Ernesto Armenteros

Ernesto attended Concordia University in Montreal Canada from 1984 to 1989 after which he moved to Santo Domingo and worked on several innovations at the delivery end of Remesas Quisqueyana, Inc. (RQI), a money remittance company acquired by his family in 1986. He rose through the ranks to become the CEO in 1993 and eventually its Executive VP.

Under their leadership, RQI became a leading remittance company to the Dominican Republic, considered one of the most competitive remittance corridors in the United States. During this period, RQI also diversified, expanded and evolved into a highly computerized and sophisticated operation with outlets in over half of the United States, plus Spain and Italy, serving millions of customers.

The software they developed, and the controls instituted at RQI, earned Ernesto numerous panel appearances and consultations from regulators on anti – money laundering systems, alternative methods for remittance payments, ancillary services for immigrants (travel, communications, courier and cargo, tax returns), remittances through the Internet, etc. He participated in congress hearings with remittance expert Manuel Orozco explaining the money transfer industry.

His work with micro lending as a Director and then President of the Fundacion Dominicana de Desarrollo (FDD) has also echoed in the subjects of remittances and development, and the integration of emigrants and their families to the financial mainstream.

In 2007-2008 the Dominican operation was transformed into Banco Union (Banco de Ahorro y Crédito Unión) a partnership with the mission of banking the “unbanked” remittance recipients through financial education and specialized products and Ernesto serves both as an Executive at the Bank and a member of the Board.

Ernesto is a founding Director of The National Money Transmitters Association (NMTA) and other trade organizations. He is also the President of the Fundación Dominicana del Desarrollo, a NGO that helps to foster business development in the DR.