U Bank collaborates with NdcTech, Temenos to accelerate digitalization

KARACHI: U Microfinance Bank Ltd. (U Bank), a wholly-owned subsidiary of Pakistan Telecommunication Company Limited (PTCL) and the fastest growing Microfinance Bank in Pakistan has recently signed an agreement with NdcTech to implement Temenos Infinity Digital Banking Platform and Temenos Transact next-generation core banking platform.

U Bank's mission is to include more Pakistanis into the financial net through constant product development & innovation in microfinance sector with the aim of socioeconomic development and uplifting the national standard of living.

This transformation will enable the bank to provide a superior customer experience; rapidly launch flexible and unique products as well as shorten processing times for transactions. For U Bank, offering personalization through this platform is going to be key to compete and provide more inclusivity and access to its customers.

On the occasion, Kabeer Naqvi, President & CEO of U Microfinance Bank said: "In order for us to continue to bring more people into financial net, we must continue to innovate and develop products to fulfill the varying needs of our customers. With Temenos banking platform and NdcTech as our technology partner we feel that we are equipping ourselves to create the financial and social impact at a rapid and competitive pace."

Jean-Paul Mergeai, President International Sales, Temenos, said: "We are proud that U Bank has chosen Temenos to accelerate its digital transformation. We are moving to an increasingly cashless society and Temenos' open banking platform will enable U Bank to deliver the modern digital banking experiences customers want, faster and at lower cost."

Ammara Masood, CEO & President of NdcTech said: "We are delighted to be partnering with U Bank, an innovative and forward-thinking organization that has already made such a significant positive impact in Pakistan. We look forward to working together to enable rapid growth for U Bank and make a real difference in the way banking services are delivered in Pakistan."

Copyright Business Recorder, 2021