“Banreservas not only accompanies Dominicans wherever they are, it also brings the Dominican Republic to the world and the world to the Dominican Republic,” says Dr Leonardo Aguilera, chief executive officer at the Dominican Republic’s largest financial institution.
With offices in Madrid, New York and Miami, the bank’s strategy is deliberate: consolidate operations before extending into new territories. The United States represents its primary focus, with the financial centre of New York and the tourism and trade hotspot of Miami as strategic hubs hosting the largest Dominican communities. From these cities, Banreservas aims to extend services to those in New England, Greater Florida and other areas with significant migrant concentrations.
In Europe, the Madrid office serves Dominicans in Spain while acting as a gateway to Italy and Germany, where diaspora, investment and tourism converge. This approach ensures every expansion step is supported by already profitable, efficient and sustainable operations.
Beyond remittances
Whilst remittances remain fundamental, Banreservas has developed a model extending far beyond money transfers. Its international offices now function as centres for banking inclusion, investment and foreign trade.
Special programmes allow unbanked Dominicans in the US to open simplified accounts and access digital products connected to the Dominican Republic. The bank facilitates mortgages for Dominicans abroad, finances real estate and tourism projects, and opens opportunities for non-resident investors. The Miami office has evolved into a specialised hub connecting Dominican exporters with North American importers, creating opportunities for trade finance, international factoring and supply chain finance programmes.
At forums such as the Felaban assembly, Banreservas promotes strategic alliances beyond correspondent relationships. These include community banks in the US enabling access to Dominican communities in cities without direct presence; multilateral and development banks channelling investment into infrastructure, tourism and sustainability projects; and regional fintechs facilitating digital payments and strengthening financial inclusion.
Removing tech barriers
Digitalisation in Latin America faces specific challenges requiring tailored solutions. Beyond sponsored data access on its mobile application, which enables transactions without consuming mobile data, the bank is addressing region-specific barriers.
“One of the main challenges in digital onboarding is the availability and quality of official data, which directly impacts the speed and reliability of validation,” says Aguilera. Despite these barriers, Banreservas has implemented a 100% digital onboarding process supported by biometrics and document validation. This proves especially relevant in remote or rural areas with limited branch presence. The bank collaborates continuously with the Dominican government to improve official data source quality.
Supporting central government efficiency, Banreservas is centralising state benefit distribution through a digital platform allowing citizens to register, update their data and access programme information from anywhere, eliminating physical travel and manual processes.
Through MIO Banreservas, the bank promotes simple digital accounts as a gateway to banking for traditionally underserved segments. The virtual assistant Alma, powered by artificial intelligence, provides round-the-clock digital assistance through WhatsApp. Authentication has been strengthened with the Digital Token, eliminating physical devices through a modern, secure scheme.
A network of over 3,300 ATMs and banking subagents nationwide allows cash access without visiting branches. The bank also launched TuEfectivo, enabling cash withdrawals using a code sent to the recipient, even if they are unbanked, serving as an entry point to banking for thousands.not only benefit our customers, but also contribute to the common good,” says Pereyra.
Closing infrastructure gaps
“The greatest cross-border gap in Latin America is not the lack of technology, but the fact that each country and each bank operate under different rules and formats,” says Aguilera. The region’s payment and settlement infrastructure lack an interoperable regional framework.
Banreservas is driving common data exchange standards such as open banking so that information and payment instructions are understood uniformly across institutions. It is implementing standards such as ISO 20022 and open APIs within its digital infrastructure to foster these integrations.
Experience in financing tourism projects domestically built the bank’s international capabilities, enabling it to explore cross-border opportunities.
“Our experience in financing tourism projects at the national level has laid a solid foundation of technical knowledge, risk management, and financial structuring. This now allows us to capitalise on cross-border opportunities with greater confidence and efficiency,” Aguilera explains.
This expertise means the bank can identify strategic opportunities in the Caribbean and Latin America, where conditions often resemble the local environment. It also positions it to support domestic clients in their expansion processes abroad. Participation in international fairs and multilateral platforms has expanded the bank’s network, facilitating joint financing structures with other regional financial institutions.
The bank’s tourism division supports the entire value chain, extending beyond major hotel chains to include businesses in various tourist destinations. Banreservas actively supports development of strategic destinations such as Miches, Punta Bergantín and Cabo Rojo in Pedernales, supporting employment and local economic growth.
Regional Financial Inclusion
Financial inclusion has been at the heart of Banreservas’ domestic agenda through Bancarizar es Patria, which has integrated more than 900,000 Dominicans into the formal financial system — transforming access into empowerment. The natural next step is to scale this vision beyond national borders.
“At a regional level, we see financial inclusion as both a driver of competitiveness and a tool for social cohesion,” says Aguilera. Banreservas is promoting cross-border inclusion by linking remittances with investment opportunities, turning diaspora transfers into capital for housing, entrepreneurship, and education.
At the center of this transformative approach lies PUEDO — Financial Education Program for students and educators. This pioneering initiative, developed in partnership with the Ministry of Education, brings financial literacy directly into public schools. It equips students from the last years of primary and secondary education, as well as teachers, with the tools to understand money, manage credit responsibly, and make informed financial decisions. In just months, PUEDO has reached more than 5,000 of young Dominicans, laying the foundation for a financially capable generation.
Banreservas is now sharing this model across Latin America, positioning education as the cornerstone of sustainable inclusion. Through strategic partnerships with fintech’s and regional networks, the bank is advancing digital integration to ensure low-cost, secure, and efficient financial access for all.
“Our vision is simple yet ambitious: inclusion should not stop at borders. A Dominican abroad should find in Banreservas not only a bank, but a lifelong partner for growth and transformation,” Aguilera adds.
