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.
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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."
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