Pakistan’s Faysal Bank Limited, more commonly known as FBL, has unveiled its partnership with Crypto-based company Ripple Labs. The Pakistani Bank has joined hands with San Francisco-based cryptocurrency company to develop a digital payment solution.
FBL is one of Pakistan’s largest private bank and has more than two hundred branches across the country. The bank is also an Islamic commercial bank. The bank has business assets worth around one and a half billion dollars ($1.5B).
The partnership was commemorated by the parties involved in a meeting held in Karachi. Karachi is the largest city of Pakistan and is a commercial and residential hub, thus being a perfect location for such events. The meeting was attended by Faysal Bank’s president and CEO Yousaf Hussain.
The company’s Twitter account posted about the meeting in the following Tweet.
Faysal Bank introduces a digitally enabled solution for its customers through partnering with Ripple. With this partnership, fast, secure and convenient cross border payments can be made. The ceremony was held in Karachi, under the leadership of Mr. Yousaf Hussain, P&CEO- FBL. pic.twitter.com/qjyrm5sk05
— Faysal Bank Limited (@faysalbankltd) September 6, 2019
Through the partnership, Faysal Bank Limited has become one of the over two hundred financial institutions that use RippleNet. RippleNet is a decentralized payment network that enables efficient, fast cross-border payments.
Faisal Bank: Pakistani banks’ pioneer in digital money
The bank is one of the country’s pioneers in supporting digital money. FBL was the first Pakistani bank to launch a digital card back in 2017. The country has been encouraging online payments and e-commerce purchases. The company also sponsored a summit for electric money in Karachi to raise awareness about digital money.
Currently, Pakistan does not have a regulatory framework for digital currencies. The country is against cryptocurrencies as banks are not allowed to interact with them. The State Bank of Pakistan has instructed all financial institutions to stop services to individuals and companies dealing in crypto assets.