The Dominican Republic is advancing towards the creation of a hub of financial innovation. Central Bank governor Héctor Valdez Albizu held a virtual working meeting on 15 September 2021 to discuss the initiative with the Superintendent of Banks Alejandro Fernández Whipple; Superintendent of the Securities Market Gabriel Castro; Superintendent of Insurance Josefa Castillo; a representative of the Superintendent of Pensions, Ramón Contreras; the lead specialist appointed by the Inter-American Development Bank (IDB), Diego Herrera and the consultant Werner Bijkerk.
During the meeting, Valdez Albizu explained the Central Bank is working hand in hand with the IDB to create a hub that will allow for the launching of new financial products and services by regulated entities. The initiative is also working so that financial technology companies (FINTECHs) can enter the local market. The goal is to create a hub that will become a regional model for financial innovation.
Valdez Albizu says that around the world this type of innovation hubs have proven to be a very useful platform for exchanging information and experiences. He says they serve both the regulator and the regulated parties so these can jointly promote innovative ventures that benefit the population. The initiative is a way to improve financial inclusion and equitable access to financial services.
Regarding the project’s completion, Valdez Albizu affirmed that “we hope that before the end of 2021 this innovation initiative will be launched”.
Diego Herrera of the IDB said that the hub, in addition to offering regulators and supervisors information on the regulatory framework, studies and data to understand the development of the market, will also provide entrepreneurs with information and answers to their queries.
The hub encompasses the launching of a high-tech electronic platform. It is in a preparatory phase with the final approvals and completion of practical organizational procedures still pending before the public launch.
During the meeting, Governor Valdez Albizu was accompanied by Deputy Governor Clarissa de la Rocha de Torres, Deputy Manager of Monetary, Exchange and Financial Policies Joel Tejeda, Deputy Manager of Innovation and Technology Fabiola Herrera and director of the Payments Systems Department Angel Gonzalez.
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Central Bank
16 September 2021