KARACHI

The Pak Banker - - COMPANIES/BOSS -

Bank Alfalah and Karan­daaz Pak­istan re­cently signed two agree­ments to col­lab­o­rate and de­velop in­no­va­tive, dig­i­tal fi­nan­cial so­lu­tions in Pak­istan. Un­der the first agree­ment, Karan­daaz Pak­istan will pro­vide tech­ni­cal as­sis­tance to Bank Alfalah for the de­vel­op­ment of a dig­i­tal strat­egy that will help the bank of­fer dig­i­tal fi­nan­cial ser­vices to its cus­tomers, par­tic­u­larly the un­der-banked seg­ments of the mar­ket. The se­cond agree­ment fo­cuses on dig­i­ti­za­tion of sup­ply-chain pay­ments and con­ver­sion of cash trans­ac­tions to wal­let ac­count based trans­ac­tions. A few thou­sand re­tail­ers are ex­pected to be dig­i­tized in the pi­lot phase.

Speak­ing at the oc­ca­sion, Atif Ba­jwa, Pres­i­dent & CEO Bank Alfalah said, "At Bank Alfalah, we are com­mit­ted to en­hanc­ing fi­nan- cial in­clu­sion by reach­ing out to the un­banked pop­u­la­tions who have lim­ited ac­cess to fi­nan­cial ser­vices. We are at the fore­front of the evolv­ing dig­i­tal fi­nan­cial ser­vices land­scape in Pak­istan and this part­ner­ship will help us to pro­vide in­no­va­tive sup­ply-chain pay­ment so­lu­tions to meet the chang­ing needs of our cus­tomers."

Im­dad As­lam, In­terim CEO, Karan­daz Pak­istan said, "In or­der to bridge the gap be­tween the banked andthe un­banked and reach out to re­mote and marginalised pop­u­la­tions where ac­cess to fi­nan­cial ser­vices is lim­ited, build­ing a deeper un­der­stand­ing of al­ter­na­tives to brick- and- mor­tar bank­ing is of ut­most sig­nif­i­cance. I am ex­cited about this two-fold part­ner­ship with Alfalah and look for­ward to learn­ing about re­tailer mo­ti­va­tion so that ap­pro­pri­ate in­cen­tiviza­tion struc­tures can be de­signed to dig­i­tize pay­ments at a larger scale." The sign­ing cer­e­mony took place at Bank Alfalah's of­fice in Is­lam­abad and was at­tended by se­nior rep­re­sen­ta­tives from both or­gan­i­sa­tions.

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