Banco Industrial becomes the first bank in Guatemala to integrate SukuPay into the Zigi app, allowing remittance reception with just a phone number at a fee of 0.99 USD.
Banco Industrial, the largest private bank in Guatemala with over 1,600 transaction points, has integrated the SukuPay blockchain solution into its mobile banking app Zigi. As a result, customers can receive money transfers from the United States using only their phone number with a fixed fee of 0.99 USD.
According to The European magazine, Banco Industrial's total assets exceeded 18 billion USD in 2023. In addition to Guatemala, the bank also operates in Honduras, Panama, and El Salvador, playing a crucial role in the Latin American remittance market.
The integration of SukuPay into Banco Industrial's infrastructure marks the first time blockchain technology has been applied in a traditional banking app in Guatemala and Latin America. This initiative allows instant and low-cost international money transfers without the need for a bank account, SWIFT code, or intermediaries. Zigi users can send and receive USD solely through their phone number, without requiring a crypto wallet or IBAN.
Blockchain technology behind a user-friendly interface
SukuPay is built on a blockchain platform, but the technological infrastructure is operated completely behind the scenes, without requiring end-users to understand or directly interact with blockchain. The system uses decentralized digital asset management to ensure safety and transparency for transactions.
Guatemala is one of the largest remittance-receiving countries in Latin America, with annual money flows of around 21 billion USD from citizens working abroad. However, the traditional remittance market suffers from high fees ranging from 6% to 10%, along with processing delays, heavily impacting vulnerable population groups.
The integration of blockchain technology into the Zigi app demonstrates the increasing digital transformation trend in the Latin American financial sector, especially in digital payment areas. In 2024, stablecoins have become the primary tool for protecting savings value in many countries in the region, with approximately 43% of total remittances being conducted through digital assets.
