The Bank of Punjab has entered into a strategic Memorandum of Understanding with Stacks, marking an important step toward transforming Pakistan’s remittance landscape and strengthening the country’s digital financial ecosystem.
The MoU was signed by Muneeb Ali, the co founder of Stacks, and Zafar Masud, the president and CEO of BOP, reflecting a shared commitment to innovation, financial inclusion, and the development of faster and more efficient cross border payment solutions for Pakistan.
Through this collaboration, BOP will combine its banking expertise and institutional reach with Stacks’ technology capabilities to explore new possibilities for improving remittance services, with a focus on speed, security, transparency and convenience for overseas Pakistanis and their families.
As part of this initiative, the two organisations will also undertake a pilot transaction to explore the use of stablecoins for remittances. The pilot will assess how blockchain based solutions can help reduce transaction costs, improve processing time and enhance transparency in cross border payments.
Speaking on the occasion, Masud said, “This partnership reflects our continued focus on innovation and our commitment to building a more efficient, inclusive, and future ready financial system. By exploring emerging technologies in collaboration with leading innovators such as Stacks, we aim to unlock new possibilities for remittances and create greater value for overseas Pakistanis.”
Ali said, “We are pleased to partner with BOP on this important initiative. By combining modern blockchain based infrastructure with strong banking capabilities, we hope to demonstrate how next generation payment rails can improve cross border money movement and expand financial access.”
This partnership underscores BOP’s broader vision of embracing responsible innovation to support national priorities, promote financial inclusion and contribute to a more connected and digitally empowered Pakistan.
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