SANTO DOMINGO.- Promoting innovation, financial inclusion, sustainability and gender equality is one of the objectives of the Association of Multiple Banks of the Dominican Republic (ABA) and its associates, through initiatives that will be implemented and extended in the current year.
The ABA stated that banks operating in the country will continue to drive the digital economy and innovation in financial products in order to respond to the growing demands of financial users who require digital, secure, inclusive, and environmentally responsible services.
He noted that his members use artificial intelligence and machine learning to design financial services and products tailored to individuals and businesses, a trend that will continue in 2024. "This vision goes hand in hand with financial inclusion through the continuation of strategic alliances between banks and Fintech companies, which will bring SMEs and individuals closer to the formal financial system," he stated.
The association also indicated that gender equality plays a prominent role in this year's banking sector strategy, with the development of the We Fi Code initiative, which aims to compile standardized data on women-led businesses, allowing financial intermediation entities to adapt their internal policies to facilitate access to credit for women.
On the other hand, he stated that the sector he represents will continue to eliminate barriers to access and generate dignified, accessible and inclusive services that take into consideration the needs of people with disabilities, both in person and digitally.
"Micro, small and medium-sized enterprises (MSMEs) are part of all the initiatives that multiple banks will implement this year, and one of the main ones is a project with a thousand micro, small and medium-sized enterprises, which seeks to provide timely financial information so that they can obtain access to credit in the formal financial system according to their needs and under better conditions of rates and terms," added the ABA.
Furthermore, climate change and its effects on the Dominican Republic are also among the aspects to be considered when channeling resources to productive sectors in a sustainable manner, he affirmed. In this regard, he stated that he will continue his efforts to promote green finance, especially among micro, small, and medium-sized enterprises (MSMEs), with the aim of ensuring that formal credit incentivizes improvements in policies, practices, and actions related to sustainability within companies.
