Guatemala’s largest bank, Banco Industrial, has integrated Miami-based fintech SukuPay’s blockchain-powered payments service into its Zigi mobile banking app, enabling users to receive instant U.S.-to-Guatemala transfers for a $0.99 fee.
The partnership marks a significant leap in remittance technology. Using stablecoin’s USD Coin (a cryptocurrency tied to the U.S. dollar), funds are sent and converted into Guatemalan Quetzals within 20 seconds. Users need only a registered phone number on the Zigi app to receive payments – no bank account required.
“This isn’t just a feature – it’s a financial infrastructure upgrade,” said SukuPay CEO Yonathan Lapchik. “We’re powering real-world payments that work for everyone, including the unbanked.”
With Guatemala receiving over $21 billion in U.S. remittances annually – second only to Mexico in Latin America – the new system addresses the key pain points of high fees and slow transfers. SukuPay estimates the region sees $165 billion in annual remittance flows, with Guatemala accounting for nearly 13% of all cross-border transfers from the U.S.
Instead of building a costly and time-consuming international transfer system from scratch, Banco Industrial chose to embed SukuPay’s technology directly into Zigi. “With SukuPay’s infrastructure, we’re not just improving remittances, we’re setting a new standard,” said Michel Caputi, head of strategic alliances at Banco Industrial.
The move positions Banco Industrial as the first Latin American bank to fully adopt stablecoin technology for remittances, offering faster, cheaper, and more inclusive financial services in a region heavily reliant on cross-border payments.
