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Guatemala’s Largest Bank Integrates Blockchain for Remittances
Guatemala’s Largest Bank Integrates Blockchain for Remittances
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Banco Industrial, Guatemala’s largest bank, has partnered with blockchain fintech SukuPay to streamline cross-border remittances from the U.S. The integration enables instant transfers for a flat fee of $0.99, bypassing traditional banking infrastructure.
Remittances account for nearly 20% of Guatemala’s GDP, with annual inflows reaching $21 billion. The Zigi app allows recipients to receive funds using only their phone numbers, eliminating the need for crypto wallets or IBAN numbers.
This MOVE signals growing institutional adoption of blockchain solutions for high-volume payment corridors. Stablecoin-based rails offer cost advantages over legacy systems while maintaining accessibility for unbanked populations.
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