Published by The Nation, April 15, 2016
LAHORE (PR): MCB Islamic Bank Limited (MIB) and Inov8 Limited, the region’s fastest growing digital payments company, have signed an agreement by which the Bank will be using Inov8’s next generation FalconPay Ecosystem. This will allow MIB to offer next generation mobile payments and commerce, retail payments, G2P and P2G payments, and instant Asaan Account and card issuance at the customer’s doorstep.
This is the first time in the history of Pakistan that a Bank and a Fintech Company have collaborated to enable their customers to have access to a combination of mobile payments, internet payments, inter and intra bank fund transfers, ticketing, retail payments etc. at such a scale. The FalconPay Ecosystem will allow the Bank to target new market segments within the conventional banking framework including the unbanked in combination with the Asaan Account Management System. This will create accessible digital channels for the Bank to leverage its conventional branch banking creating a distribution channel as effective and as big in scope as of that of the leading players of the branchless banking industry.
Tags: Series A Funding, Pakistan, Commerce, banking framework, G2P, industry, Mobile Financial Solutions, aqeel hayat, mcommerce, Inov8 Limited, Lahore High Court, management system, Shariah, Islamic Banking, million, inov8, co-ceo, fintech, Mustafa Ejaz, mobile commerce, digital wallet, MCB Islamic Bank, Ali Muhammad Mahoon, digital financial services, retail payments, Ali Asad Rashid, hasnain sheikh, landmark deal, SBP, payments