Partnership to Boost Secure, Cashless Payment Solutions for MSMEs

Karachi: Faysal Bank Limited (FBL), one of Pakistan’s leading Islamic banks, has partnered with Smart1-Tech (Pvt.) Ltd., a fast-growing Fintech company focused on digital payments and acceptance solutions. This partnership aims to expand secure, cashless payment options for Micro, Small, and Medium Enterprises (MSMEs).

Also read: Khushhali Microfinance Bank joins SBP initiative for WMSMEs

This collaboration underscores FBL’s commitment to financial inclusion through Fintech partnerships, especially for MSMEs where digital finance continues to play a vital role in Pakistan’s economic growth.

The signing ceremony held at Faysal Bank’s Head Office, was attended by senior leaders from both organizations.

Amin ur Rahman, Chief Digital Officer, Faysal Bank, stated; “Our partnership with Smart1-Tech is another step towards expanding the payments ecosystem in Pakistan. At Faysal Bank, we believe in growth through collaboration and this partnership compliments our growth strategy in the digital ecosystem.”

Mr. Ali Ahmed, CEO, Smart1-Tech, emphasized the importance of collaboration in transforming the financial landscape:

“We are privileged to formalise our partnership with Faysal Bank. This agreement is a significant step towards enhancing Pakistan’s digital acceptance services, and we are confident that this collaboration will drive the much-needed progress by acting as growth enablers.”

Also read: 70% of Pakistanis Have Less Than Rs50,000 in Bank Accounts

Another key area of focus through this partnership will be the proliferation of Raast P2M QR-based payment solutions for small retailers. supporting the shift towards a more connected and cashless economy.

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