The president of the Association of Multiple Banks of the Dominican Republic (ABA), Rosanna Ruiz, highlighted yesterday the importance of maintaining the stability and solvency of the financial sector as a pillar of economic development in the country.
This, along with other factors, such as macroeconomic stability, legal certainty and the rule of law, political stability and transparency.
“From the ABA we push in that direction and we are convinced that we are following the path of embracing best practices and, to that extent, the commitment to efficiency and quality of services, focused on values”, he explained, participating in a conversation organized by the Dominican-Mexican Chamber of Commerce and Investment (Cadomex)
He assured that the Dominican banking system has a firm commitment to advance in terms of competitiveness, sustainability and inclusion, as part of the challenges aimed at increasing its levels of efficiency and responding to the requirements of society, he said
Ruiz explained that the sector intends to continue developing a corporate governance that promotes efficiency, best practices, the continuous strengthening of its assets and its human capital, comprehensive risk management, prevention of money laundering, digital transformation, experience user experience and contribution to a more socially inclusive and sustainable economy.
“We need to be part of an economy that is not only focused on sustained growth, but also translates into equitable human development, social welfare and opportunity for all,” he stated.
On the other hand, he indicated that in the ranking of the World Economic Forum (WEF, for its acronym in English), the Dominican commercial bank climbed 36 positions in terms of development and 51 positions in terms of ease of access to loans, which shows a increasingly competitive sector.
The president of the ABA highlighted that, despite the fact that delinquency has remained low in the last 10 years, the level of provisions constituted by multiple banks stood at RD$59,143 million in 2021, representing a growth of 264% since 2012 to that date.
Similarly, he argued that banking is moving towards an increasingly digital and decentralized model, in order to achieve greater proximity to the financial user, saving time and money. He pondered that 3.8 million users have joined the use of internet banking in seven years.
A sector of great contribution to the local economy
Ruiz presented the data in the activity where the accredited Mexican ambassador in the country, Carlos Peñafiel, Marco Antonio Sánchez and Juan Amell, director and president of the Dominican-Mexican Chamber of Commerce and Investment, respectively, served as hosts. In their opening and closing remarks, they highlighted the contributions of the banking sector to the Dominican national economy.
