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Bancoldex's "ratings and outlook should move in, line with any potential change in Colombia's ratings," said Fitch.

Scotiabank is the first Canadian bank to win the top award. Bancolombia beat out last year's winner Banco de Bogotá in the Colombian category.

Though the bank's liabilities are not explicitly guaranteed by the government, Banagrario maintains a “key role” in developing national agricultural policy.

"We are able to simplify the underwriting process by automating manual processes, thereby increasing operational efficiency," said Valentina Sierra Toro of SURA.

"We have learned from our clients that responsible debt is crucial to enabling them to grow their operations consistently," said Esteban Velasco, cofounder of Sempli.

The technology tool allows policyholders to interface with company staff through video calls on WhatsApp to streamline their claims.

Sura ranked fourth, moving up from 8th in the 2017, while cement maker Cementos Argos rounded out the top five.

The parametric insurance policies cover higher-than-expected rain and drought during the periods of the year when coffee beans are young and most susceptible to weather shocks.

"We have taken the issue of cybersecurity very seriously," said Asobancaria President Santiago Castro.

This figure represents an 11% uptick in the number of new entrants to the system compared to the 999,000 people who secured financial products for the first time in 2016.