Lahore: The Bank of Punjab (BOP) inked a partnership agreement with Go and Relax (Gorex) Pvt. Ltd, a company owned by Gorex KSA, a Saudi based venture capitalist, at BOP’s Innovation Center at LUMS, Lahore. This partnership is geared towards promoting digital transactions on fuel stations. By expanding its operations into the Pakistani market, Gorex aims to empower the corporate sector by introducing digital fuel management systems through its intelligent tech stack.
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Gorex is a leading technology-based company in the automotive and transportation industry
Gorex is a leading technology-based company in the automotive and transportation industry that offers IOT based services. Their services and innovative platform has gained significant popularity in the Saudi market, owing to their range of services, as well as quality of service which connects users with trusted automobile service providers to offer hassle free maintenance solutions to their clients. In Pakistan, Gorex is poised to transforming the way people refuel; promoting cashless payment systems. Their service empowers corporates, SMEs and other organizations offering fuel benefits to their employees, through efficient fuel management solutions.
BOP will provide settlement services to the fintech
Under the terms of the partnership, BOP will leverage its capabilities by offering integrated APIs to Gorex Pakistan, facilitating digital payments. Additionally, BOP will provide settlement services to the fintech.
At the signing ceremony, Mr. Imran Ashraf (Head of Digital Banking BOP) remarked, “We’re excited to onboard Gorex, as we strongly believe in the value that can be achieved through collaboration and innovative ventures. Gorex represents a classic case of innovative solutions for clients by integrating a closed-loop payment system, allowing for fuel purchases through QR codes in their App. A big thanks to Mr. Asim for coming to Pakistan to finalize the deal. We’re looking forward to supporting them in their future plans in fintech space as well.”
Mr. Asim Jamil (Co-founder GOREX KSA) commented, “We are pleased to have partnered with BOP, as this gives us a head-start in penetrating the Pakistani market, focusing on the automotive industry. We appreciate BOP’s efforts in supporting fintechs to bring innovative products that benefit consumers. I am eager to see this collaboration flourish.”
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