SANTO DOMINGO. - The president of the Dominican Republic's Association of Multiple Banks (ABA), Rosanna Ruiz, stated that banking digitization and financial education are key to achieving inclusion in Latin America, speaking about the progress and challenges of digital transformation and payment ecosystems at the regional level.
Ruiz participated in the BankLAC – CapiLAC , organized by the Inter-American Development Bank (IDB), the Association of Banking Supervisors of the Americas (ASBA) and the Latin American Federation of Banks (FELABAN) in the Dominican capital, with the motto "Resilience, Integration and Transformation for the Financial Sector in Latin America and the Caribbean".
During the panel "Digital Transformation and Payment Ecosystems that are transforming economies in Latin America," the ABA president highlighted that the Dominican Republic's payment system is among the most modern in the region, the result of a modernization process led by the Central Bank since 2005.
He indicated that in this process, commercial banks have played a role of innovation and transformation in providing digital payments through various channels with legal and technological security. He added that this system allows the country to act as a liquidator for Central American central banks, demonstrating the strength and capacity of the local platform.
He also highlighted that the Dominican Republic's multiple banking sector is currently operating with virtually full digitalization, offering services through multiple channels, which has ensured the continuity of financial operations even during the pandemic. "Our commitment has been clear: to bring financial inclusion to traditionally excluded segments, with legal, technological, and cybersecurity guarantees," he stated.
In addition, Ruiz explained that, in order to promote inclusion, the ABA made the strategic decision to become a trusted service provider and promote social impact initiatives, such as the Wi-Fi Code, which allows identifying and making visible women-led micro, small, and medium-sized enterprises (MSMEs), promoting the generation of gender-disaggregated data that facilitates the creation of focused value propositions.
In the same vein, he highlighted the efforts undertaken with the General Directorate of Internal Taxes (DGII) to enable tax payments via debit and credit cards, as well as the proposed simplified tax law to streamline the tax, labor, and social security obligations of micro, small, and medium-sized enterprises (MSMEs). "Massive financial inclusion requires two fundamental pillars: digitalization and financial education," Ruiz stated.
In her remarks, the ABA president also emphasized the importance of regulatory frameworks continuing to adapt to the challenges of an accelerating digital age and the disruption caused by new players in the payments and financial services ecosystem, with the agility and flexibility demanded by the present day. "The challenge is to prevent the creation of asymmetries or systemic risks. Modern and adapted regulation is essential to ensuring financial and macroeconomic stability," she stressed.
