Business Desk 
Nov 14, 2024
Askari Bank has pioneered Pakistan’s first Cashless Ecosystem project for housing societies in partnership with Digital Miles, a fintech innovation lab. The bank has set a new benchmark to revolutionise different communities in the country with further plans for nationwide expansion.
This approach is funded by Karandaaz Pakistan, an influential investment platform, which is committed to drive enhanced financial growth.
The signing ceremony was attended by Askari Bank Acting President and CEO Saleem Anwar, Askari Bank CDO Ali Naqvi, Karandaaz Pakistan CEO Waqas Ul Hasan, Karandaaz Pakistan CDO Sharjeel Murtaza, Digital Miles CEO Rehan Ahmad Akhtar, including other senior officials.
Read more: Interest-free banking in Pakistan to start from Jan 2028
Askari Bank Acting President and CEO Saleem Anwar stated: “This project is the first step for a major transformation aimed at financially inclusive and smart communities.”
Karandaaz Pakistan CEO Waqas Ul Hasan said: “This partnership marks a crucial step toward Karandaaz’s vision of a Cashless Ecosystem within Pakistan. Starting with housing societies, this initiative will enable residents, merchants, and institutions to operate seamlessly in a fully digital environment, setting the stage for a financially inclusive, efficient, and forward-looking community experience.”
Digital Miles CEO Rehan Ahmad Akhtar said: “We are equally excited to be part of this initiative and this partnership will enable us to leverage our digital finance innovation expertise to create a fully integrated cashless environment that will benefit residents, merchants, and institutional setups within the ecosystem.”
Cashless Ecosystem
The Askari Bank's Cashless Ecosystem Project builds an adequately incorporated digital platform for housing societies, allowing consistent transactions across institutions, and more. It streamlines complex payment methods by supporting supply chain, salaries, and more.
The project aims to integrate digital financial services and offer digitised transactions within the housing society ecosystem to strengthen the country’s presence in the digital landscape.
