The president of the Dominican Association of Companies of 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 from the Latin American and Caribbean region, for an increase of 129%, according to data from the Inter-American Development Bank (IDB).
He indicated that the Business Fintech companies have experienced rapid 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 the sectors that receives the most investment, managing to attract 125,000 million dollars globally in 2021.
“In the Dominican Republic they are a key piece to boost 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 promote innovation and take advantage of the multiple benefits of the technological transformations that are taking place in the financial sector, promoted by Fintech.
The entity spoke in these terms 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 the representatives of the institutions that comprise it: the Central Bank and the Superintendencies of Banks, Insurance, Pensions and the Stock Market.
He stressed that spaces such as sandbox regulations 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 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 directs to collaborate with public and private institutions to achieve the common goal of making the Dominican Republic the regional Fintech and Technological Hub of reference.
He emphasized: ¨To achieve this, we need to join forces that allow us to remain at the forefront in the development and application of new disruptive technologies: web3, blockchain, big datavirtual reality… All this with a very clear purpose that must always be to generate inclusion, development and well-being for the entire population¨.
