Canada    FinTech Guide    Chapter 1    Dominican Republic

1. Payment Services / Mobile Payment
Dominican Republic  Dominican Republic

There are no political reservations that we are aware of concerning modern payment services. The social and political climate seems indifferent to the provision of these services.

Legal Affairs

Pursuant to the Regulation on Payment Systems issued by the Monetary Board in its Resolution dated 18 December 2014, payment service providers must notify the Central Bank of the Dominican Republic of their participation in the Dominican Payment System. They may provide services either as direct participants, by opening an account at the Central Bank, or indirect participants through an already existing direct participant. Payment service providers must keep record of all transactions, both completed and declined, that shall be readily available at request. This record may be electronic, as long as it complies with applicable technical requirements.

There are no financial reserves or explicit running costs, nor a license associated with providing payment services. FinTechs in this sector must also comply with the provisions of Law 155-17 on Prevention of Money Laundering and Terrorism Financing.

Economic Conditions

Dominican authorities do not keep track of these statistics. Local FinTechs in this sector are scarce, with three local brands that we know of. However, use of international payment service providers is very common.

Contributing Authors

Jiménez Cruz Peña

José Cruz Campillo
Santo Domingo, Dominican Republic

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018