In a first in the MENA (the Middle East and North Africa) region, and third in the CEMEA (Central and Eastern Europe, the Middle East and Africa) region, United Bank Limited (UBL) has collaborated with Visa Inc. to drive fintech enablement in Pakistan by becoming the first “Visa Ready BIN Sponsor” in the region.
As a certified Visa Ready BIN Sponsor, UBL will offer its BINs ( Bank Identification Numbers) that could be used by fintechs, enabling them to build and launch payment solutions that meet Visa’s global standards around security and functionality, that too at a low cost.
Visa created the Visa Ready program to help reduce the need for fintechs to divert their focus on navigating licensing and payment networks requirements. Traditionally, any institution that needed to issue a payment card in the region used to go through the long process of finding a BIN sponsor. In establishing the program, Visa is supporting fintechs to quickly and efficiently stand-up payment solutions for their end clients — thus accelerating time-to-market and fueling their business growth.
Visa’s Country Manager for Pakistan, Kamil Khan, commented, “Pakistan has a massive pool of fintechs and there is a tremendous potential to accelerate digitization. As the first partner to offer BIN Sponsorship, UBL can enable the launch of card programs across non-traditional financial institutions and fintechs in the market bringing to light newer use cases. Visa Ready allows UBL to provide rapid access to Visa’s certified infrastructure – giving fintechs the confidence that payment flows meet local regulations. We are looking forward to seeing a greater number [of] fintech companies benefitting from this partnership with UBL as we continue to drive innovation and support the launch of products and solutions that transform the payment experiences of consumers in Pakistan.”
Group Executive Digital Banking UBL, Sharjeel Shahid, commented, “UBL aims to maintain its lead as the front-runner in the digital-ecosystem by creating an enablement platform for fintechs desirous of entering the market with new use-cases. Our status as a Visa Ready partner is one more step in that direction, where the objective is to create a seamless and fast-track onboarding experience for non-banking players.”
Through Visa Ready BIN sponsorship, UBL becomes a go-to partner for fintech and business players as it provides them with the necessary resources and framework to launch financial products quickly and seamlessly, that comply with the local regulations.