Users can carry out transactions, conduct automated clearing house bank transfers, and use augmented reality to discover nearby ATMs and special offers. The app promises to give customers freedom to bank whenever and wherever is most convenient for them.
Yoyo app in dominican republic for android#
The banking sector, in combination with the government’s República Digital programme, is spearheading efforts to change this image by introducing innovation on a local and national scale.īanco Popular Dominicano, for example, is playing its part in the tech revolution through the relaunch of its mobile banking app, which is available for Android and iOS. With the Dominican finance sector and the broader economy looking strong at present, the country is exploring innovative ways to turn present-day promise into long-term stability.Īs a result of the country’s historic reliance on agriculture for much of its economic development, the Dominican Republic has not traditionally been viewed as a hotbed of technological innovation. Low oil prices and the improved performance of sectors that generate foreign currency, like tourism, exports and remittances, have strengthened the economy further and improved its ability to withstand external shocks.Īccording to Grullón: “The burgeoning financial sector has played a key role in economic growth through its broadening credit portfolios and business development solutions.” With an average growth rate of 7.1 percent between 20, the Dominican Republic was Latin America’s most dynamic economy. The country’s wider economy is also in robust health. The recent implementation of fiscal regulations has strengthened the sector to such an extent that the World Economic Forum and the IMF have praised the competitiveness and stability of the country’s banking system respectively. The financial system currently has a solvency index of 17.8 percent, well above the 10 percent required by regulators, and default rates are low. The banking sector in the Dominican Republic is only in a position to embrace innovation because years of growth have seen it reach a position of relative stability. World Finance spoke with René Grullón, Executive VP of Corporate and Investment Banking at Banco Popular Dominicano, to find out how technology is affecting the banking industry in the Dominican Republic, while also making it more accessible. One of the country’s most successful organisations, with 199 branches nationwide, is Banco Popular Dominicano. Like the economy itself, banking has developed rapidly in the Dominican Republic, growing from just seven formally regulated financial institutions in 1960 to several hundred today. One of the ways that the country is broadening its economic base is through the development of its financial services industry.
GDP now stands at $71.58bn, a rise of more than 30 percent since 2010, and the country is beginning to lessen its reliance on agricultural exports. It has enjoyed one of the fastest growth rates in the region over the past quarter of a century, and poverty levels continue to fall. These hardships, however, only serve to emphasise the swiftness of the Dominican Republic’s economic ascent. The country then underwent significant economic development during the presidential reign of Rafael Trujillo – however, the regime will be remembered more for its use of coercion, torture and murder than for its fiscal policies. The early-20th century saw the US agree to reduce the country’s crippling foreign debt, before imposing a military occupation that would last until 1924. The Dominican Republic’s journey towards becoming the Caribbean’s largest economy has not been an easy one. Top 5 tips for retailers looking to sell into Chinese market.Top 5 economic risk factors that must be considered.Top 5 ways that the finance industry can prepare for AI.Top 5 emerging fintech hubs across the globe right now.Top 5 ways that GDPR has impacted digital banking.Top 5 financial services that are ripe for automation.Top 5 ways to boost employee engagement and commitment.Top 5 most influential and inspirational US economists.Top 5 countries to be world’s next manufacturing hubs.Top 5 WFH habits, according to the world’s most successful business leaders.Top 5 keys to global economic recovery in 2021.Top 5 sustainability pioneers in Europe.