Dominican republic Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in dominican republic, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Financial Services
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Overview

Current banking regulations permit the utilization of the following financial intermediation entities: multiple banks, savings and loan associations, savings and credit banks, credit corporations, and public entities, in accordance with the provisions of Monetary and Financial Law No.183-02 of 2002. Currently, there are a total of 49 entities that carry out financial intermediation operations; 18 multiple banks, 15 savings and credit banks, 10 savings and loan associations, four credit corporations and two public institutions. In the early 2000s, legislative changes relaxed banking services and granted equal treatment to foreign financial intermediation entities, and established parameters to regulate admission into the Dominican Republic.

The Dominican Monetary Board has also approved the regulation of banking subagents, which allows entities to provide certain banking operations and services, such as receiving payments, sending or receiving transfers within the DR, and processing of specific requests for products and services. Banking subagents allow people living in rural areas to gain access to banking services and thus access the Dominican financial market.

The financial technology (fintech) sector in the DR continues to expand with over 68 active fintech companies, offering customers a wide variety of digitalization services such as digital payment services, mobile wallets, digital onboarding, credit evaluation, digital identify validation, and bill negotiation.

The GODR is implementing the National Strategy for Financial Inclusion (ENIF). Its general objective is to promote financial inclusion in the DR, through the coordination of financial policy actions that lead to increased access and sustainable use of relevant and quality financial products and services. The ENIF seeks to generate a favorable environment for a dynamic financial ecosystem, focused on the needs of the financial user. The first stage of the ENIF is proposed for the period 2022-2030.

For regulation standards, Dominican regulation considers modern international trends. To promote the stability and security of the system, Dominican legislation follows the principles established in Basel Agreements I and II and adheres to strict compliance and a system closely monitored and operated by the financial and monetary authorities.

Leading Sub-Sectors

The most promising sub-sectors within this sector are:

Opportunities

The Dominican Republic’s banking sector is one of the largest contributors to the country’s GDP; the industry fosters the production and export of products and services through traditional financing and capital market structures. Digitalization offers banks numerous opportunities to increase financial inclusion by providing customers with better access to financial services.

Digital innovations can facilitate broader financial education in the community and help provide formal credit to a greater number of people. This can have a significant effect on growth and productivity.  The COVID-19 pandemic increased the trend toward digital innovation as contactless transactions, digital signatures, and online banking are now normalized.

Resources

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Global Business Navigator Chatbot Beta

Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

Limitations

As a beta product, the Chatbot is currently being tested and its responses may occasionally produce inaccurate or incomplete information. The Chatbot is trained to decline out of scope or inappropriate requests. The Chatbot’s knowledge is limited to the public information on the Export Solutions web pages of Trade.gov, which covers a wide range of topics on exporting. While it cannot provide responses specific to a company’s product or a specific foreign market, its reference pages will guide you to other relevant government resources and market research. Always double-check the Chatbot’s responses using the provided references or by visiting the Export Solutions web pages on Trade.gov. Do not use its responses as legal or professional advice. Inaccurate advice from the Chatbot would not be a defense to violating any export rules or regulations.

Privacy

The Chatbot does not collect information about users and does not use the contents of users’ chat history to learn new information. All feedback is anonymous. Please do not enter personally identifiable information (PII), sensitive, or proprietary information into the Chatbot. Your conversations will not be connected to other interactions or accounts with ITA. Conversations with the Chatbot may be reviewed to help ITA improve the tool and address harmful, illegal, or otherwise inappropriate questions.

Translation

The Chatbot supports a wide range of languages. Because the Chatbot is trained in English and responses are translated, you should verify the translation. For example, the Chatbot may have difficulty with acronyms, abbreviations, and nuances in a language other than English.

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