National Bank of Pakistan (NBP) has applied to open bank branches in China till the middle of next year. For this purpose, NBP has created a special department for electronic and digital payment system.
This was disclosed by NBP President and Chief Executive Officer (CEO) Saeed Ahmed in a meeting with select business journalists at NBP’s Head Office.
About opening branches in China, Mr. Saeed Ahmed told that NBP has applied to the Chinese regulators for opening new bank branches in China, and that its request is under process. Currently NBP has a representative office in Beijing.
“NBP is willing to do banking in two big cities of China. In the first phase, NBP branches will be open in Beijing and Shanghai. The only delay is with regulatory approval,” Mr. Saeed added.
About NBP’s lack of efforts with respect to the IT sector and digital payment system, Mr. Saeed Ahmed admitted that NBP has been left behind when it comes to modernizing its systems.
‘From 1st till 7th of every month NBP branches are overcrowded and they worked over capacity. During that time, it is not unusually for their air conditioning systems to fail, and with not enough seating arrangements available. ‘
NBP has created a new department for payment system and digitization. This will help NBP to improve its alternate payment system and help reduce over the counter services.
Mobile App and Payment System Incoming
“NBP is developing an internet-based payment system with a mobile app. This will be launched as a pilot project soon. The Bank has also ordered 200 ATMs to replace outdated tellers.”
Saeed Ahmed also told that the bank currently issues ATM cards only. In order to expand its services, NBP has now applied to the State Bank of Pakistan for issuing plastic money cards with payment scheme.
“NBP will not only become an issuer of cards. It will also become an acquirer and develop its own merchant network as a result.”