ROSEAU, Dominica,
Dec. 31, 2017 /PRNewswire/ -- In late 2018, Digibank joins the ranks of Class-A licensed offshore banks of the Commonwealth of
Dominica
. 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 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.
With the rise of 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.