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Dominican Republic

No Open Banking

A country in the Carribean, which shares the island of Hispaniola with Haiti.

According to theĀ Global Findex Database, 75% of Dominicans had access to the internet in 2021.

In June 2022, the Superintendency of Banks (SB) and the International Finance Corporation (IFC), of the World Bank Group, have signed a letter of commitment forĀ the design and implementation of Open Banking, as a first step for the adoption of this scheme in the Dominican Republic.

According toĀ The Global Findex Database, 51% of the adult population of the Dominican Republic had bank accounts in 2021, leaving 49% unbanked.Ā 

The Dominican Republicā€™sĀ Superintendencia de BancosĀ (SB), which supervises and regulates the Dominican Republicā€™s banking sector, and is also an enabler of valuable products for underserved populations while strengthening the countryā€™s financial system, has formed an innovation and financial inclusion team, which assists SB and the public sector in promoting products that support this vision. They are working with other teams at SB on innovation, regulation and the prevention of money laundering and financing of terrorism (AML-CFT) to enable financial inclusion while respecting financial integrity.

The Dominican Republic is home toĀ more than 40 fintech enterprises.

The Dominican Republic ranked 110th out of 134 countries inĀ Wiley’s Digital Skills Global Index 2021.