SANTO DOMINGO – The Dominican Republic's Association of Multiple Banks (ABA) stated that the measures prioritized by the Financial Sector Committee within the framework of the National Strategy Goal RD 2036 mark a milestone in the modernization and strengthening of the national financial system, while promoting inclusive, resilient, and sustainable growth.
The president of the entity, Rosanna Ruiz, explained that the initiatives of the Committee, which represents the banking, securities, pensions and insurance sectors, have a direct impact on inclusion and access to credit , the mobilization of long-term resources, such as pension funds, through the capital market, and the transformation of the insurance sector.
Regarding the stock market, he explained that it is projected as an engine for channeling more investment toward the strategic sectors that will define the country's development in the coming decades. "The vision is to build a deeper and more diversified market, where companies can find new forms of financing, local and foreign investors have more options, and available resources are transformed into concrete projects capable of generating employment, innovation, and competitiveness," he added.
Ruiz pointed out that this new dynamic will be supported by more agile regulatory frameworks and greater collaboration between the public and private sectors to bring capital to where it is most needed.
In her capacity as Sectoral Coordinator of the Financial Committee of this initiative, Ruiz indicated that financial inclusion is conceived as a structural transformation that expands opportunities for all, within the framework of the National Inclusion Strategy led by the Central Bank.
“This means that more people and businesses, both in the country and in the diaspora, will be able to access accounts, loans, and financial products without the barriers of time or distance,” Ruiz stated. He added that the goal is to move toward a more accessible and digital banking system, “where access to financing becomes an engine for the growth of SMEs, entrepreneurs, and families.”.
In parallel, he stated that the insurance sector is moving towards a stage of strengthening and diversification as part of the strategy led by President Luis Abinader. In this regard, he explained that the initiative includes the implementation of innovative mechanisms that integrate inclusive insurance, designed to meet the needs of both the population and productive activity.
"These instruments, in addition to fulfilling their protective function, will become tools for risk mitigation and transfer and will be linked to capital and credit markets, expanding their reach as catalysts for stability and economic growth," Ruiz said.
Transformative vision
Rosanna Ruiz highlighted that this public-private partnership responds to a technical, participatory and multi-sectoral process and that the structuring of actions differentiated by deadlines will allow the financial system to anticipate with greater certainty the demands for financing, investment and risk management associated with national development.
"These initiatives will not only drive inclusive and sustainable growth, but will also align the country with international standards of competitiveness, sustainability, digitalization and financial resilience," he said.
Ruiz reiterated the Committee's commitment to this transformative agenda, noting that the ABA will support its implementation as coordinator, facilitating access to financing for prioritized projects, strengthening banking mechanisms, and developing financial products tailored to the needs of the productive and social sectors.
