Santo Domingo.- Multiple Banks Association of the Dominican Republic (ABA) extended its congratulations to the members of the newly formed National Congress, initiated on August 16, and expressed its confidence in the prompt resumption of the analysis of essential legislative initiatives to regulate key areas such as financing means, data protection, the retentive embargo process, and cybersecurity.
Through a statement, the ABA declared itself “optimistic” regarding the possibility that senators consider the legislative proposal to regulate leasing (financial leasing), a tool that allows companies to enjoy the use of assets without the need for large initial outlays, counting on the alternative of buying them at the end of the contract for their residual value.
This mechanism would promote the growth of micro, small, and medium-sized enterprises (mipymes), as well as the bill that seeks to regulate factorage contracts, with the purpose of providing a legal framework that facilitates businesses to advance the collection of their credit sales, thus improving their financial liquidity and payment capacity, the organization noted.
Similarly, mention was made of the reintroduction of the legislative proposal that contemplates the creation of Reciprocal Guarantee Societies, a risk-sharing scheme between the public and private sectors that would allow mipymes to access better credit conditions, in terms of interest rates and terms.
On the other hand, the banking association highlighted the importance of another bill in the hands of senators, aimed at regulating the retentive embargo in the Dominican territory, with the objective of preserving the dignity and rights of consumers and preventing the misuse or distortion of this legal figure.
Meanwhile, in the Chamber of Deputies, the bill on the management of cybersecurity in the country is being debated, an initiative that the ABA considers crucial to offer an adequate response to digital threats, in line with technological progress and the challenges posed by global interconnection.
“The banking industry is in constant dialogue with legislative bodies, contributing constructively and pertinently to the examination of these legislative initiatives, which play a vital role in promoting the growth of productive sectors, safeguarding consumer rights, and creating a secure environment in the cyber sphere,” the ABA stated.
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