Faysal Bank Limited (FBL), a leading financial institution in Pakistan, has partnered with US blockchain platform Ripple to introduce a digital payment service to the South Asian nation.
According to Crowdfund Insider, FBL will utilize Ripple’s blockchain technology as well as leverage its existing user base to facilitate the transfer of money globally.
The forthcoming digital payment solution was announced by FBL on September 6, 2019 at an event held in Karachi, considered Pakistan’s financial center, and was attended by FBL President Yousaf Hussain.
Ripple has yet to release any details from its side of the agreement but by partnering with the US-based blockchain platform, FBL joins over 200 other banks and payment services that use RippleNet, a decentralized network for money transfers.
Faysal Bank Limited is already the largest commercial bank in Pakistan operating more than 220 branches across the nation and holding assets worth a combined US$1.5 billion. It also aims to be at the forefront of the country’s adoption of digital financial solutions and has undertaken numerous efforts to develop Pakistan’s digital economy.
The private bank is Pakistan’s first to introduced a virtual payment card in 2017. More recently, it sponsored a summit in Karachi centered around electronic payment and said it wished to generate “mass awareness about digital money”. The gathering was notable due to the State Bank of Pakistan currently enforcing an order for the country’s banks to not engage in cryptocurrency dealings.
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