KARACHI: Bank Alfalah has entered into a partnership with NS Cashpoint to better serve the Pakistan remittance corridor.
According to Bank Alfalah, this partnership will enable affordable and faster cross-border transfers, thus driving greater value proposition for Pakistani expats in Malaysia.
The association with Bank Alfalah will allow both the entities to mutually benefit from each other’s brand value and service offerings in the Asia Pacific region, while harnessing the larger technological advancements of LuLu Financial Holdings, the parent company of NS Cashpoint.
LuLu Financial Holdings has a stake of 70.83 percent in Malaysia’s NS Cashpoint, with NS Cashpoint being one of the leading Money Services providers in Malaysia offering cross-border remittances, currency exchange and banknotes services.
Under this collaboration, Pakistani expats residing in Malaysia will be able to send remittances back home through the NS Cashpoint channel. Malaysia is home to a large number of Pakistani expats working blue- and white-collar jobs in the country, contributing significantly to Malaysia’s economy. This would encourage expats to use more legal channels for remittances, and provide them with a hassle-free transaction process for both senders and receivers.
The partnership will also improve the speed of transfer, reliability, and cost of transfers from Malaysia to Pakistan. Through this partnership, NS Cashpoint customers will get the benefit of sending remittances to Pakistan with ease and on a real-time basis through Bank Alfalah’s swift service, resulting in an increase in the overall volume of the transactions as well.
Overseas Pakistanis residing in Malaysia will be able to use NS Cashpoint’s network to deposit money to any bank account in Pakistan with ease, remit cash over the counter payments, and pay utility and other bills in Pakistan. With this service, Bank Alfalah is reinforcing its commitment to facilitating overseas partners to enable smarter and faster ways of sending home remittances to Pakistan.
Commenting on this development, Atif Bajwa President and CEO Bank Alfalah has said that through this collaboration between Bank Alfalah and NS Cashpoint, the bank can now extend a more reliable and quicker way of remitting funds to Pakistan from our citizens residing in the APAC region. Creating safe and secure channels for remittances is essential to encourage and protect the flow of funds and therefore it is critical to partner with established and strong players like NS Cashpoint, he added.
Adeeb Ahmed, Managing Director, LuLu Financial Holdings remarked on the agreement, the partnership between Bank Alfalah and NS Cashpoint makes available to millions of customers in Malaysia.
Copyright Business Recorder, 2021
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