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Colombian Fintech Company Minka Expands to the Dominican Republic

Currently, the solution enabled by Minka allows financial institutions, fintech companies, and clearing houses to create an almost unlimited number of use cases, such as immediate interbank transfers. In addition to Colombia and now the Dominican Republic, Minka also has operations in Bolivia. The platform plans to continue its expansion by targeting regions with high cash usage and fragmented banking industries.

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Colombian fintech company Minka expands to the Dominican Republic. The company has announced its expansion with the objective of accelerating and facilitating the movement of money throughout Latin America, and the Caribbean, and improving financial inclusion.

Minka is an open network that enables organizations to move money in real-time. The company has improved the way people interact with money in Colombia and is now building an open network to extend the benefits of its services worldwide.

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Since its inception, Minka has processed around 18 million online transactions among more than 2 million users

The network was designed to connect traditional standalone systems using blockchain concepts and modern application programming interfaces (APIs) that help simplify complex money movements.

Currently, the platform enables online and real-time payments immediately, securely, at no cost, and using only a mobile number, allowing users to replace cash.

The solution enabled by Minka allows financial institutions, fintech companies, and clearing houses to create an almost unlimited number of use cases, such as immediate interbank transfers, mobile wallets, as well as online tax collection, among other services.

These services can be set up in just a few days and without having to develop an infrastructure of their own, as the cloud is completely independent of existing services, enabling rapid integration at national and international levels.

“The flexibility of our solution is one of the great benefits we can bring to the Dominican Republic. Our technology (API) is completely agnostic to the use cases needed in a region, allowing us to build a platform for any type of payment exchange, both in the public and/or private sector, in a matter of weeks or months, rather than years.”

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Minka is currently offering the benefits of its network to the people of Colombia

The TransfiYa project, enabled in partnership with ACH Colombia, is one of the fastest-growing real-time payments projects in Latin America. It has more than 4.4 million users and includes direct access to read and write APIs to 80% of Colombian bank accounts.

Worldwide there are thousands of different payment networks, but only about 3% of them are interoperable. Recently, the Dominican Republic took its first step towards open banking with the implementation of this concept.

In this agreement, the World Bank and the International Finance Corporation, in collaboration with the Japanese government, will support the Superintendency of Banks in creating a regulatory framework for the use of application programming interfaces (APIs). The objective of the implementation is to increase the efficiency of financial institutions and promote greater financial inclusion.

With its arrival in the Dominican Republic and the country’s position in terms of open banking, Minka hopes to be part of this revolution and seeks to promote interaction with financial service providers, enabling opportunities in the region for startups, Fintech companies, and other technology companies.

In addition to Colombia and now the Dominican Republic, Minka also has operations in Bolivia. The platform plans to continue its expansion by targeting regions with high cash usage and fragmented banking industries such as Africa, as well as other countries in Latin America and the Caribbean.

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(Featured image by Jonas Leupe via Unsplash)

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

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Valerie Harrison is a mom of two who likes reporting about the world of finance. She learned about the value of investing at a young age upon taking over her family's textile business when she was just a teenager. Valerie's passion for writing can be traced back to working with an editorial team at her corporate job, where she spent significant time working on market analysis and stock market predictions. Her portfolio includes real estate funds, government bonds, and equities in emerging markets such as cannabis, artificial intelligence, and cryptocurrencies.