Source: Cointelegraph
Original: “Guatemala's Largest Bank Integrates Blockchain for Cross-Border Payments”
Guatemala's largest bank, Banco Industrial, has integrated the cryptocurrency infrastructure provider SukuPay into its mobile banking application, allowing locals to more easily receive remittances powered by blockchain technology.
SukuPay's infrastructure has been fully embedded into the Zigi payment application, which the company disclosed on May 21, enabling Guatemalans to receive funds instantly from the United States for a fixed fee of just $0.99.
The company stated that users of the Zigi application do not need a cryptocurrency wallet or an International Bank Account Number (IBAN) to receive funds.
SukuPay CEO Yonathan Lapchik told Cointelegraph in an interview, “The key to mainstream adoption of blockchain technology is to make the end user feel that it is not there, so there are no technical barriers.”
Yonathan added, “This is the only way we can scale blockchain to billions of people—by building the infrastructure, not by forcing people to learn how it works.”
Banco Industrial was established in 1968 and has over 1,600 service points in Guatemala. As of 2023, its assets exceed 1.5 billion Guatemalan quetzals, approximately $20 million. SukuPay stated that the integration with Zigi marks the first crypto-native protocol used within a major retail bank in Latin America.
The bank also operates in Honduras, Panama, and El Salvador, making it a key player in the local remittance market.
Remittances, or funds sent by immigrants to their home countries, play a crucial role in Guatemala and the broader region.
The Inter-American Development Bank predicts that remittances to Latin America and the Caribbean will reach approximately $161 billion in 2024. Monthly remittances typically range from $131 to $648, accounting for 6% to 23% of the sender's average income.
Yonathan stated in an interview with Cointelegraph, “Remittances are the lifeline of this region, but they have issues.”
He pointed out, “In Guatemala alone, there are $21 billion in remittances each year, with families losing 6% to 10% of that due to fees and delays. These people send $300 or $400 a month; they cannot afford to wait several days or pay such high fees to send money home.” He added:
“When crypto technology is used correctly, it can solve this problem. It allows us to transfer funds instantly at a very low cost and integrate it into the banking applications that people are already using.”
According to a 2024 Chainalysis study, Latin America is the second-fastest-growing region for crypto adoption, although Guatemala lags behind regional leaders Argentina, Brazil, Mexico, Venezuela, and Colombia.
The study noted that stablecoins are the main driving force behind adoption in the region.
Yonathan stated that stablecoins make cross-border transactions more convenient, but he also mentioned, “People don’t just wake up one day and say, I need a stablecoin.”
He added, “Stablecoins are just the best way to achieve this goal.”
Related: Robinhood Proposes Rules to SEC for Tokenized Real-World Assets (RWA)
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