Guatemala’s largest bank, Banco Industrial, has officially integrated crypto infrastructure provider SukuPay into its mobile banking ecosystem, marking a major milestone in Latin America’s adoption of blockchain-powered financial services. Announced on May 21, the partnership embeds SukuPay’s backend technology directly into Banco Industrial’s Zigi payment app, enabling near-instant U.S.-to-Guatemala remittances for a flat $0.99 fee.
No Wallets or IBANs Needed
One of the standout features of the integration is its ease of use. Recipients in Guatemala can now receive funds from the United States without needing a crypto wallet or an International Bank Account Number (IBAN). The seamless design reflects a deliberate strategy to hide the blockchain complexity from users, aiming to make the technology function as a frictionless financial tool.
A Landmark Move for Latin American Banking
Founded in 1968, Banco Industrial operates more than 1,600 service points across Guatemala. As of 2023, the institution reported over 150 million Guatemalan quetzals in assets, equivalent to about $20 million USD. SukuPay’s integration into the bank’s digital payment infrastructure makes it one of the first crypto-native protocols embedded in a major retail bank in the region.
