Following this announcement, the strategic deal is set to focus on significantly improving the manner in which Pakistani customers leverage legal channels for remittance transactions and payments. Users will be given the possibility to use ACE Money Transfer’s mobile application in order to pay utility bills, a capability that aims to improve the overall client experience by providing them convenience and overall service accessibility.
Moreover, by choosing to send remittances via a legitimate pathway, Pakistanis who live overseas will be enabled to contribute to their homeland’s economic development and growth, while also ensuring that their money and funds reach their families, friends, and acquaintances in a fast, efficient, and secure manner.
For the future, ACE Money Transfer anticipates facilitating over USD 1,25 billion in remittances around the world in 2023 alone. For the region of Pakistan, the projected remittance share is planned to surpass USD 800 million.
Pakistan-based commercial bank Bank Alfalah offers its clients and users various products and services, such as corporate and investment banking solutions, commercial, small and medium-sized enterprise (SMEs) products, customer banking, securities brokerage, as well as asset financing to private-sector firms, institutions, and governments. The financial institutions announced a couple of partnerships in the last couple of months, covering several different geographies around the globe.
In May 2023, the bank signed a deal in order to acquire an equity stake in BNPL platform QistBazaar, while entering an embedded financing agreement at the same time. Through this announcement, the firm made an entry into the venture capital market and ecosystem after agreeing to acquire a 7,2% stake in the Securities and Exchange Commission of Pakistan (SECP) licensed Buy Now, Pay Later non-bank financial company (NBFCs) platform called QistBazaar.
The two institutions signed an embedded financing agreement in Shariah Compliant mode, which was at the moment subject to terms and conditions. The bank was set to incorporate digital financing services and tools within the QistBazaar platform in order to provide embedded customer durables financing on BNPL.
Earlier in September 2022, the Bank Alfalah announced its partnership with YAP Pakistan in order to provide customised digital financial services and solutions for small and medium-sized enterprises (SMEs). The deal aimed to create a more financially inclusive ecosystem for businesses and users, by allowing them to access a comprehensive and secure array of digital financial products. This included a fully operational business bank account, reporting, analytics, payroll, as well as expense management.
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