Askari Bank is establishing itself in the area of digital financial services with its latest initiative to create a cashless ecosystem. Building on the experience of digital offering, including industry’s-first indigenous biometric verification integrated solution, Askari Bank is positioned to extend innovative financial solutions with a commitment for financial inclusion to support its mission of ‘Getting Closer to the Customer.’
Conceived and funded by Karandaaz Pakistan, an impact investment platform dedicated to driving sustainable economic growth and strengthening financial and social protection systems for inclusion, Askari Bank, in collaboration with Digital Miles, a fintech innovation lab, has launched Pakistan’s first comprehensive Cashless Ecosystem Project aimed at digitalizing communities. In this regard, a signing ceremony was hosted in which the Acting President and CEO Askari Bank, Mr. Saleem Anwar, the CDO of Askari Bank, Mr. Ali Naqvi, the CEO of Karandaaz Pakistan, Mr. Waqas Ul Hasan, the CDO of Karandaaz, Mr. Sharjeel Murtaza, Group Head – DFS Projects at Karandaaz, Mr. Taimoor Ali, the CEO of Digital Miles, Mr. Rehan Ahmad Akhtar, and other senior officials participated. Commenting on the impact of this project, the Acting President and CEO of Askari Bank, Mr. Saleem Anwar, said, “This project is first step for a major transformation aimed at financially inclusive and smart communities.” CEO of Karandaaz Pakistan, Mr. 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.” Similarly, the CEO of Digital Miles, Mr. 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.”
This pioneering project is designed to fully digitalize all interactions and transactions within the housing society ecosystem. From financial transactions between residents and society management, every interface will be seamlessly integrated into a digital platform.
Innovative Cashless Ecosystem
The Cashless Ecosystem Project redefines conventional boundaries by creating a fully integrated digital platform that encompasses all essential lifestyle components within a housing society. It enables seamless digital interactions across residents, society management, retail spaces, and institutional setups. This platform facilitates diverse transactions, including supply chain payments, corporate payments and collections, employee salaries, and retail payments. Additionally, it offers a range of value-added services, supporting users in their transition to a comprehensive digital ecosystem
The successful implementation of the Cashless Ecosystem Project will set a benchmark for communities/ housing societies across Pakistan. Following this pilot, Askari Bank aims to expand and replicate the initiative to other geographies leading the creation of a national transformational asset.
