KARACHI
\nYAP Pakistan, the region\u2019s first financial super app on a mission to revolutionize the digital banking experience in the Middle East, Africa and South Asia has partnered with Bank Alfalah, one of Pakistan\u2019s largest commercial banks, to offer customized digital financial products and services for Small and Medium Enterprises (SMEs) in the country. The two organizations signed a Memorandum of Understanding on August 4th, 2022.
\nThrough this collaboration, YAP Pakistan and Bank Alfalah pave the way to create a more financially inclusive ecosystem for customers and businesses by enabling users to access a comprehensive array of digital financial services, including a fully operational business bank account, payroll, reporting, analytics and expense management.
\nYAP customers will also be able to access over-the-counter services at Bank Alfalah\u2019s vast network of branches across Pakistan.
\nYAP Pakistan, which has successfully secured the In-Principle Approval from the State Bank of Pakistan for an Electronic Money Institute (EMI) License, will equip users with a digital account and an app which will enable users to perform various financial tasks at the touch of a button.
\n\u201cSMEs have unique needs and are looking for a more seamless approach to banking and we are pleased to partner with Bank Alfalah to create a suite of products and services to support them,\u201d said YAP Pakistan CEO Meharyab Niazi, \u201cSMEs contribute to 40% of Pakistan\u2019s GDP and 25% in overall exports, which emphasizes the demand for an easier way to manage finances when in the early stages of growing a business.\u201d
\nBank Alfalah has been on the mission to collaborate with various partners in a bid to increase adoption of digital payments in the industry. The bank\u2019s online acceptance business is clearly the market leader with more than 50% market share. Bank Alfalah\u2019s Cash Management enables Corporate, Middle Market and SME clients to securely prepare their payment and transfer instructions to the bank in real time. Bank Alfalah was also awarded the Best Transaction Banking Award in 2021.
\nBank Alfalah is committed to support Pakistan\u2019s growing Fintech startup eco-system. YAP\u2019s regional experience with SME\u2019s promises to bring innovative payment solutions for this largely unserved market in the country. We look forward to supporting YAP by providing them access to our financial products and jointly developing new ones.\u201d said Ms. Mehreen Ahmed, Group Head Retail Banking Group at Bank Alfalah.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI YAP Pakistan, the region\u2019s first financial super app on a mission to revolutionize the digital banking experience in the Middle East, Africa and South Asia has partnered with Bank Alfalah, one of Pakistan\u2019s largest commercial banks, to offer customized digital financial products and services for Small and Medium Enterprises (SMEs) in the country. The […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-283136","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n