Major Guatemalan Bank Adds Stablecoin for Cross Border Payments

In a significant step forward for financial tech in Latin America, SukuPay, a fintech innovator specializing in seamless cross border payments, has fully integrated its stablecoin remittance engine into Zigi, the mobile banking app of Banco Industrial, Guatemala’s largest bank. This collaboration marks a milestone as the first instance of a crypto native protocol being deeply embedded within a leading Latin American retail bank’s infrastructure, delivering instant, affordable, and user-friendly remittance services to everyday customers.

Guatemalans can now receive funds from the United States in under 20 seconds for a flat fee of $0.99, using only a phone number through the Zigi app. This streamlined process makes cross border payments as simple as sending a text message. Yonathan Lapchik, CEO of SukuPay, emphasized the transformative nature of this integration, stating, “This isn’t just a new feature for Banco Industrial’s customers. It’s a complete upgrade to the financial infrastructure, enabling real-world payments that are fast, affordable, and accessible to everyone, whether they’re banked or unbanked.”

By using the USDC stablecoin, SukuPay hides the complexities of crypto from users, providing a smooth and familiar banking experience.

Transforming Remittances in Latin America

Remittances play a vital role in Latin America’s economy, with over $165 billion sent annually from the United States to the region. Guatemala alone receives more than $21 billion each year, making it the second-largest remittance recipient in Latin America after Mexico.

However, traditional remittance services often burden users with high fees, slow processing times, and cumbersome interfaces. SukuPay addresses these challenges by embedding its technology directly into the Zigi app, allowing users to send and receive money using phone-number-based identity. Whether the transfer is initiated via debit card, Apple Pay, or cash at major retailers like Walmart or CVS, funds arrive instantly, 24/7.

Rather than developing its own cross-border payment system, a costly and time-intensive endeavor, Banco Industrial partnered with SukuPay to modernize its remittance offerings while maintaining compliance, customer trust, and a seamless user experience. Michel Caputi, Head of Strategic Alliances Division at Banco Industrial, highlighted the significance of this initiative, noting, “By integrating SukuPay’s infrastructure into Zigi, we’re not only improving how remittances work but also setting a new benchmark for financial services in Latin America. This is a practical, modern solution to a longstanding challenge.”