Jazari and Faysal Bank partner to power Remit Now Pay Later for Pakistan
16 May 2024
Jazari, the world’s first global remit now pay later platform, and Faysal Bank, one of Pakistan’s largest Islamic Banks, announced their partnership to launch next generation incoming digital remittances and lending solutions for customers.
Jazari’s partnership with Faysal Bank Ltd will enable the opening of shariah compliant digital accounts in the UK, UAE and Pakistan (with a Pakistan EMI partner) with an expansion to be followed soon in Europe.
As a market first and unique value proposition, Jazari customers will get access to the best FX rates via it’s remittance marketplace and may subsequently opt to remit money and ‘pay later’ – on the back of its proprietary AI and ML based credit scoring. The partnership will leverage Faysal Bank’s best-in-class Fintech settlement services and experience of connecting with the NRP market by virtue of its extensive RDA foot-print.
At the occasion of the signing ceremony of this partnership, Amin ur Rahman, Chief Digital Officer of Faysal Bank shared: “the Digital Banking team of Faysal Bank is excited to partner with Jazari to bring forth the first of its kind ‘Remit Now Pay Later’ proposition in Pakistan. With its strong foot-hold in Fintech enablement, Faysal Bank’s partnership with Jazari has the potential to create a positively disruptive model in digital remittances”.
Hasnain Sheikh, Founder and CEO, Jazari added: “We’re proud to have partnered with Faysal Bank in Pakistan and to be the first in Pakistan to pioneer the ‘Remit Now Pay Later’ concept. We’ve worked hard to create a service that offers a secure, simplified user journey for customers to sign-up for an IBAN enabled digital account, receive money at no cost to the sender, and to Receive Now Pay Later.”
About Jazari
Jazari is a remit now pay later cross border fintech that focuses on migrant remittances and lending. Via a remittance marketplace, price sensitive customers will be able to remit money for the best available rates across 100+ countries directly into 12+ billion mobile wallets and accounts – with free remittances between Jazari accounts in certain corridors. Jazari accounts are launching first in the UK and Pakistan, followed soon by the UAE and Europe.
About Faysal Bank
Faysal Bank is a leading Pakistani Islamic financial institution, recognized for its diverse and innovative banking services. From personalized financial solutions to cutting-edge technology, the bank provides a range of services, including retail and corporate banking, investment banking, and Islamic banking. With a strong commitment to customer satisfaction and technological advancement, the bank has played a pivotal role in shaping Pakistan's financial landscape. Faysal Bank's emphasis on financial inclusion and continues to contribute significantly to Pakistan’s economic development.
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