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In 2024, Puerto Rico’s banking system will play a key role in the recovery from Hurricanes Irma and Maria and the $70 billion debt crisis. Banks are actively adapting to new realities by innovating and enhancing digital transformation. Mobile banking usage has increased by 30% since 2022, prompting banks to strengthen cybersecurity measures.
Traditional banks remain market leaders, with projected revenue of $15.34 billion, supporting individuals and businesses on the island. At the same time, community banks are strengthening their positions with personalized services, leading to a 15% increase in lending to SMEs over the past year.
The Commissioner of Financial Institutions has introduced more flexible capital requirements, incentivizing active lending, especially in underserved areas. These measures have been welcomed by banks looking to expand their customer bases.
Banks are showing growing interest in sustainable finance, offering green loans and financing for renewable energy projects. Green finance is expected to account for more than 10% of the total loan portfolio of major banks in 2024.
Forecasts indicate that Puerto Rico’s banking sector will grow steadily, with net interest income increasing at a CAGR of 2.83%. By 2029, the market size is expected to reach $19.80 billion. Thus, in 2024, Puerto Rico’s banking sector is on the cusp of significant opportunities, ready to make an important contribution to the island’s economic revitalization.
Puerto Rico presents a compelling and cost-effective option for those seeking an offshore banking license. Puerto Rico’s advantages make it a highly attractive alternative in a landscape where traditional offshore jurisdictions are dwindling. International Fintech Business (IFB) provides extensive professional help in getting offshore permits for banking institutions, including jurisdictions like Puerto Rico. We’ve been present in this field for a long period and operate all over the world. Our experts can also offer you a wide list of ready-made banking licenses for sale. Contact us right now.