MMBL teams up with Avanza to develop new banking solution

ISLAMABAD: The Mobilink Microfinance Bank Limited (MMBL) has collaborated with Avanza Solutions to develop and deploy a state-of-the-art enterprise banking solution, DOST Corporate Portal. This platform is part of MMBL’s strategic pursuit to optimise operations and explore greater technical prowess to ultimately fulfill the growing banking and financial needs of various business segments.

The Mobilink Microfinance Bank is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries. As part of its digital operator strategy, VEON is transforming people’s lives, creating opportunities for greater digital inclusion, and driving economic growth across countries that are home to more than 8% of the world’s population.

Chief Operating Officer, MMBL, Sardar Mohammad Abubakr and Chief Executive Officer, Avanza Solutions, Omer Ahmed Khan inked the agreement in Islamabad earlier this week along with senior leadership from both organisations at the MMBL Headquarters. Through this partnership, the DOST Corporate Portal is built upon the foundations of Avanza’s “Ambit Enterprise Banking Platform” – a next generation banking platform, facilitating the MMBL to deliver corporate internet banking and payment services to its customers in a secure, cost-effective, and personalised manner.

Avanza’s Ambit Suite of internet, mobile, and corporate banking, digitally enhances the operational capabilities of any financial institution. It simplifies banking methods and creates a centralized environment that reduces human effort and promotes an end-to-end digital experience. While equipping advanced innovation and revolutionary modules, Ambit personalises and facilitates a unique banking experience, meeting global standards and compliances.

This enterprise solution combines the power of digital mobile banking, and corporate internet banking, thereby enabling the MMBL to cater to multiple simultaneous payment and transaction operations ideal for salary disbursement and payroll solutions. The 360-degree dashboard allows unified tracking of all transactions and their reconciliation for efficient service provision. The DOST Corporate Portal is designed to help empower SMEs towards smoother, more seamless operations.

Sharing his thoughts at the signing ceremony, Chief Operating Officer MMBL, Sardar Abubakr said: “I am grateful for Avanza’s expertise and support in developing this efficient enterprise banking solution, which enables us to serve our corporate clients with enhanced control and efficiency. Our focus on empowering SMEs grows ever stronger as we gear up to deploy this convenient solution for their operational ease. I look forward to working closely with the Avanza team to monitor and enhance the functionality of the DOST Corporate Portal.”

Also addressing the partnership, Chief Executive Officer, Avanza Solutions, Omer Ahmed Khan remarked: “We are delighted to join hands with the MMBL and support its quest for delivering superior financial services to the people of Pakistan. For the past two decades, the Avanza has built a vast portfolio of customers and products at the global level. Our work for digitalization of the banking industry is positively impacting countless customers in Pakistan and across the globe while fostering an environment of fast-paced growth across the board.”

The MMBL is revolutionising the digital banking ecosystem with its wide range of customized products and services, seamlessly integrated into its customer’s everyday life. Proceeding on the journey of inclusive economic growth and development, the bank through its strategic partners is focused on accelerating digital adoption by offering innovative financial solutions such as digital wallets and microfinancing to narrow the digital and economic divide in Pakistan.

Since 2000, the Avanza Solutions has been empowering organisations across the globe to adopt digital transformation via next generation and hi-tech innovative digital platforms and services. Being supreme and ever evolving, the Avanza serves as a digital hub of innovation and digitalization where technologies like Customer Experience, Artificial Intelligence, Blockchain, Channel Banking, Smart City applications, Business Automation, and Cognitive platforms are developed, deployed, and integrated daily.

Copyright Business Recorder, 2023