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.”