The financial industry in Guatemala is undergoing a transformation. For the first time in nearly 25 years, a new bank has been approved by regulators, but it isn’t a traditional banking institution. Nexa is the country’s first fully digital bank, which presented Fiter with an unprecedented opportunity to modernize and expand access to banking for all Guatemalans.
Collaboration to create the first digital bank
The project focused on building a banking solution from scratch. Fiter partnered with Nexa to create a robust platform, leveraging the open-source technology Apache Fineract. This collaboration enabled the development of all the necessary Core Banking infrastructure, making it completely scalable and adaptable. The system not only complies with the regulations of the Superintendency of Banks of Guatemala (SIB), but also introduces an entirely new user experience, removing the need for physical branches for any type of transaction.
Team equal to the challenge
The second fundamental pillar of the project was building a team capable of facing this challenge. Constructing a bank from its foundation required a very specific skill set. Fiter not only provided the Fineract technology for this, but also helped train a team that could manage the complexities of a project of this magnitude, ensuring that all technical and regulatory requirements were met to launch Guatemala’s first neobank digitally and securely.
This is a real example of how technological innovation can help companies navigate different stages of growth, from the conception of an idea to its large-scale implementation. Nexa, the first neobank in Guatemala, aims to make life easier for its users by allowing them to manage their money simply and securely, without having to visit a branch. This success story shows how obstacles in the traditional sector can be overcome by implementing cutting-edge solutions to create a more accessible financial future.
