The Bank of Punjab (BOP), in pursuance of its long term vision to enable and promote an inclusive digital payments eco-system in Pakistan, has partnered with SadaPay, an upcoming Electronic Money Institution (EMI) as primary Trust/Settlement Bank and BIN Sponsor. Bank of Punjab will safeguard SadaPay customers’ deposits in trust and assist in the settlement of domestic and international transactions.
SadaPay is working to eliminate the complexity of money management in Pakistan through an entirely digital experience. SadaPay has removed the high costs to maintain a network of physical branches and passes those savings to their customers by doing away with traditional banking fees. Their only physical touchpoint will be the SadaPay debit card, which has no annual fees and provides 3 free cash withdrawals per month at any domestic ATM. SadaPay also offers free local bank transfers under Rs. 10k, and the best forex rates in Pakistan for foreign transactions.
With a core competency of simplifying international transfers, SadaPay will work towards helping freelancers easily accept instant payments from overseas clients. Then, the team plans to expand globally to facilitate seamless digital remittances from the diaspora of 10 million+ overseas Pakistanis who are sending over $20 billion home to Pakistan each year, 75% of which is cash over-the-counter.
Speaking on the occasion, Mr. Waqas Anis said “Fin-Tech is causing rapid disruptions in the industry and conventional banks have to accept this as a cultural shift. The market is ripe for interoperable and collaborative models, which build on the diverse areas of expertise each player brings to the table.”
The Bank of Punjab (BOP) is one of the fastest growing banks in the country with a network of over 600 branches and a growing customer base exceeding 2 million. The bank over recent years has been actively engaged in enabling digital payment ecosystems, primarily within the public sector through playing a collaborative role in the industry.
The agreement was signed by Mr. Waqas Anis, Head Digital Banking Group – BOP and Mr. Brandon Timinskey, CEO & Founder SadaPay in the presence of Mr. Imtiaz Ahmad Sheikh, Chief Information Officer – BOP, and Mr. Asim Imdad, General Counsel – SadaPay amongst other team members.
Mr. Brandon Timinsky added “After many months of searching for the right banking partner that aligned with our vision for innovation, we’re thrilled to have connected with Waqas Anis and Talha Randhawa from BOP’s Digital Banking Group. In Pakistan, most banks suffer from excess bureaucracy and red tape that cripples even the most promising partnerships. This is certainly not the case with BOP, which has proven to move at a surprising pace. I like to say that fintechs live and die by the pace at which we can execute, so we’re extremely grateful for BOP’s astounding support and eagerness to collaborate on a number of exciting initiatives to come.
