Sindh Bank, a Pakistani commercial lender, has entered into an agreement with UnionPay International (UPI), a subsidiary of China UnionPay, for issuing debit cards.
The agreement will facilitate Pakistan’s payment industry and provide alternate delivery channels to the Islamic bank’s customers spread over 111 cities.
Sindh Bank has a network of 225 online branches with a profit of PKR5bn. The deal will also reinforce the Pak-China trade relationship.
The bank will also launch Microfinance Bank as a wholly-owned subsidiary, for which it obtained non-objection certificate (NOC) from the State Bank of Pakistan (SBP) to facilitate small and medium enterprises (SMEs).
Sindh Bank president and CEO M Bilal Sheikh said: "Our Islamic banking is also rapidly growing and presently the bank is operating some 25 Islamic branches across the country. The accord is aimed at providing innovative financial solutions."