LAHORE: Allied Bank, one of the largest commercial banks in Pakistan have signed a Memorandum of Understanding (MOU) with National Incubator Centre (NIC) which is the largest technology incubation centre in Pakistan and managed by Teamup on 18th of February 2021. Both organizations aim to promote innovation and digitization in the ecosystem.

Allied Bank will use this partnership to encourage incremental, radical and disruptive innovation by holding design thinking and mentoring sessions, conducting hackathons, and even partnering or funding relevant start-ups for mutual value sharing. Moreover, Allied Bank will also expose their relevant digital offerings such as Open-Banking APIs to the start-ups, allowing them to test it in a sandbox environment and possibly support their business architecture.

"We are extremely happy to initiate this collaboration and future prospects from this partnership are bright. Initiatives like these can be a game-changer for the Pakistan entrepreneurial ecosystem, and we are keen to explore new avenues for collaboration between the two parties." said Zouhair Khaliq, co-founder, Teamup (managing NIC).

"The signing of MoU is a great milestone for both organizations and I strongly believe it will accelerate the growth of Fintech start-ups in the country, " said Sohail Aziz, Chief Digital Offer ABL.-PR

Copyright Business Recorder, 2021