The Dominican startup ecosystem is still at an early stage. For example, you will not yet find many investors willing to bet on the island’s talent pool, nor established public and private support structures for entrepreneurs. But things are starting to move, and besides those shortcomings, the Dominican Republic is definitely a place to consider for doing bank business.
 

And here is why:

1. Talent pool is on the rise:
Unlike in many other Latin American countries, education is affordable. While in the rural areas, the access to quality education is still lacking, the island nevertheless shelters very talented people, such as excellent programmers, webmasters and designers from well known tech institutions (INTEC and ITLA).
At the same time, students are often encouraged and supported to study abroad. As matter of fact, Dominican winner, Luis Sena, created Edupass, a platform to help students navigate the complex process of studying abroad, after he had himself studied in London and Switzerland. By the way, the first university on the entire continent was set up in the Dominican Republic. It was the St. Thomas Aquinas University, founded in 1538 in Santo Domingo.

2. Favorable business environment:
The county is ranked 109 out of 190 for ease of doing business. There are still some advantages of the Dominican Republic that we should not overlook. The overall tax rate is about 42.4%, slightly lower than the continent’s average (46.3%). At the same time, while it generally takes about 30 days to open a business in Latin America, in the Dominican Republic you can set up a company in about 14.5 days. The country also benefits from free trade zone with North & Central America and Europe, and has a strong appetite for imported goods & technology.
Last but not least, the Dominican Republic has the largest economy in the Caribbeans and Central America, with the GDP close to 70 billions USD.

3. Geopolitical advantage:
Directly related to bank business opportunities, the island is geographically gifted. Its location between the United States, Central and South America and Europe, make it a strategic hub for namely expansion of banking business. It can be easily accessed by air or by sea. Еhe coastline is covered by busy seaports, used especially for commercial shipping and tourist cruises. Situated just 2 hours by flight from Miami, average 4 hours from Latin American countries and about 8 hours from Europe, it is sprinkled with more than 30 airports, 8 of which are international.

4. Connectivity at its best:
The country benefits from an excellent telecommunication infrastructure, known for being one of the best in LATAM. Internet is widely available, even in the guaguas. And all of this while in Switzerland we are only still waiting for free WIFI in the train.

5. Up and coming startup ecosystem:
The startup ecosystem – almost non-existent until now – is moving ahead. A couple of serial entrepreneurs and angel investors have just launched programs to support entrepreneurs, such as Coworking.do, a coworking & business services platform in the heart of Santo Domingo, or Labocaproject in Cabarete, a co-working & incubator for sustainable tech companies.
The public sector is also evolving. The Ministry of Industry and Commerce created an official network of mentors for entrepreneurs and the government launched a dedicated program to create a strong digital ecosystem, called Digital Republic. Thanks to its geographical position, its business opportunities and the talented and hard working people building the future of the island, the Dominican Republic, we think is definitely a place to watch out for in the coming years.

Political tendencies within the region remain distinct and unswayed by any singular political leaning: 

Our founders' paramount objective lies in bolstering the business endeavors of their clients and partners, ensuring their sustained elevation. The local banking regulator's policies predominantly aim at fostering a high level of risk-free development within the credit institutions of the Dominican Republic, mirroring practices observed in the United States. The Dominican Republic enjoys long-standing, favorable relations with the United States, such as the provision of ten-year visas for Dominican residents, which, to an extent, positions the Dominican Republic as a substitute for Cuba in the eyes of the United States. These amicable relations with the United States also pave the way for conducive conditions for banking operations within the Dominican Republic.

In contrast, the European Union has witnessed an exodus of the United Kingdom and the closure of numerous banking structures due to stringent oversight, propelling basic business sectors towards the United States and China. In the United States, the banking sector, adhering to regulatory requirements, enjoys a comfortable existence. The SEC's primary demands include compliance with a bank's internal policies, AML requirements, adherence to international sanctions, and transparency concerning the income of American citizens. These requirements are well-known, straightforward, and comprehensible. The SEC's approach to cryptocurrencies and remote authentication is accommodating, with permissions for the establishment of cryptocurrency ETFs being granted and the use of VERIF video registration being adopted for autentificare. Recognizing the significance of adhering to the Dominican Republic's regulatory requirements, we aspire towards a business and local banking sector disposition as favorable as that of the United States. We hope to discover many like-minded individuals in this venture, extending an invitation to all interested parties to collaboratively partake in the creation of our collective, dare I say, people's Bank of the Future.

And this is not the only country of the Caribbean that is growing in term of tech and bank entrepreneurship:
Jamaica together with Haiti and Cuba with its recent opening and its highly educated population is the next destination we wishes to add on our map.