As part of the opening of the CARICAM Fintech & Insurtech Summit 2023, the executive director of the Export and Investment Center of the Dominican Republic (ProDominicana), Biviana Riveiro Disla, presented the results of the Fintech survey in the Dominican Republic, which aims to gather strategic information for the design and implementation of joint actions between the public and private sectors.
It also has the goal of consolidating the positioning of the Dominican Republic as a fintech hub in Central America and the Caribbean.
Riveiro indicated that this effort seeks to promote service exports and the development of the fintech ecosystem through instruments such as the National Plan for the Promotion of Exports (PNFE), the National Strategy for the Export of Modern Services, the National Innovation Policy 2030, the National Artificial Intelligence Strategy and the Financial Innovation Hub.
“The results of this survey were obtained from a representative sample of some 46 companies in the sector, in which we identified that the fintech ecosystem in our country is mainly composed of companies that are local and other companies that come from countries such as Spain, Colombia, the United States, Panama, Argentina, Ecuador, Hungary, and Mexico,” he pointed out.
It should be noted that the survey gathered valuable information on the profile, services, state of development, business models, forms of income and other relevant details of fintech companies in the Dominican Republic, focusing on aspects such as banking, technology used, hiring model, number of employees, export of services and foreign investment.
It also highlights the presence of local and foreign companies in the fintech ecosystem, a sign of the attractiveness of the Dominican Republic for foreign investment in this sector. Most fintechs are small and micro companies, which highlights the need to promote their internationalization and growth. As for the location of the company, there is a centralization in the Greater Santo Domingo area, with 94 % installed in this location, as evidence of the importance of diversifying and promoting development throughout the national territory.
In addition, Riveiro indicated that 59 % of the companies surveyed stated that they have made sales of their services in other markets or are planning to do so this year, and that 26 % of the companies reported that they received new capital during 2022, including foreign investments from the United States, Guatemala, Latin America, Costa Rica and Europe.
In this regard, the executive director showed the digital tool of the institution ProDominicana Data Market, as an added value to collect updated statistics on exports, investment and trade in the country.
ProDominicana and Adofintech are committed to continue promoting the internationalization and growth of the fintech sector in the Dominican Republic, while reaffirming their willingness to support to overcome current and future challenges, promoting economic development and improving the quality of life of Dominicans.