The Bank of Khyber (BoK) and JCB International Co Limited, on Friday entered into an agreement for the issuance of JCB debit cards in Pakistan. The international debit card will facilitate BoK's customers with the benefits of both point of sale and ATM cash withdrawal across Pakistan and over 190 countries and territories.
The agreement was signed by Shabeer Ahmad Sheikh, Executive Vice-President and Group Head Operations, BoK, and Kimihisa Imada, Deputy President, JCBI. The ceremony was attended by Japanese Ambassador Hiroshi Inomata, Dr Hammad Awais Agha, Chairman BoK Board of Directors, Ahmad Hanif Orakzai, member BoD, and Shams-ul-Qayyum, BoK Managing Director.
The BoK and JCB Debit Card holders will also have the convenience of interbank transfer of funds and payment of utility bills through all ATMs in Pakistan. This will bring added value to the services rendered by BoK to its customers. JCBI and 1-link entered into a strategic partnership to introduce JCB Debit Cards in the country, which will be issued by member banks and can be accepted at point of sale and ATM through the 1-link network.
Speaking on the occasion, Hiroshi Inomata said that Pakistan and Japan had long history of good relationship, which was strengthening with the passage of time. He said that Pakistan's economy was on the path of development and the country had huge potential to become world's leading economy.
"By 2050, Pakistan will have an estimated 350 million people; therefore every company is considering investing in the country," he added. "I am glad to see that more and more companies from the two countries are collaborating in various fields," he said. Speaking on the occasion, Shams-ul-Qayyum said that it was a great occasion for the BoK that JCBI - a world renowned name in payment card industry - had entered in Pakistan's finance industry. He said that the BoK also took this opportunity to offer JCBI its services for further interactions on mutual beneficial basis.
He said Japan had been helping the economy of Pakistan and "we always acknowledge Japan government and semi-government institutions for technological assistance in various fields". Kimishisa Imada said that issuance of debit cards in collaboration with BoK would be a great opportunity for JCBI. In JCB's global expansion strategy, he said "we view Pakistan to be a market with much potential because of its growing economy and the growth of the card payment market".
He said the JCB believed that it could offer its business partners the benefit of its international experience and flexible approach to help grow their business. JCBI is a global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding world-wide in 1981. Its acceptance network includes about 29 million merchants and over a million cash advance locations in 190 countries and territories.
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