Allied Bank Synapsify and Fasset collaborate on Web 3.0 initiative

Monday 25 September 2023 13:33 CET | News

Pakistan-based Allied Bank has partnered with R&D company Synapsify Systems and UAE-based Web3 fintech Fasset to augment digital banking with metaverse and Web 3.0 initiatives.


In a commitment to innovation and enhancing its digital banking services, Allied Bank (ABL) is announcing its participation in the development of Metaverse and Web 3.0 initiatives. This collaborative effort involves Synapsify Systems (SSL), a deep-tech R&D company, and Fasset, a UAE-based Web3 fintech company. The project aims to provide ABL's customers with an enhanced virtual experience within the Metaverse, allowing for avatar customisation and access to information about the bank's services and additional features.

Allied Bank has partnered with R&D company Synapsify Systems and UAE-based Web3 fintech Fasset to augment digital banking with Metaverse and Web 3.0 initiatives.

Officials from ABL said this partnership perfectly aligns with their strategic approach towards digital transformation and furthers their plans to address the growing demand of digital native customers through the continuous evolution of our offerings in Web 3.0.

Fasset’s representatives added that through this collaboration, they reinforce their commitment to strengthen the digital financial infrastructure of burgeoning economies such as Pakistan, ushering in an era of financial inclusivity and innovation alongside their partner, Allied Bank.

More news from Allied Bank

In September 2022, Allied Bank has partnered with BPC to expand its digital payment capabilities as a merchant acquirer. This collaboration aims to provide a seamless payment experience for customers across Pakistan, enabling various payment methods such as QR codes, direct transfers, card payments, and more.

BPC has committed to support Allied Bank in onboarding merchants and offering a range of payment acceptance services, including connectivity to major payment networks like Mastercard, UnionPay, and Visa. This partnership also involves the adoption of BPC's SmartVista platform and related services for efficient merchant management and fraud prevention.

What does ABL do?

ABL is one of the leading banks in Pakistan having a large network of over 1453 branches and 1500+ ATMs in Pakistan and offers various technology-based products and services to its diverse clientele.

More information about Synapsify

Synapsify is a technology consulting company providing cutting-edge deep-tech software and hardware R&D services to a global clientele. They have previously undertaken software development for an asset-backed token on the Hyperledger fabric, as well as design documentation for decentralised internet and decentralised AI.

Additional details regarding Fasset

Fasset Technology, aims to build an inclusive financial ecosystem, enabling accessibility of digital financial services for all to shape a brighter future. Driven by the vision of financial sustainability, Fasset aims to redefine the future of banking through innovative solutions and Web3 advancement.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Web 3.0, metaverse, fintech, banks, digitalisation
Categories: DeFi & Crypto & Web3
Companies: Allied Bank, Fasset, Synapsify Systems
Countries: Pakistan
This article is part of category

DeFi & Crypto & Web3

Allied Bank




Synapsify Systems

Discover all the Company news on Allied Bank and other articles related to Allied Bank in The Paypers News, Reports, and insights on the payments and fintech industry: