Economy February 15, 2024 | 4:05 pm

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CABEI and Mastercard unite for digital innovation in Central America and the Dominican Republic

Santo Domingo.- CABEI and Mastercard have forged a strategic alliance to drive innovation and digitalization across Central America and the Dominican Republic, with a primary goal of accelerating financial inclusion and economic development in the region. This collaboration focuses on vital sectors of local economies, aiming to foster growth through innovative projects that support regional integration. One key aspect is the promotion of access to financial services for unbanked and underserved populations, utilizing advanced technological solutions to bridge gaps in financial inclusion.

A significant target of this partnership is to expedite the digitalization of micro, small, and medium-sized businesses (MSMEs), facilitating their expansion within the rapidly evolving digital economy. The collaborative efforts will also extend to the development and fortification of Fintechs and other ventures through education programs, best practices, and joint incubation and acceleration initiatives. By strengthening these elements, the alliance seeks to enhance the overall economic landscape of the participating countries.

The initiative additionally emphasizes the modernization and digital transformation of crucial public sector institutions, which play a vital role in supporting the development of MSMEs and Fintechs. Leveraging the capabilities of both parties, this collaboration harnesses the synergies created by public-private alliances, working towards a more efficient and technologically advanced public sector.

Gisella Sánchez, the executive president of CABEI, expressed the significance of this partnership in terms of regional integration, stating, “Our partnership with Mastercard is based on a strong commitment to regional integration. By joining forces, we not only strengthen our economies but also create a network of opportunities that transcends national borders. This is a firm step in our mission to create a more united, resilient, and prosperous region.”

In addition to these priorities, the collaboration identifies electronic commerce and logistics as another key area, aiming to establish a Central American Logistics Network. This network seeks to digitize and modernize mail services for parcel shipping within the region, ultimately facilitating and expediting the commercial exchange of MSMEs.

Germán Roson, Cluster Lead for Central America and the Dominican Republic at Mastercard, highlighted the importance of empowering MSMEs in the region, stating, “Through strategic alliances, such as the one we established with CABEI, we can provide simpler, faster, and more convenient payment experiences, contributing to the construction of an inclusive and equitable economy.”

Finally, the alliance turns its attention to the tourism sector, leveraging the capabilities of CABEI’s Regional Center for Innovation and Technology (CRIT) in Tegucigalpa, Honduras, and Mastercard’s Tourism Innovation Hub (TIH) in Madrid, Spain. This collaboration aims to utilize data analytics tools, innovation cases, international best practices, and research to co-create solutions for a more sustainable, inclusive, and resilient tourism industry in the region.

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