tl;dr
Banco Industrial, Guatemala’s largest bank, has integrated blockchain technology into its mobile payment app, Zigi, in collaboration with digital asset service provider SukuPay to facilitate faster and cheaper cross-border remittances without requiring IBANs or digital wallets. This move aims to boo...
Banco Industrial, Guatemala’s largest bank, has integrated blockchain technology into its mobile payment app, Zigi, through a partnership with digital asset provider SukuPay. This integration enables users to send and receive instant, low-cost cross-border remittances without needing IBANs or digital wallets, charging a flat fee of $0.99 per international transaction. The move aims to increase Web3 adoption across Latin America, a region notable for high remittance volumes, including Guatemala's $21 billion annual inflows. Banco Industrial’s regional presence in Panama, El Salvador, and Honduras positions it to impact the broader Latin American remittance market.
Latin America is rapidly embracing Web3, driven by stablecoin use as protection against inflation and for cross-border payments. Brazil and Argentina lead the region’s digital asset adoption, with initiatives like blockchain-based digital IDs underway in Buenos Aires. Guatemala is poised to accelerate its blockchain adoption following Banco Industrial’s blockchain efforts.
The World Economic Forum (WEF) supports a blockchain-based platform called the Twin Foundation, developed in partnership with the Iota Foundation, to digitize international trade documents. The Trade Worldwide Information Network (Twin) facilitates secure and transparent data exchange between supply chain participants, starting with a pilot in Kenya involving government customs and revenue agencies. This platform replaces traditional paper trade documents with tamper-proof digital versions, reducing costs and processing times while enhancing transparency and control over document sharing.
WEF champions blockchain’s role across global finance, trade, and the transition to green energy. It highlights tokenization’s potential in investments and supports discussions on blockchain-based digital IDs under an international framework. Nevertheless, the WEF favors central bank digital currencies (CBDCs) over stablecoins for enhancing digital monetary systems worldwide.