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Los Angeles Times
15-03-2025
- Business
- Los Angeles Times
Transforming Financial Leadership in Guatemala
In the vibrant and resilient landscape of Guatemala's economy, Banco Industrial stands out as a dynamic force shaping the nation's future. From empowering entrepreneurs to spearheading digital innovation, this financial powerhouse has become more than a bank—it is a cornerstone of economic transformation. Under the visionary leadership of CEO Luis Lara, Banco Industrial is not only redefining banking in Guatemala but also reinforcing the country's position as a regional leader in growth and opportunity. 'The story of Guatemala's economic progress over the last 50 years is inseparable from the evolution of Banco Industrial,' Lara asserts. From Industry Supporter to Financial PowerhouseFounded in 1968 within Guatemala's industrial sector, Banco Industrial began as a support network for manufacturers and producers. Today, it has expanded its reach to all economic segments, holding 75% of the group's operations within Guatemala and extending its footprint to El Salvador, Honduras, and Panama. The bank's influence spans from small businesses to large corporations, with a mission to drive Guatemala's overall development. Lara highlights the bank's transformation from its roots: 'We started as a partner to the industrial sector, but now we cater to the needs of entrepreneurs, small businesses, and individuals. Our goal has always been to align with Guatemala's evolving economic opportunities.' This adaptability has enabled the bank to grow alongside the nation. For example, during the COVID-19 pandemic, Banco Industrial provided critical credit lines to businesses and individuals, helping to sustain the economy. 'The easiest thing for any bank would have been to close its wallet during such a crisis. But we focused on ensuring liquidity and creating opportunities for those in need,' Lara explains, emphasizing the bank's role as an economic pillar. The bank's focus on Guatemala's unique strengths is evident in its alignment with the Guatemala no se detiene initiative, which seeks to reposition the country as a regional hub for investment and growth. By actively supporting supply chain reshoring and infrastructure development, Banco Industrial is helping to shape Guatemala's economic future. Empowering Entrepreneurs: A Key to Guatemala's FutureWith nearly 40% of Guatemala's workforce engaged in informal employment, entrepreneurship is key to unlocking the country's potential. Banco Industrial's Fundación BI focuses on providing resources, mentorship, and financial tools to support small businesses and startups. 'Guatemala is unique,' Lara explains. 'Our culture fosters resilience and creativity. Supporting entrepreneurship means empowering communities to create sustainable futures. We want people to see opportunities in staying and thriving here.' This focus extends to initiatives like Shark Tank Guatemala, which provides mentorship and funding to promising local entrepreneurs. The bank also integrates financial education into its programs, particularly targeting recipients of remittances, which constitute approximately 20% of Guatemala's GDP. With annual remittances exceeding $18 billion, ensuring these funds contribute to productive investments is a key priority. Banco Industrial's programs aim to convert remittances into opportunities for business creation and community development. 'These resources often go toward consumption, but we are working to help families turn them into investments in education, entrepreneurship, or property ownership,' Lara explains. Innovation in the Digital AgeBanco Industrial is at the forefront of digital transformation, with nearly 90% of its transactions conducted electronically. The bank has invested tens of millions of dollars annually in technology, ensuring it remains competitive in an increasingly digital economy. The Zigi app, launched to simplify onboarding and banking for underserved populations, has been particularly impactful, enabling users to open accounts entirely online in just days. Lara sees technology not as a disruptor but as an enabler. 'The financial industry must embrace fintech, AI, and new digital tools to grow and adapt. Zigi is just one example of how we are leveraging technology to include more people in the financial system safely and efficiently.' The bank is also exploring the integration of AI across various processes, aiming to optimize customer interactions and back-end operations. Lara acknowledges the opportunities and challenges posed by the fintech revolution: 'Fintechs can develop new ideas quickly, but banks have the advantage of trust and infrastructure. The key is collaboration and innovation.' While Banco Industrial has explored the potential of Central Bank Digital Currencies (CBDCs), Lara remains cautious about cryptocurrencies: 'CBDCs could streamline cross-border transactions, but the unregulated nature of many cryptocurrencies poses risks. Our focus remains on providing secure and reliable digital banking solutions.' Financial Inclusion and Social ImpactIn a country where only 40% of the population has access to banking services, Banco Industrial's commitment to financial inclusion is central to its mission. The bank operates an extensive network of 600 branches and 6,000 agents, providing accessible financial services to both urban and rural populations. 'Our role is to bring people into the formal financial system, enabling them to save, invest, and grow,' Lara emphasizes. 