YAP Pakistan partners with Bank Alfalah to launch B2B financial services

BusinessYAP Pakistan partners with Bank Alfalah to launch B2B financial services

YAP Pakistan, the first regional financial super app providing consumers and businesses with a one-stop shop of innovative financial products, has partnered with Bank Alfalah, one of Pakistan’s largest commercial banks, to offer customized digital financial products and services for Small and Medium Enterprises (SMEs) in the Country.

The collaboration paves 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.

   

YAP customers will also be able to access over-the-counter services at Bank Alfalah’s vast network of branches across Pakistan.

YAP Pakistan secured the In-Principle Approval from the State Bank of Pakistan for an Electronic Money Institute (EMI) license, which will equip users with a digital account and an app that will enable users to perform various financial tasks at the touch of a button.

“SMEs 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,” said YAP Pakistan CEO Meharyab Niazi.

“SMEs contribute to 40% of Pakistan’s 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.”

Bank Alfalah has been on the mission to collaborate with various partners in a bid to increase the adoption of digital payments in the industry. The bank’s online acceptance business is clearly the market leader with more than 50% market share. Bank Alfalah’s 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.

“Bank Alfalah is committed to supporting Pakistan’s growing Fintech startup ecosystem.  YAP’s regional experience with SMEs promises to bring innovative payment solutions to 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.” said Bank Alfalah Retail Banking Group Head Ms. Mehreen Ahmed.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

USD to PKR: USD Dollar Rate in Pakistan Today – 29 March 2024

0
The US Dollar (USD) was being bought and sold at Rs 278.2 and Rs 280.9 in the Open Market against the Pakistani Rupee (PKR)...

Gold Price in Pakistan Today – 29 March 2024

0
On Friday (March 29, 2024), the gold rate for one tola of 24-karat in Karachi, Pakistan, is Rs 229,900.000.It's important to note that gold...
The Media Circus staged by judges in Pakistan

The Media Circus staged by judges in Pakistan

0
Islamabad, Pakistan: The Chief Justice of the Supreme Court of Pakistan Qazi Faez Isa, and Prime Minister Mian Shehbaz Sharif held a meeting to...

Pakistan vs New Zealand T20I Series Tickets to go on Sale from Friday

0
LAHORE, Pakistan: The tickets for the five-match T20I series between Pakistan and New Zealand will go on sale from Friday, March 29, 2024.The series...

Judicial Commission to probe IHC judges’ allegations on ISI Operators

0
ISLAMABAD, Pakistan: The federal government has announced the formation of a Judicial Commission to probe Islamabad High Court (IHC) judges' allegations on ISI Operators...
Advertisement