Bancolombia enables digital dollars in its app through Wenia

Nearly nine million Bancolombia users can access the purchase and sale of digital dollars referenced 1:1 with the US dollar through the Mi Bancolombia app starting today.

The service is provided through integration with Wenia, the digital assets platform of Grupo Cibest. Clients can view the digital dollars, convert them to Colombian pesos and carry out operations such as sending and receiving resources from abroad or international purchases.

To access it, users must enter the Mi Bancolombia app, go to Procedures and requests, select Open accounts and choose Global Account of Wenia. The operation is regulated under a class F license issued by the Bermuda Monetary Authority.

Luz María Velásquez, vice president of Personal, SMEs and Companies Business at Bancolombia, stated: “Being a global client does not only mean having products in foreign currency. That is why we accompany people without fragmenting their experience or forcing them to manage their needs on multiple platforms”.

The initiative is part of Grupo Cibest's international solutions, which include dollar accounts through Bancolombia Panama and Puerto Rico. In the future, the entity contemplates expanding the offer with investments in digital dollars and euros, as well as international transfers.

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Illustration of Bank of Mexico building with digital banking apps and official documents for new transfer rules
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Banxico publishes new rules for digital transfers

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The Bank of Mexico published two regulatory modifications in the Official Gazette to standardize banking apps and create Nivel 2 Bis accounts for small businesses.

Crypto platform Wenia, from Grupo Cibest, announced Usdw, a new digital asset replacing Usdc with 1:1 parity to the US dollar. The transition will be automatic and free for users. All existing operations will remain unchanged.

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Colombia's Ministry of Commerce, Industry and Tourism and Bancóldex launched a 100 million dollar credit line to support trade operations with Venezuela. The measure aims to strengthen financial mechanisms between the two countries.

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Colombian fintech Emonkey announced the launch of 'cash advances', projecting over $1.200 million in credits this year. The solution aims to provide formal liquidity access for emergencies. The move addresses the fact that only 51% of Colombians have formal credit access, per Asobancaria.

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