'Programs like Zigi and our outreach to remittance recipients are opening doors for people who previously had no access to banking.' This emphasis on inclusion aligns with the broader goals of reducing migration by creating local opportunities. Migration has been a persistent issue in Guatemala, separating families and depriving the local economy of valuable human capital. Lara believes that fostering entrepreneurship and financial independence is a way to address these challenges head-on: 'By creating opportunities here, we can help families stay together and build their futures in Guatemala.' Banco Industrial also works closely with the public sector to improve financial access, managing payments for taxes and public services through digital platforms. These initiatives not only simplify processes but also build trust in formal financial systems. Global Connections and Investment OpportunitiesGuatemala's macroeconomic stability, underscored by a fixed exchange rate for over 25 years and a resilient private sector responsible for 92% of GDP, makes it an attractive destination for foreign investment. Banco Industrial plays a pivotal role in this ecosystem, actively engaging with international partners through programs like Guatemala no se detiene, a public-private alliance designed to strengthen supply chains and infrastructure. 'This initiative is one of the most powerful tools for economic transformation,' Lara explains. 'It identifies strategic opportunities for investment and enhances Guatemala's position on the global stage.' The bank's collaboration with Mastercard to facilitate cross-border payments further highlights its commitment to integrating Guatemala into the global economy. Programs like Huge, which connects businesses in Guatemala, Honduras, and El Salvador with U.S. partners, also showcase the bank's dedication to fostering international business relationships. Lara sees foreign investment as a key driver of future growth: 'With its vibrant private sector, abundant natural resources, and strategic location, Guatemala is a country ready to grow. We invite the world to join us in realizing its full potential.' A Vision for the FutureAs Banco Industrial looks ahead, its strategies are rooted in innovation, inclusion, and collaboration. Lara envisions a banking ecosystem that not only drives economic growth but also fosters social cohesion and opportunity. 'The future of banking is about more than technology or transactions,' he says. 'It's about building trust, empowering communities, and creating partnerships that drive meaningful change. Banco Industrial will continue supporting and promoting development for Guatemalans, inside and outside our country, promoting financial education and access to the best tools to stay at the forefront of the regional financial system and continue together, always moving forward'. Banco Industrial's journey reflects the broader story of Guatemala's economic evolution—a narrative of resilience, innovation, and hope for a brighter tomorrow.
Zawya
16-02-2025
- Science
- Zawya
The Sky is No Longer Our Limit session explores the growing importance of space
Abu Dhabi: The third session of the International Defence Conference 2025, titled 'The Sky is no Longer the Limit: Emerging Threats and Opportunities in Space,' examined the increasing significance of space in defence and modern warfare. With the growing focus on both threats and opportunities in this crowded, competitive, and contested domain, the world is witnessing rapid shifts in the strategic space environment, including a notable rise in satellite launches and the use of commercial satellites in active combat operations. Held at the Emirates Palace and organised by ADNEC Group, in collaboration with the Ministry of Defence and the Tawazun Council, the conference brought together high-ranking government officials, defence policymakers, industry leaders, innovators, and representatives of multinational corporations. H.E. Dr. Mohamed Alahbabi, Senior Advisor, Space & Cyber Technologies at EDGE Group, highlighted the growing capacity for satellite launches alongside the challenge of securing data. He stressed the importance of artificial intelligence (AI) and quantum computing in strengthening space systems, predicting significant growth in satellite numbers and military interest in space by 2030. He also underscored the critical need for international cooperation and global policy frameworks to manage space traffic and prevent orbital debris. Clayton Swope, Deputy Director, Aerospace Security, Project & Senior Fellow at the Center for Strategic and International Studies, emphasised the vital role of public-private partnerships and strategic investment in space, particularly in AI and propulsion technologies. He commended the UAE's efforts in fostering local innovation while balancing ecosystem development with global collaboration, noting the importance of clear regulations and policies. Meanwhile, Frank Backes, Chief Executive Officer, Capella Space, discussed the rising real threats in space, stressing the need for greater cooperation between private companies, governments, and civil agencies to build resilient space systems. He highlighted the power of information-sharing and declassifying data to mitigate space-related threats and unlock space's full potential for disaster prediction and asset management. Hasan Al Hosani, CEO, Bayanat, Smart Solutions at Space42, focused on the importance of declassifying information and strengthening collaboration, particularly through the UAE's public-private partnership platform. He highlighted the need for precise data to power AI-driven decision-making and human advancement, while stressing data security and the integration of multi-source remote sensing data. The session also explored the development of advanced technologies for space situational awareness, missile defence, secure satellite communications, and resilient space assets. However, it also addressed counter-space capabilities, which are designed to disrupt or interfere with space-based services, posing significant threats to military operations. The discussion underscored the importance of nations establishing dedicated space forces, commands, strategies, policies, and alliances to navigate the evolving challenges in space security.
