Pakistan’s Faysal Bank Limited (FBL) is partnering with San Francisco-based fintech Ripple to launch a digital payments solution.
FBL is reportedly one of Pakistan’s largest private sector banks and has more than 220 branches with business assets totaling $1.5 billion.
Announced on September 6, the partnership was commemorated by a meeting held in Karachi, Pakistan’s largest city, and was attended by Faysal Bank’s president and CEO Yousaf Hussain.
Faysal Bank Limited, an Islamic commercial bank, joins over 200 financial institutions worldwide that are using RippleNet, a decentralized payments network that enables quick and cost-effective cross-border payments.
The bank has been active in the development of support for digital money. In 2017, FBL became the first commercial bank in Pakistan to launch a digital card powering the rise of online payments and e-commerce purchases.
Last month it sponsored a one-day summit on electronic money in Karachi to create “mass awareness about digital money.”
Pakistani lawmakers have not developed regulatory guidelines for cryptocurrency transactions. Last year, the nation’s central bank, the State Bank of Pakistan (SBP), instructed all local financial institutions to halt services to individuals and companies dealing in crypto assets.
Details regarding Faysal Bank and Ripple’s partnership have not been released at time of writing.