Dominican Republic was the country with the highest growth in Fintech Startups in the region

The president of Asociación Dominicana de Empresas de FinTech (AdoFinTech), Miguel Ángel Adames, highlighted today that, between 2017 and 2021, the Dominican Republic was the country with the highest growth in Fintech Startups in the Latin American and Caribbean region, for an increase of 129 %, according to data from the Inter-American Development Bank (IDB).

He indicated that financial technology companies have had accelerated growth throughout Latin America, especially during the pandemic.

The executive said that, in addition to helping to reduce the financial inclusion gap in the region, the Fintech sector has been one of those receiving the most investment, managing to attract US$125 billion globally by 2021.

“In the Dominican Republic they are a key piece to energize the Dominican economy and the post-pandemic economic recovery process,” he said.

AdoFinTech applauded the creation of the Financial Innovation Hub of the Dominican Republic, as a space that will allow boosting innovation and taking advantage of the multiple benefits of the technological transformations that are happening in the financial sector, enhanced by Fintechs.

The entity made this statement during the Adofintech Corporate Breakfast entitled ¨Regulatory innovation for a financial sector 4.0¨.

The meeting was led by the Executive Committee of the Financial Innovation Hub of the Dominican Republic and representatives of the institutions that make it up: the Central Bank and the Superintendencies of Banks, Insurance, Pensions and the Securities Market.

He emphasized that spaces such as regulatory sandboxes and financial innovation hubs are key, because they allow supervisory entities to promote innovation in a low-risk space.

In turn, the representatives of the Executive Committee of the country’s Financial Innovation Hub pointed out that, in addition to being a space for dialogue and consultation for innovators who wish to develop their projects in the Dominican financial sector, the Financial Innovation Hub will allow regulators and supervisors to define proposals for improvements to the regulatory framework and process data to understand market development and innovations.

During the meeting, the president of Adofintech reiterated the commitment of the association he leads to collaborate with public and private institutions to achieve the common goal of making the Dominican Republic the regional Fintech and Technology Hub of reference.

He emphasized: ¨To achieve this, it is necessary that we join efforts that allow us to remain at the forefront in the development and application of new disruptive technologies: web3, blockchain, big data, virtual reality… All this with a very clear purpose that must always be to generate inclusion, development and welfare for the entire population¨.

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