KARACHI: In what is a first for the MENA (Middle East and North Africa) region, and third in the CEMEA (Central and Eastern Europe, the Middle East and Africa) region, United Bank Limited (UBL), Pakistan’s fastest-growing digital bank, has joined forces with Visa, the world’s leader in digital payments, to drive fintech enablement in Pakistan by becoming the first “Visa ReadyBIN Sponsor” in the region.

As a certified Visa Ready BIN Sponsor, UBL, will offer its BINs that could be used by fintechs, enabling them to build and launch payment solutions that meet Visa’s global standards around security and functionality, that too at a low-cost.

Kamil Khan, Visa’s Country Manager for Pakistan, commented, “Pakistan has a massive pool of fintechs and there is a tremendous potential to accelerate digitization. As the first partner to offer BIN Sponsorship, UBL can enable the launch of card programs across non-traditional financial institutions and fintechs in the market bringing to light newer use cases. Visa Ready allows UBL to provide rapid access to Visa’s certified infrastructure – giving fintechs the confidence that payment flows meet local regulations.”

Sharjeel Shahid – Group Executive Digital Banking UBL, commented, “UBL aims to maintain its lead as the front-runner in the digital-ecosystem by creating an enablement platform for fintechs desirous of entering the market with new use-cases. Our status as a Visa Ready partner is one more step in that direction, where the objective is to create a seamless and fast-track on-boarding experience for non-banking players.”

Copyright Business Recorder, 2022