The Central Bank and the Superintendencies of Banks, Securities Market, Pensions and Insurance announced the launch of the first Financial Innovation Hub in the Dominican Republic, whose objective is to provide support, dialogue and consultation to stakeholders -regulated or not- in the development of technological innovations for the financial sector.
The Hub will facilitate the development of financial and technological innovations, harmonizing them with the objectives of financial inclusion, market efficiency, consumer protection and financial stability. It will also provide personalized assistance and information on the regulatory and supervisory framework of the banking, payment, insurance, pension and securities market systems.
Katharina Falkner Olmedo, representative in the Dominican Republic of the Inter-American Development Bank (IDB), attended the signing ceremony of the inter-institutional agreement through virtual modality. She emphasized that “history is being made with this unprecedented collaboration between the regulatory institutions of the financial sector”.
Katharina Falkner Olmedo pointed out that this agreement will make it possible to bring Fintechs and Bigtechs closer together.