Panama Banks
Panama aims to lead Latin America's digital economy by regulating cryptocurrencies. A new bill in the National Assembly seeks to foster innovation, attract investment, and drive economic growth. Deputy Gabriel Solís champions the initiative, urging colleagues to support the legislation for Panama to become a regional technology hub.
Panama is revolutionizing digital banking with Xpress, enabling instant interbank transfers via mobile numbers. Banco Nacional and BAC Panamá lead, simplifying transactions with enhanced security. More banks are set to join in 2025, making banking more accessible and convenient for everyday users. Experience seamless, secure transfers today!
Panama is rapidly becoming a fintech hub with a 92% digital payment adoption rate. Digital wallets have surged by 72%, fueled by ease of use and internet access. Scotiabank highlights biometrics, cross-border e-commerce, and AI as key trends. This positions Panama as a leader in Latin America's fintech evolution.
The Panama Fintech Chamber launched its official website, fintechpanama.org, aiming to boost innovation and financial inclusion. Focused on PayTech, Lending/BNPL, Insurtech, RegTech, WealthTech, and DeFi/Cripto, the Chamber, led by Rafael Robinson, seeks to strengthen Panama's fintech ecosystem and drive regional growth. Learn more!
Panama launches its Financial Innovation Hub (Finhub) to foster fintech growth and financial inclusion. Supported by regulatory bodies and the Inter-American Development Bank (BID), the Finhub aims to promote sustainable financial development and create a clear legal environment for emerging business models. This initiative positions Panama at the forefront of financial innovation.
Panama's CBI shows strong financial health in 2024, with assets reaching USD 156.39 billion. The net credit portfolio expanded by 9.1%, reflecting increased lending activity. The SBP is committed to strengthening regulation and modernizing payment systems to maintain stability and competitiveness.
The Superintendency of Banks of Panama (SBP) is piloting a plan to speed up bank account openings, boosting Panama's competitiveness. The initiative involves collaboration with the financial sector, regulatory adjustments, and aims to enhance user experience for both local and foreign clients as Panama prepares for FATF evaluation.
Panama hosted the "Build your Neobank (From Scratch)" program, drawing fintech leaders from Latin America. Discussions focused on launching and scaling neobanks, crucial for the region's fintech evolution. Towerbank's digital transformation was highlighted. Cloud solutions and digital payments are key to neobank success. Panama is solidifying its role as a regional fintech hub.
Banco General integrates with ACH Xpress, expanding the network to 21 banks. Customers now gain 24/7 instant transfer access. ACH Xpress transaction volumes surged by 165.3% in 2024, showcasing rapid adoption and solidifying its role in Panama's digital payment evolution. Discover the impact!
Caja de Ahorros facilitated over 4,020 families in obtaining homes in 2024, totaling B/.312 million. Continuing this momentum into 2025, they're processing B/.176 million in mortgage applications. Participate in Expo Vivienda CAPAC 2025 and explore opportunities to buy a home, offering solutions that benefit all families.
Panama's National Assembly approves Project Law No. 207, extending preferential mortgage interest rates. The state will cover up to 85% of interest, benefiting middle- and low-income families. Exclusively for Panamanian citizens and permanent residents, this law fosters sustainable real estate development and market integrity. Aims for a brighter future for homeowners.
Mercantil Banco partners with Galileo to enhance digital banking via Cyberbank Digital, improving customer experience and innovation. This move strengthens Galileo's presence in Latin America. The collaboration aims for a superior digital experience and positions Mercantil Banco for sustained growth in Panama's evolving financial sector.
Caja de Ahorros partners with Yappy to integrate digital payments, modernizing financial services for over 600,000 customers. Launching in July 2025, this service will streamline transactions for 55+ public institutions and provide access to 36,000 businesses and 1.6 million Yappy users, enhancing convenience and efficiency across Panama.
