CESAR ASTIGARRAGA - PRESIDENT ITTI DIGITAL

TOPIC 1: FINTECH

1. What is your opinion, Mr. Astigarraga, regarding the fintech sector in Paraguay, and what do you think should be done to further develop it in the coming years ?

E: I can speak from two hats, as I often say. One is the one I'm wearing today here at the ITTI office, which is the most important technology company in the country. I also speak as the Vice President of the Chamber. The 2023 report indicated that we were 30 companies, and 2024 ended with 120 companies joining the Fintech Chamber with the main objective of aggressively promoting the sustained growth of the industry.

Paraguay has a clear objective of becoming a technology hub, and we have all the necessary ingredients—energy, human capital, and economic resources—to grow in this area. Paraguay is a land of opportunity. At ITTI, we have not only built solutions but have also acquired many companies in recent years that are driving industrial growth and improving the quality of life for Paraguayans.

2. Tell us more about the history of ITTI DIGITAL and what do you consider to be the greatest achievements you have had to date?

E: ITTI is a company with over 20 years of experience , focused on providing solutions exclusively to the financial sector. We are the leading provider of core financial systems in Paraguay, and a large percentage of the industry chooses our system. However, in recent years we realized that this growth had stagnated, and we needed to expand into other areas. Therefore, we have incorporated more hardware and boosted software growth across different verticals. Today, we offer security, technology optimization, and process optimization solutions. We are a key pillar of financial inclusion in Paraguay because we are behind Ueno Bank, whose main focus is financial inclusion. Furthermore, behind this financial inclusion are a series of products that have created a revolution, allowing us to bring nearly 500,000 people into the banking system who previously were not even considered part of it.

3. Mr. Astigarraga, what distinguishes you from other companies in the same sector in Paraguay?

E: The key difference is taking risks, believing that technology is truly the way forward, and then using our own experience to drive progress so that others naturally adapt and see it as the path forward as well. ITTI Digital is recognized for its innovation and commitment to technological development in Paraguay. Its Core Banking software is the most widely used in the country, positioning it as a key partner for financial institutions.

4. What is your vision for ITTI DIGITAL in the next 5 years?

E: The power from Paraguay to build solutions for the region and for the world, to promote products that were born here and that can be incorporated in any country in the region.

5. Mr. Astigarraga, what do you consider to be your main contribution to the development of the sector and the country in general? Do you have CSR (Corporate Social Responsibility) programs?

E: Our carpets have a plastic backing that we extracted from ocean plastics. That green stuff you see running around is live plants, giving the office a different feel. The number of ducts we have in the office also helps to refresh the air. The wood you see on the different tables is from reforested areas. The chairs are made of 98% recycled material; they are unique and exclusive to Herman Miller, which in this case is an international company, but it was what we had to work with to achieve our goals. The 5,800 boxes, also made from recycled material, represent the five trees we have around the office, each with a special meaning. These are the details that ultimately led to our LEED certification. However, at its core, we believe that expanding our model to improve people's lives can be quite inclusive, but ultimately, we ourselves are creating a better future for our children and grandchildren. We hope that other companies will follow this example and that LEED certification will become a requirement for the construction of these offices.

TOPIC 2. BILATERAL RELATIONSHIP WITH THE UNITED STATES

6. What relevance does the United States have for ITTI DIGITAL? Would they be willing to form any strategic alliances?

E: In addition to Silicon Valley, we can say that we're a company that not only provides software, but we also take hardware, integrate it with our software, add our signature, and then release it to the world. From my perspective, everything that's built in the United States in those square meters—what I call Silicon Valley—is incredible, and being a part of it and being able to be with them is a source of pride for us. I think that rubbing shoulders with them will benefit us greatly because Latinos, in general, have everything to gain in that regard, since we often achieve a lot with very little. So, taking that culture, their drive, and combining it with our own Latino nature ends up being a very successful combination.

CESAR ASTIGARRAGA – PRESIDENT

7. Before we move on to the last question, we would like to know more about your personal and professional background and how you became president of ITTI DIGITAL today?

E: I'm 37 years old . I consider myself someone with the energy to keep facing everything we have, and I rely heavily on my family and the various collaborators we have here, where the leadership style is generally based on leading by example. I'm very athletic; I do Ironmans, and behind the Ironman, I motivate not only our collaborators but everyone I know. I consider myself a very lucky person who knew how to seize opportunities. I'm especially grateful to the owner of all this and the main instigator, whom I admire greatly, Miguel Vázquez, who has an incredible spirit. We manage more than 3 million clients in our daily operations. I'm very grateful for all of that.

8. Final message, for the Los Angeles Times readers who will see the Paraguay report when it is published, why should they come to invest or learn about it?

E: Paraguay is a land of opportunity, green, with renewable energy, and with sustained growth in recent years . It's a very stable country with a very solid macroeconomy that is only growing and will continue to grow. Paraguay is a land of opportunity, simply available to anyone who comes with the desire and the strength to take advantage of it. I always say that, for me, Paraguay is the best country in the world that I've ever visited.