Mark W. Begor, CEO and Board Member of the data company, highlights the growth of financial inclusion in the country.
Begor, along with regional and local directors, emphasized the expansion of banking access through increased financial inclusion in the Dominican Republic, achieved in partnership with the leading data company.
According to the Global CEO of Equifax—a company that has invested US$1.5 billion worldwide in technological transformation—the Dominican Republic is “an excellent place to invest,” and he underscored “a strong commitment to remain here.”
Mark W. Begor, Global CEO of Equifax, stated in an interview with Listín Diario that this was his second visit to the country and he plans to return next year. “The Dominican Republic is excellent. That’s why we’re here,” Begor said.
The company is very pleased with its entry into the Caribbean nation three years ago, when it acquired Data Crédito. It is the only company operating with cloud-based data in the country, and its results are highly promising: one million people without access to formal credit have now been included in the banking system, gaining access to lower-cost financing.
Equifax is a data technology company that works with government institutions as well as banks, insurance companies, telecoms, and retailers, helping them offer credit services in the countries where they operate and to individual consumers.
Its global strategy is to continue expanding in countries like the Dominican Republic. A year ago, the company entered Brazil, and it seeks to replicate that growth to enable more people to access banking services.
Over one million people have been included in the banking system in the country
In the past three years, over one million people have gained access to banking in the Dominican Republic, including 465,000 in just the last year. “That’s good for Equifax, for our clients, and for the country,” said CEO Mark Begor.
He noted that one of the company’s key objectives is continued global growth, including in the Dominican Republic. The aim is also to be more agile in acquiring and processing data, transforming it into analytics, and introducing new services to further promote financial inclusion.
The CEO was accompanied by Chris Jones, Regional Director, and Albert Adam, Local Director. Begor explained that the company’s financial purpose is to help people improve their financial health and credit scores in the local market.
Equifax has a 125-year history. “It’s an old company, but a new one,” said Begor. It operates in 25 countries, including the United States, and in 12 Latin American nations, including the Dominican Republic, which he described as a “strategic market.”
Financial inclusion on the rise
On financial education, the global CEO said the primary goal is to help people improve their financial health in the local market, especially by understanding and improving their credit scores.
Regional Director Chris Jones pointed out that one of the government’s goals is to increase banking inclusion—and they are helping to achieve that.
Albert Adam, Equifax’s local director, revealed that four million people in the Dominican Republic—one million per year—have received goods or services through Equifax’s tools. These tools have generated key insights, such as showing that individuals who previously relied on informal lenders with monthly interest rates of 20% (equivalent to 244% annually) are now receiving formal loans from institutions at rates as low as 12% annually.
He emphasized that the positive impact on vulnerable populations has been substantial—not only fostering formal employment but also expanding access to formal credit.
He noted that formal employment and access to formal credit are the two main pillars of financial inclusion.
Dominican Talent
During the interview, Regional Director Chris Jones highlighted that Equifax has found strong tech talent in the Dominican Republic.
Profile of Mark W. Begor
Begor was appointed CEO of Equifax and a member of the Board of Directors in April 2018.
Before joining Equifax, he served as Managing Director of the Industrial and Business Services Group at Warburg Pincus, a $40 billion private equity firm focused on growth, with more than 120 portfolio companies.
He also served for two years on the Board of Directors of FICO. Prior to that, he spent 35 years at General Electric, most recently as President and CEO of GE Energy Management, a business with $8 billion in assets. He had also led GE Capital Real Estate and GE Capital Retail Finance (Synchrony Financial), doubling the business in size under his leadership.
Begor was a Senior Vice President and member of GE’s Corporate Executive Council for 10 years and a GE officer for 19 years. He also served as CFO of NBCUniversal Media and led GE’s Investor Relations, overseeing numerous acquisitions and divestitures.
He has served on the Board of NCR Corporation since February 2020 and became Lead Independent Director in March 2021. He is also on the boards of Dartmouth-Hitchcock Medical Center and the U.S. Ski and Snowboard Foundation.
Begor holds a bachelor’s degree in finance and marketing from Syracuse University and an MBA from Rensselaer Polytechnic Institute.
The Company
Globally, Equifax manages 820 million consumer records and 91 million business records. In 2023, it reported revenues of US$5.3 billion. The company has 15,000 employees across 25 countries. It is publicly traded on the New York Stock Exchange under the symbol EFX.
In the Dominican Republic, it began operations in 2022. It streamlines commercial transactions and provides solid business support through differential data, innovative analytics, and state-of-the-art technology for both financial and non-financial industries.
It operates with more than 100 professionals, serving over 3,000 companies and 3.4 million users.
Equifax Cloud leads the way in security for 100% cloud-based services.
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