A recent study reveals that Panama's banking sector reputation lags behind the Iberoamerican average, with a score of 44.3/100. Panamanians prioritize banks' social roles, including investment in education and environmental causes. Ethical conduct and accessible credit are critical for enhancing the reputation of Panama’s financial institutions. Learn more about these pressing issues.
The U.S. is opposing IDB funding for projects involving Chinese state-owned enterprises in Latin America, citing concerns over China's Belt and Road Initiative and regional security. Panama's banking sector could be indirectly affected by these geopolitical tensions and shifts in investment flows. A delicate balancing act: securing economic development while navigating US-China tensions.
PANAMA CITY – Panama’s electronic transaction volume and value saw significant growth in 2024, according to data from Telered, the country’s main transactional highway. Total transactions reached 349 million, with a processed value exceeding US$108.9 billion. This marks an increase of 21 million transactions compared to the previous year. The total processed value of US$108.963 billion represents a robust 7.61% rise from 2023 figures. Driving this overall growth was the ACH Xpress service, which recorded an impressive 165.3% increase in transaction volume. This translates to over 1.9 million operations, processing a total of US$346 million. Other key services also contributed ...
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"Panama retains its top-tier status in Latin American financial inclusion, as revealed in Credicorp's latest IIF Index. Despite a minor dip, Panama leads with 52 points, showcasing superior knowledge of financial products. The report unveils key insights into digital wallet adoption, savings trends, and trust in the financial system, solidifying Panama's position as a regional leader in inclusive finance."
Panama City, Panama – January 22, 2024 – The assets of Panama’s International Banking Center (CBI) grew 4.2% year-over-year in November 2023, reaching $146.1 billion, according to data from the Superintendency of Banks of Panama. The growth was driven by a 4.5% increase in the total loan portfolio, which reached $87.5 billion. This growth was largely due to the stock of loans extended in previous periods, as the performance of new loans has slowed significantly. In 2022, new loans grew by around 38%, but in the first 11 months of 2023, they grew by only 5%. Deposits at the CBI ...
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Panama's SBP enacts a 60-day reorganization for Atlas Bank, effective Dec 1, 2023. All banking operations suspended. Explore the implications and regulatory measures in place. Stay updated on this significant development in the financial sector.
The Panama Banks October 2023 report unveils a 4.3% surge in the International Banking Center's net loan portfolio, reaching US$87.1 billion. Despite a 4.9% dip in new credits, the sector adapts amid interest rate adjustments, emphasizing risk management for sustained financial health.
Panama celebrates a positive shift as it exits the FATF gray list, gaining approval from credit rating giants S&P and Fitch. While hailed as a win for the financial system, the analysts emphasize that this triumph won't alter Panama's credit ratings. Insights from Joydeep Mukherji and Todd Martinez shed light on the implications, emphasizing the pivotal role fiscal challenges play in shaping the country's economic trajectory. The removal from the FATF list marks a potential boon for foreign investment and an improved business environment in Panama.
Discover how ACH Xpress is reshaping Panama's banking landscape, boasting over 2 million active users. Juan Melillo, Caja de Ahorros' General Manager, hails the positive impact on financial experiences. Banistmo's Aimeé Sentmat de Grimaldo emphasizes speed and security, while BAC Panama's Ramón Chiari supports innovations for a simplified digital life. Despite the benefits, the article underscores the need to educate consumers on the gradual shift towards a more connected, digital economy.
Panama's International Banking Center (CBI) witnesses remarkable growth, with assets soaring to $146.1 billion, marking a substantial $5.9 billion increase. Fueled by a robust credit portfolio, the report highlights a 4.2% year-on-year surge, showcasing the sector's resilience and dynamic financial performance throughout 2023.
