FinConecta in the News

Re-thinking finance by leveraging Open Banking

By May 19, 2021 December 13th, 2023 No Comments

For 3 years in a row, Banco Fihogar from Dominican Republic was recognized by FinTech Americas “Financial Innovators of the Americas Award¨, this year as Disruptive Innovation in Financial Services. This award acknowledges individuals and institutions that are re-imagining finance in the Americas to be faster, efficient and more inclusive.

Alan Muñoz, Executive Vice President of the institution, and a force of innovation not only in his country, but in the Latin America and Caribbean Region as well, has pioneered the first Open Banking Developer Portal (**) in Dominican Republic, tapping into the power of crowdsourcing solutions by collaborating with 3rd party providers. 

“For us, this initiative is a key move forward. Opening our APIs and engaging fintech in the development of solutions allows Fihogar, among other benefits, to monetize its infrastructure by entering into a banking-as-a-service model. This is a new concept for the industry in Dominican Republic, as well as in other countries in the Region and worldwide”, Alan remarks.

The ability to disrupt the financial sector, by creating new business models and accelerating time to market is a core attribute of the technology supporting Developer Portals based on Open Banking architecture. It permits solving client pain points, bring access to unbanked populations, and find new ways to monetize FI’s infrastructure.

FinConecta is proud to be the technology solution enabling Fihogar’s developer portal and its banking-as-a-service strategy, with an API-based platform that simplifies and accelerates Open Banking and digital transformation.

Congrats Alan and the Fihogar Team! You did it… again!

(**) Project in development subject to Regulator’s approval