Intending to leapfrog the digital ecosystem in Pakistan, Bank Alfalah has signed a Memorandum of Understanding (MoU) with Ignite, a public sector company with the Ministry of Information Technology and Telecommunication (MoITT). The partnership aims for financial facilitation of startups and freelancers to be a one-stop solution catering to all banking needs.
The ceremony was held in Islamabad in the presence of the senior leadership from the public and private sectors, committing to boost the startups and freelancing ecosystem in Pakistan. With this partnership, Ignite and Bank Alfalah will work closely to develop products and services that will cater to the current financial needs of these startups and freelancers.
Mohsin Mushtaq, Secretary, MoITT, commented on the occasion, said “This collaboration between Ignite and Bank Alfalah will benefit Ignite’s startups and freelancers in meeting their financial needs. He further added that such a collaboration would provide opportunities for startups and freelancers to avail customized financial services offered by Bank Alfalah. He also appreciated Ignite for collaborating with financial institutions such as Bank Alfalah to empower startups and freelancers in meeting their financial needs” CEO Ignite said that this MOU will benefit both startups and freelancers by addressing their short-term financing needs. He added that Bank Alfalah would conduct information sessions at Ignite’s National Incubation Centers (NIC) to educate startups about the different financing options available to them.
Mehreen Ahmed, Group Head of Retail Banking, said: “We at Bank are proud to support projects empowering youth to explore their potential. Bank Alfalah is a one-stop solution, providing an array of products and services that contribute towards much-needed ease of business for all start-ups and freelancers. In addition to a strong nationwide branch network, we excel at digitizing our product suite for various customer segments such as bank account opening, credit cards, auto, home financing, health insurance and corporate credit cards. With this partnership, we aim to customize these financial services for startups and freelancers.”
Pakistan startup ecosystem has seen significant funding coming in over the last few years. Despite many exits and fears looming of global recession, the funds raised by Pakistan startups makes it a potentially strong market.
With the support of banks such as Bank Alfalah, startups and freelancers can scale up their businesses. This can influence an ecosystem by empowering individuals and institutions to generate snowballing positive economic and social impact.