Canada    FinTech Guide    Chapter 8    Dominican Republic

8. Online Banking Services
Dominican Republic  Dominican Republic

There are no reservations toward these services, and online-banking is widely used. Nevertheless, e-wallet services have not succeeded in attracting as much customers.

Legal Affairs

Online-banking services are offered by the Financial Intermediation Entities solely for the use of their own clients. Transfers between accounts in different Financial Intermediation Entities are done by the Financial Intermediation Entities through the Payment Systems established by the Dominican Central Bank.

This means that in order to offer online-banking services the entity must be a recognized Financial Intermediation Entity as set forth in Monetary and Financial Law 183-02, and thus be supervised by, and follow all regulations of, the Monetary Board and the Superintendence of Banks of the Dominican Republic.

Economic Conditions

As mentioned before, online-banking services are offered by the Financial Intermediation Entities solely for the use of their own clients. These services, normally, are included in the fees paid for the account management to the Financial Intermediation Entity.

In the e-wallet market, there are three national services operating in the market.

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