New offshore bank to open in Dominica

View of Roseau the capital of Dominica

A new offshore bank has announced plans to begin operations in Dominica in 2018.

In a press release, Digibank said it has joined the ranks of Class-A licensed offshore banks on the island.

“Poised to ride the trend of globalized wealth, Digibank aims to incorporate technology to traditional offshore bank services to achieve 3 crucial comparative advantages, namely full digitalization, faster processing speed and lower transaction cost,” the press release said.

The release continued, “The Commonwealth of Dominica is one of the nine members of the Eastern Caribbean Central Bank (ECCB). Its conservative policy of building up exchange cover for the Eastern Caribbean dollar to a much greater extent than required by its basic Agreement has led to monetary stability for member countries and made the EC dollar one of the strongest currencies in the region.”

The bank said with the rise fo Fintech “and the proliferation of business models that ride on technological innovation, the world has seen unprecedented arrivals of new companies that offer financial services that is not limited by geography. Asian Tech giants such as Alibaba and Tencent all have a great vested interest in this area.”

Digibank said it is entering the financial industry “with a strong inclination towards technology, riding the Fintech wave of innovation that has only just taken flight.”

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  1. derp
    March 9, 2018
  2. John
    January 6, 2018

    Another place for criminals to do their money laundering of drug money.

  3. Scorpiocrab
    January 3, 2018

    I do hope that the government know who they are sleeping with. These people are based in India and are accused of being scammers!!!

    • Anonymous
      January 3, 2018

      Birds of a feather flock together. You know, when travelling now, even in Caricom I’m not using my Dominica passport, it is drawing too much of the wrong kind of attention.

  4. anonymous2
    January 3, 2018

    Another ponzi scheme on this island. Stay away from it. And yet this sham of a government endorses it because it allows it. Just like the passport scheme for the criminals running from the justice system.

  5. Rowrowbaby
    January 2, 2018

    Just another way for the big leagues to hide their monies and not pay taxes and some money laundering, good luck I am out.

  6. Wake up
    January 2, 2018

    Time to move lol

    Digital currencies are subject to black out and other computer related failures
    Gold is what we need to focus on, Africa will be on top.
    Digital currency, anyone can add a few zeros
    Like they print more paper money lol

    • January 3, 2018

      If you think that “anyone can add a few zeros” you literally have no idea how they work.

    • bause
      January 3, 2018

      People who don’t understand how crypto works, really shouldn’t comment on it.

      • Anonymous
        January 3, 2018

        I value freedom of speech and expression above anything else, even crypto currency, don’t you?

      • January 3, 2018

        Please. Freedom of speech doesn’t mean one is compelled to blurt out every poorly informed thought that comes to mind, and you know it.

      • Anonymous
        January 4, 2018

        Indeed Steve, they are not compelled- but are st liberty to do so. That is the beauty, and real essence of free speech.

    • Anonymous
      January 4, 2018

      You can’t eat gold my boy. All it will do is give you indigestion.

  7. Real!!!!
    January 2, 2018

    Not a fan of this type of operations as it always attracts nefarious characters and will not create jobs for the unemployed on the island.

    What is in the agreement for us as a country???
    1. Are they contributing a % of the revenue for rebuilding and restoration?
    2. Are we receiving money to grow the Manufacturing basin , Agricultural and Tourism arm in this country?
    3. Are they going to help build a first Class economy like Singapore in which they now operate?

  8. derp
    January 2, 2018

    hmm cryptocurrencies, you mean like Bitcoin, tsk tsk ah Dominica you all had the opportunity to embrace Bitcoin, or the blockchain but didn’t smh now look an offshore bank is going to make money instead of local Dominican people…..

    • Daily Bugle
      January 4, 2018

      I always reflect on this. When I remember the Prime Minister saying that Bitcoin was coming to Dominica. I was one of the people at that time who was a bit skeptical. But now that I am more educated on this, that would have been a big boost into the right direction. We would probably be the most advanced nation of cryptocurrency operations in the region. Meanwhile the anonymous creator of bitcoin ‘Satoshi Nakamoto’ allegedly owns 19 billion US worth of bitcoins in his KNOWN accounts.

  9. Jonathan Y St Jean
    January 2, 2018

    Dominica seems to be a magnet for nefarious persons and organizations so I’m wondering what background checks were made on this digibank.I don’t want the Skerritt cabal to bandy around the word due diligence anymore when a simple internet search can and should have revealed so much negative information on Monfared and Madweke et al.I only hope that there was scrutiny of this foreign offshore bank that Dominica doesn’ t get another black eye.To be honest I’m not holding my breath

    • Neville
      January 3, 2018

      Birds of a feather flock together…

  10. deWiz
    January 2, 2018

    Jobs ..This can give me a job….I want to launch an online application this can give me ideas…..

    Hope they hiring.

    • Anonymous
      January 2, 2018

      Silly boy. This is a virtual operation with its domicile in Dominicafor tax purposes and non-disclosure of ownership or bebpneficiaries. This is not a high street bank and I doubt they even have a physical office here.

      • Dewiz
        January 3, 2018

        who you calling silly boy.. this companies will always have an office on island idiot. I know it’s not a customer bank. I was talking about TECHNOLOGY …they might have server infrastructure on island for load balancing or some other communication infrastructure on island.

        It’s a digital firm I get that..IDIOT MAN…However; they still do backups..they still use emails.. and they still maintain a web interface so they just might host servers on island.

        For people like me that interested in that kinda stuff it might be an opportunity for me..I never say is for all TOMs..all u like to jump on politics when some-one making a simple comment..

        I hope you still have your roof.

  11. T
    January 2, 2018

    Good lusk with that but I cannot see how this benefits the ordinary citizen.

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