SANTO DOMINGO – Remittances are a vital part of the national economy, largely driven by the Dominican diaspora residing in the United States and Spain, the main destinations for these funds. The Dominican Republic's Reserve Bank, MIO, SAS, and Ria Money Transfer have announced a strategic alliance to develop tools that strengthen and modernize the remittance process. This alliance aims to promote financial inclusion and the digitalization of payments in the country.
According to a press release, the agreement was signed at Banreservas' representative office in New York City by Senior Executive Vice President of Administration, Alieska Díaz; Senior Executive Vice President of Business, Ysidro García; President of MIO, José Yude Michelén; and Rosario Escarpita, SVP & Managing Director for the Americas of Ria Money Transfer.
Three integrated experiences for a better boost
The tripartite agreement integrates the experience and leadership of Banreservas as the country's main financial entity, the technological capacity of MIO, a pioneering fintech in digital payment solutions in the Dominican Republic, and the global network of Ria Money Transfer, one of the leading international providers of remittance services, the press release highlights.
Banreservas' Senior Executive Vice President of Business, Ysidro García, emphasized the entity's commitment to the Dominican diaspora.
“For the Bank of Dominicans, supporting our diaspora, who send remittances to the country with effort and commitment, will always be a priority. This agreement represents another step in that commitment,” García stated.
For his part, the president of MIO, José Yude Michelén, highlighted the social impact of the initiative.
“There is nothing more important than bringing banking services to the most vulnerable sectors on equal terms. This alliance will allow remittances to be received more automatically, efficiently, and accessibly for everyone,” he stated.
Meanwhile, Rosario Escarpita, SVP & Managing Director for the Americas at Ria Money Transfer, highlighted the importance of financial inclusion.
“Financial inclusion not only strengthens the economy, it also improves people's quality of life. We are committed to real-time solutions that are more efficient and less costly for our clients,” he stated.
Guarantee of transparency and security
The information specifies that the alliance has been structured in accordance with the regulatory framework in force in the Dominican Republic, guaranteeing that the services are offered under strict standards of compliance, security and transparency.
With this initiative, the entities explain that they seek to expand access to digital financial services, optimize payment processes and improve the user experience, while strengthening the remittance ecosystem and contributing to national economic development.
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