75 percent already has some kind of collaboration of this type.

This was stated by the Superintendent of Banks, Alejandro Fernández W., within the framework of the XXII Latin American Congress of Technology and Innovation (CLAB), where he spoke about the challenges of supervision and banking in a context of accelerated digital transformation and new competitors.

He said that in the face of rapidly emerging innovations in digital finance, regulators need to keep up to date in order to assess new and changing risks associated with financial inclusion and propose appropriate regulatory interventions, in order to ensure consumer protection, as well as the safety and soundness of the financial system.

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The Dominican Republic has the lowest delinquency level in the region

On the other hand, Fernández W. proposed to the banking sector to work together in the creation of a central depositor, in order to have a systematic idea of ​​how many Dominicans have bank accounts and details of their conformation such as gender and age.

In response to a question from the audience, the Superintendent of Banks highlighted that the Dominican Republic has the lowest delinquency level in the region, evidencing users’ compliance with their financial commitments.

“From the internet of information to the internet of transformation” – said Driss Temsamani

Managing Director of Digital, Citibank, Driss Temsamani, raised this Tuesday the need to encourage the digital economy to move from “an internet of information to an internet of transformation.”

During a virtual conference given to the participants of the XXII Latin American Congress of Technology and Innovation (CLAB), he explained that the informal economy concentrates 220 million people and moves $25 trillion around the world.

In this sense, he indicated that it is a challenge for banks to include them in the formality, with the consequent benefit of security in the management of their resources and using digital tools, such as Open Banking, for these purposes.

He highlighted Latin America has potential in this regard since 75 percent of its citizens have access to smart mobile telephony.

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(Featured image by falco via Pixabay)

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First published in n.com, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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