It is estimated that about 65% of fintech startups in the Dominican Republic are focused on financial inclusion, a key goal since almost half of the population does not have access to a bank account.
The Dominican Republic stood out in the study fintech in Latin America and the Caribbean: a consolidated ecosystem for recovery, by the Inter-American Development Bank (IDB), IDB Invest, and Finnovista as the number one Central American country in the ranking of countries with an emerging fintech sector and the third in Latin America.
This position was achieved with 55 fintech startups, which represented an average year-on-year growth from 2017 to 2021 of 129%. This is a significant growth, as, by 2017, only two fintech startups were registered in the Dominican Republic.
It is estimated that about 65% of fintech startups in the Dominican Republic are focused on financial inclusion, a key goal since almost half of the population of this country does not have access to a bank account.
Another important point highlighted by the IDB study is that by 2020, 55% of fintechs will have female founders or co-founders.
Also, fintech startups in the Dominican Republic attracted the attention of the region through the recent creation of the fintech Association of the Dominican Republic (ADOFintech).
Association that seeks as they say on their website, “to bring together companies and/or experts in the area to grow with their experiences and knowledge, share and contribute with different perspectives, seeking to improve and contribute new ideas that reformulate the way of understanding and providing services and achieve greater financial inclusion”.
This association has taken part in the drafting and publication of a Code of Good Practices and its Addendum for the Digital Credit Vertical, as well as in the search to link the fintech sector with the traditional financial sector through agreements and with the fintech Market RD event, which seeks fintech and technology companies to present their solutions to the traditional financial sector so that it can adapt to the new market.