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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.

"Being part of this organization will allow Colombia to adopt better public policies, which will contribute to overcoming the large gaps in terms of competitiveness.”

“Without doubt, his experience will be very valuable in strengthening the association," said Asobancaria.

Bancolombia said “it is expected” that the alliance will expand in the future to better align the payroll processing through its system.

About 80% of the sum will be devoted to operations in Colombia with the remainder going to holdings in Panama, Guatemala, and El Salvador.

The goal of introducing fingerprint ID is to make the app both easier to use and more secure for its customers.

“It is no longer necessary to travel to a physical branch of Bancolombia to send or receive an international transfer,” said the firm.

The distinction acknowledges that Bancolombia has achieved an STP rate of at least 99%.

Bancolombia said that it will accept the tender offer of $360,912,000 USD for the 2020 notes and $321,152,000 for the 2022 notes.

Bancolombia has become the first traditional bank to join Fintech Colombia, the leading fintech association in Colombia.