Dominican Republic seeks to promote new alliances with the United Kingdom

The governor of the Central Bank of the Dominican Republic (BCRD), Héctor Valdez Albizu, and the ambassador of the United Kingdom, Mockbul Ali Obe, had a meeting that could open new fields of cooperation between the two nations.

The ambassador was very interested in the high technological level implemented by the Central Bank for the Dominican financial system and opened the possibility of co-participating in its evolution through British development centers, according to a statement from the institution.

Too examined the existing horizons for increasing commercial and industrial exchange, attending to the Dominican potentialities in the agricultural area, such as cocoa, bananas and Caribbean fruits.

Previous meetings

The note specifies that previously the Central Bank and different British organizations have participated in virtual meetings through which the Dominican Republic has been able to exchange with top-level technicians and specialists in the field of cybersecurity, payment methods and new digital technologies.

Valdez Albizu explained to the British ambassador the remarkable efforts being made in our country to be at the forefront of monetary, economic and financial technology, so that today, the Dominican Republic is a leading nation in Latin America in lines such as cybersecurity and means of payments.

The note highlights that the country’s financial system is equipped with one of the most advanced cybersecurity technologies in the world, an achievement carried out with the collaboration of professionals from the United States Department of the Treasury, Israeli security agencies, technicians from the International Monetary Fund (IMF), among other public and private organizations.

“The Central Bank has carried out actions aimed at evaluating the strengthening of cyber security and information functions, in order to keep the technological infrastructure of the institution and the Payment System of the Dominican Republic (SIPARD) duly protected” , stated Valdez Albizu.

He added that in the country, capacities have been developed to manage vulnerabilities, events and possible cybersecurity incidents with the application of multiple layers of protection and New authentication factors have been implemented to reduce fraud in all electronic channels.

Valdez Albizu also highlighted the macroeconomic stability that the Dominican Republic offers to investors and said that this has been one of the Latin American countries that has best confronted the COVID-19 pandemic, in a climate of legal security and a growth perspective by 2021 around 5% of GDP.

The governor was accompanied by Vice Governor Clarissa de la Rocha de Torres; the Deputy Manager of Monetary, Exchange and Financial Policies, Joel Tejeda; and the assistant manager of Systems and technological innovation, Fabiola Herrera.

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