Friday, 28 October 2022 03:00

Banco CUSCATLAN launches digital challenge to boost SMEs

Written by Evelyn Alas

Banco CUSCATLAN, with support from IDB Lab, presents its first Open Innovation Challenge: LET'S DIGITAL PYME, which seeks to detect the most innovative Fintechs in Latin America, with disruptive and scalable solutions focused on supporting the digitization of small and medium enterprises in El Salvador.

The challenge opened its call this october 25 for those Fintechs in an advanced state of maturity, legally constituted in their country of origin and with the ability to implement their solution to the portfolio of the different lines of business of Banco CUSCATLAN, promoting the contribution of value to SMEs.

"We are very excited to launch the 4 challenges, we are sure they will contribute to the digitization of our SMEs in strategic issues that will allow them to expand their commercial frontiers, greater access to new businesses, manage their operations more efficiently and continue working together to boost the economy of our country", said José Eduardo Luna, CEO of Banco CUSCATLAN during the launch event of the challenge.

The innovative proposals submitted by Fintech companies interested in participating in this challenge must solve the following challenges, with the objective of supporting the digital transition of small and medium-sized enterprises:

1.To enhance the strengthening of knowledge on Financial Education, simplifying access to content that can guide the learning of entrepreneurs to efficiently manage their business.

2. Streamline and optimize the operation and financial administrative management of SMEs in a comprehensive manner, with digital tools that facilitate and improve their business processes.

3. Facilitate a digital document manager that allows the administration, management and  processing of business documentation with the Bank in an optimal and efficient manner.

4. Increase the recognition and positioning of SMEs, as well as expand opportunities to offer their products and services through an ecosystem of exposure and digital commerce.

Interested Fintechs may complete their application until december 2nd by entering

The finalist solutions will present their pitch in front of a committee of high-level experts, who will be in charge of evaluating and selecting the four winning Fintechs that will be announced on january 18, 2023. The greatest recognition they will receive is the possibility of incorporating their solution into Banco CUSCATLAN's portfolio of services and establishing a long-term business relationship.


In addition, thanks to our allies they will be able to access US $25,000.00 for credit use in Amazon Web Services for Startups for two years, and 90% applicable in a Hubspot license during the first year, 50% the second year and 25% from the third year onwards.

"Open Innovation not only allows us to collaborate efficiently with the Fintech ecosystem in the region and expand our corporate vision, but it is also a great gateway to respond to the new needs and demands of one of the sectors that contributes significantly to the country's productivity: small and medium-sized enterprises. For this reason, through Let's & Digital Pyme we seek to contribute to their progress and exponential growth", said Santiago Díaz, manager of the SME Segment of Banco CUSCATLAN.


In this way, Banco CUSCATLAN fulfills its mission to promote the development of small and medium-sized enterprises in El Salvador. Fintechs wishing to participate, know the key dates and bases of the challenge, can register at: