Bank Alfalah enters Malaysian market through agreement with NS Cashpoint

NS Cashpoint recently entered into a partnership with Bank Alfalah, one of the largest private banks in Pakistan, to better serve the Pakistan remittance corridor. The association with Bank Alfalah will allow both the entities to mutually benefit from each other’s brand value and service offerings in the APAC region, while harnessing the larger technological advancements of LuLu Financial Holdings, the parent company of NS Cashpoint.This partnership will enable affordable and faster cross-border transfers, thus driving greater value proposition for Pakistani expats in Malaysia.

LuLu Financial Holdings has a stake of 70.83% in Malaysia’s NS Cashpoint, with NS Cashpoint being one of the leading Money Services providers in Malaysia offering cross-border remittances, currency exchange and banknotes services. Under this collaboration, Pakistani expats residing in Malaysia will be able to send remittances back home through the NS Cashpoint channel. Malaysia is home to a large number of Pakistani expats working blue- and white-collar jobs in the country, contributing significantly to Malaysia’s economy. This would encourage expats to use more legal channels for remittances, and provide them with a hassle-free transaction process for both senders and receivers.

The partnership will also improve the speed of transfer, reliability, and cost of transfers from Malaysia to Pakistan. Through this partnership, NS Cashpoint customers will get the benefit of sending remittances to Pakistan with ease and on a real-time basis through Bank Alfalah’s swift service, resulting in an increase in the overall volume of the transactions as well.Overseas Pakistanis residing in Malaysia will be able to use NS Cashpoint’s network to deposit money to any bank account in Pakistan with ease, remit cash over the counter payments, and pay utility and other bills in Pakistan. With this service, Bank Alfalah is reinforcing its commitment to facilitating overseas partners to enable smarter and faster ways of sending home remittances to Pakistan.

“Bank Alfalah always wants to offer customers the best service which would meet their expectations, through strategic alliances with our overseas partners. With these type of alliances, we are always working to improve our service levels and expand our product offerings. Similarly, our alliance with NS Cashpoint allows us to serve even more overseas Pakistanis residing in Malaysia and their families back home in Pakistan, while promoting the goal of the State Bank of Pakistan to drive remittances through legal banking channels”. said, Mr. Faisal Rashid, Head Financial Institutions, Home Remittance & International Business, Bank Alfalah.

Atif Bajwa, President and CEO, Bank Alfalah stated, “Through this collaboration between Bank Alfalah and NS Cashpoint, we can now extend a more reliable and quicker way of remitting funds to Pakistan from our citizens residing in the APAC region. Creating safe and secure channels for remittances is essential to encourage and protect the flow of funds and therefore it is critical to partner with established and strong players like NS Cashpoint.”

Adeeb Ahamed, Managing Director, LuLu Financial Holdings remarked on the agreement, “We are excited by the possibilities which the partnership between Bank Alfalah and NS Cashpoint makes available to millions of our customers in Malaysia. NS Cashpoint is a key payments brand in the country, serving several corridors dependent on the remittance economy. The partnership with Bank Alfalah will enable us to serve the Pakistan corridor better and harness the best of our global investments in technology and process expertise, to improve the quality of financial services offered in the region.”

“The partnership between Bank Alfalah and NS Cashpoint offers a means to bring affordability and operational excellence to the gamut of cross-border financial services we provide to the Pakistan corridor. Our investments in digital innovation position us uniquely in the country’s payments ecosystem, and we hope to leverage a positive outcome from this partnership to better serve Pakistani expats in Malaysia’s urban, as well as remote and financially underserved locations”, stated Jacob Varghese, CEO, NS Cashpoint.

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