KARACHI: JS Bank has become the 14th bank to join the State Bank of Pakistan’s Roshan Digital Account (RDA) initiative, allowing Non-Resident Pakistanis (NRPs) to open bank accounts digitally. Uniquely, JS Bank’s offering allows NRPs to open their accounts via WhatsApp, enabling unmatched convenience for users. This is part of a multi-channel platform approach which includes JS Mobile and Internet Banking.
A launch ceremony to mark the occasion was held in Karachi. Honorable Governor (Acting) State Bank of Pakistan Dr. Murtaza Syed was prominent with his presence along with Founder JS Group Jahangir Siddiqui, President & CEO JS Bank Basir Shamsie and leading business community and corporate leaders.
Dr. Murtaza Syed congratulated Jahangir Siddiqui and the management of JS Bank for launching a unique value proposition for RDA. He expressed optimism that by joining the RDA club, JS Bank will now be able to digitally expand across borders to provide unparalleled banking and payment solutions to NRPs. He was confident that given its track record of achievements and connections across the border, this was an opportune time for JS Bank to enter the market and create a difference through innovative and out-of-the-box solutions to NRP demands. He hoped that JS Bank would go the extra mile by taking advantage of its brand and international presence and contribute to the significant growth and success of RDA by attracting new clientele from untapped jurisdictions.
Elaborating on the breathtaking rise of digitization across the globe, the Governor observed that this trend is reshaping economies across the world. He noted that Pakistan is also among the economies where digitization is facilitating massive change. This shift is being supported by the State Bank of Pakistan and is clearly discernible in domains like payments, e-commerce, fintechs, and e-government, through which new approaches to deliver services and connect people and businesses to the financial system are picking up at brisk pace, altering the course of the world for good.
It is pertinent to mention that since the launch of RDA in September 2020, approximately 423,000 accounts have been opened and $ 4.5 billion in deposits have come into Pakistan from 175 countries across the world. The number of commercial banks offering RDA has also increased from eight to 14. With RDA, NRPs for the first time in Pakistan’s history can open and account in Pakistan completely remotely and digitally. They can use these digital accounts not just for their remittances, but can also invest in Government certificates, do all banking transactions, trade in the stock market, and avail financing from RDA banks for purchasing cars (Roshan Apni Car) and properties (Roshan Apna Ghar) at attractive rates.
President & CEO JS Bank Basir Shamsie in his address said that digitization of financial services has revolutionized traditional banking. Today’s global banking customer demands limited physical interaction with brick & mortar, 24/7 customer support, instant gratification, and zero margin for error. He said that these are also our objectives at JS Bank. He went on to add that JS Bank is honored to become part of the State Bank’s RDA initiative and wants to enable expatriates to open bank accounts in Pakistan and use them for savings and investments as easily as they would in their countries of residence.
Alongside savings and current accounts, JS Bank will also offer the full suite of RDA’s unparalleled value-added services, including Roshan Apni Car Auto Financing and Roshan Apna Ghar Home Financing.
Committed to its role as a catalyst towards Pakistan’s prosperity, JS Bank aspires to continue this journey of impact by providing innovative, conventional and digital solutions for customers in years to come.
Copyright Business Recorder, 2022