Banco Industrial became the first bank in Guatemala to integrate blockchain technology into its mobile app, simplifying access to fast and low-cost transfers from the U.S. for its customers.
Banco Industrial, the largest bank in Guatemala, implemented the blockchain solution SukuPay into its mobile banking app, Zigi. Bank clients can receive transfers from the U.S. using only their phone number, with a fixed fee of $0.99.
Banco Industrial is the largest private bank in Guatemala, with over 1,600 service points across the country. According to The European, the bank’s assets exceeded $18 billion in 2023. It also operates in Honduras, Panama, and El Salvador and plays an active role in cross-border remittances in Latin America.
The integration of SukuPay into Banco Industrial’s infrastructure is the first use of blockchain technology within a TradFi banking app in Latin America. This initiative enables instant and affordable international transfers without the need for bank accounts, SWIFT codes, or intermediaries. Zigi users can send and receive U.S. dollars simply via phone number. The app users don’t need a crypto wallet or an international bank account number (IBAN) to receive funds.
SukuPay technology is built on blockchain infrastructure that remains invisible to end users, all operations run in the background. SukuPay ensures transaction security and transparency through a decentralized digital asset management system.
Guatemala is one of the leading recipients of remittances in Latin America. The country receives around $21 billion annually from citizens working abroad. However, the remittance market suffers from high fees ranging from 6% to 10%, along with processing delays, which especially impact vulnerable populations.
The integration of blockchain technology into Zigi highlights the growing trend of financial digitalization in Latin America, where digital payments are rapidly gaining popularity . In 2024, stablecoins became the primary tool for protecting savings in LATAM countries, with approximately 43% of all regional remittances made using digital assets.