According to an official bulletin from the Spanish government, the Ministry of Finance in Spain has excluded Panama from its official list of countries considered to be tax havens and non-cooperative jurisdictions, which will be in effect during 2023. The bulletin, dated February 9th, states that 24 countries remain on the list. The criteria for determining non-cooperative jurisdictions have been updated in accordance with international work conducted both within the European Union and the Organisation for Economic Co-operation and Development (OECD). The bulletin also explains that the list will be reviewed periodically based on international updates and national developments. In ...
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Mr. Amauri Castillo has been appointed as the new Superintendent of Banks in 2020. The lawyer and specialist in finance and banking already worked in the Superintendency as Secretary, so he knows the management of the institution. Mr. Castillo had also been part of several bank executive-boards. The oath was carried out in the office of the Minister of Economy and Finance Mr. Héctor Alexander, who highlighted the importance of the banking sector in the finances of the country, and in turn how this affects the development of the economy, so he pondered the challenge that the new superintendent will ...
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New banking liquidity regulation was issued by the Superintendency whereby the provisions on liquidity risk management and the short-term liquidity coverage ratio are established. The document is based on Basel III and will be effective as of July 2018 for all Panama Banks that operate with a general and international license. Among the main aspects of the new banking liquidity regulation, we will found that the Panamanian banks must comply with senior management that will be responsible for developing and implementing the liquidity risk management strategy, in accordance with the bank’s risk tolerance. This strategy should include specific policies for ...
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The last Banking Activity Report revealed a few days ago with statistical information until October 2018, shows a small increase in domestic credit compared to October 2017, when comparing the credit portfolio of both Octobers, 2018’ shows an increase of 2,542 million dollars. The increase is only driven by the private sector as the credit portfolio of the public sector closed with a decrease of 33 million (-4.1%) compared to October 2017. Of the credit portfolio of the private sector, the clusters with the highest relative growth were Industry with 25.5% growth (678 million) and agriculture with 14.4% (60 million). ...
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Banco Aliado acquires Banco Panama and is strengthened within the strongest banks in the Panamanian banking sector. Banco Aliado through its subsidiary Allied Pacific Inc. has signed a promise agreement for the acquisition of Grupo Centenario de Inversiones, SA., which owns 100% of the shares of Banco Panamá therefore under this agreement all Banco Panama shares will be added indirectly to Banco Aliado. During the process, Banco Aliado received the financial advisory Lazard, while Banco Panama was advised by Citigroup Global Markets Inc. Banco Panama has a good network of branches, a portfolio of private banking, loans, deposits, and assets, ...
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The purchase of housing in conjunction with personal loans are the main drivers of the consumer credit in Panamanian Banks, according to a report by the Superintendency. Compared to the previous year, mortgage credit increased by 5.2% in the private sector. According to the Banking Activity Report of April 2018, the sectors that drive the growth of the banking center showed favorable growth indicators, mortgage loans that have an increase of 7.6%, and personal loans, in turn, reach 9.9%. With this growth, we can note that residential mortgage credit continues to be one of the financings that maintain an increasing ...
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Banistmo issued in the Panamanian capital market the first series of bonds of the Corporate Bonds Revolving Program for up to USD $300 million. The issue has a long-term local rating of AAA (bread) granted by Fitch Ratings and was co-structured by Banca de Inversión Banistmo and Banca de Inversión Bancolombia. The funds raised from the issue will be used by Banistmo to finance the growth of the loan portfolio and diversify its funding sources. The placement of USD $50 million over a period of 5 years reaffirms confidence in the strength of the institution and Banistmo’s commitment to contribute ...
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According to the last report from superintendence, the Panamanian banks maintain an increase in profits. Reduction in external loans, deposit capture, and growth of domestic credit are the drivers of the profits of the International Banking Center in Panama. The Panamanian banks recorded a profit of US $ 390 million at the end of February 2018, which represents a growth of 19.1%, compared to February 2017, when reached US$ 327 million. This result is attributed to the ability to generate profits through operational income, which continues to reflect a positive growth trend, characterized by the capture of local deposits of ...
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