KUALA LUMPUR (Kashmir English): The Bank of Azad Jammu and Kashmir has joined hands with a Malaysian company to innovate in a significant step towards digitalization and scheduling.
As per the press release, the Memorandum of Understanding (MoU) was signed between the Bank of AJK and Silver Lake Axes during a ceremony held in Kuala Lumpur, Malaysia, where documents were exchanged.
Azad Kashmir Minister for Finance/Chairman Bank, Abdul Majid, President/CEO Bank, Shahid Shahzad Mir, and representatives of Silver Lake were present on the occasion.
The partnership will see the bank install the latest banking software, which is a basic requirement for obtaining a scheduling license under the regulatory framework of the State Bank of Pakistan (SBP). This will put Kashmir Bank equal to all private and commercial banks in Pakistan.
Speaking at the event, Chairman Bank Abdul Majid said that this MoU is not just a technical upgradation but the foundation of a revolution.
“It will enable BAJK to serve its customers better and more transparently, while contributing to the economic growth and prosperity of Azad Jammu and Kashmir,” he added.
The Silver Lake team said that Silver Lake is proud to play a role in the growth of Kashmir Bank, and this core banking solution will set a benchmark for the financial landscape of Pakistan. “This agreement will form the basis of a long-term partnership. Both institutions appreciated the hard work of their teams and pledged to make the project a success.”
Silver Lake is a company providing core banking and other digital technology services to more than 370 banks and financial institutions in 80 countries around the world. It is also known for its core banking software technology and its 100% success rate.
With this important agreement, the Bank of Azad Jammu and Kashmir has achieved a significant milestone in introducing innovation to its banking infrastructure.
