Name
Global FinTech Guide
Country Name
Dominican Republic
SectionTitle
Identification
Body
FinTechs belonging to this category provide identification services, which are required for most banking services.

Introduction

Attitude of the country towards identification services

There are no specific reservations or special acceptance or rejection of identification services.

Legal affairs

Obligations and requirements to provide identification services

There are no specific licences or regulations required to provide identification services. However, most providers pair their solution with offering an e-signature, which does require regulatory authorization and meeting certain requirements. FinTechs in this space that deal with banks also have to comply with certain requirements (which apply to banks for their outsourcing agreements).

Additional comments regarding the legal situation for identification services or what FinTech’s must be aware of in this business area

N/A

Economic conditions

Market size for identification services and biggest companies in this business area

Information is not readily available.

Additional comments regarding the economic situation for identification services or what FinTech’s must be aware of in this business area

N/A

Authors

NameOrganisationEmail
Michelle Abreu VargasOMG[email protected]06517
Manuel Troncoso HernándezOMG[email protected]06517
Aldana Fernández MartínezOMG[email protected]06517
Diego García MelendezOMG[email protected]06517
Alejandro LamaOMG[email protected]06517

Disclaimer

© 2022, OMG. All rights reserved by OMG as author and the owner of the copyright in this chapter. OMG has granted to Multilaw non-exclusive worldwide license to use and include this chapter in this guide and to sublicense Lexis Nexis, a division of RELX Inc. and its affiliates certain rights to use and distribute this guide.

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.

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