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.
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.
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.
José Cruz Campillo
Santo Domingo, Dominican Republic