Habib Bank Limited (HBL) has signed an agreement with UnionPay (UP) to issue UP cards in Pakistan and in global markets where HBL has its presence. "This new partnership is a "major breakthrough in forging the ties between the financial institutions in China and Pakistan", said Pakistan's ambassador, Masood Khan.
He appreciated and lauded HBL's pioneering efforts in establishing earlier linkages with Xinjiang Autonomous Region and major Chinese Banks like ICBC, ABC and Bank of China. The agreement was signed by HBL President and CEO, R Zakir Mahmood and UP First Executive Vice President Cai Jianbo. Present at the signing ceremony from HBL were its Chairman, Sultan Ali Allana, President and CEO designate, Nauman K. Dar and Head Payment Services, Faiq Sadiq. UP executives attending the ceremonies included Su Ning, Chairman and other senior officials.
"This alliance will strengthen our ties and give HBL the ability to advance it's financial inclusion plan by delivering innovative and affordable product solutions to its customers", said Sultan Ali Allana, Chairman HBL. HBL plans to roll out UP Cards and solutions by year end and expects to expand its offering in all major markets, including South Asia, Gulf and Europe by the middle of 2013.
Addressing the participants, UnionPay Chairman Su Ning said, since China-Pakistan Free Trade Zone was established, the cross-border payment demand has been increasing accordingly. The co-operation between UnionPay and HBL will bring Pakistan payment industry with new vigour, and better support the relationship between the two countries.-PR