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National Bank of Pakistan (NBP) has upgraded its pool management system with ten-year-long partner Codebase Technologies (CBT).<\/p>\n
NBP is a Pakistani government-owned commercial bank and a subsidiary of State Bank of Pakistan (SBP). It holds roughly $17.2 billion in assets.<\/p>\n
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<\/p>\n“[The upgrade] will help our Islamic banking division to be more transparent to our customers”<\/p>\n<\/div>\n
Dubai-based CBT is an open banking provider which provides both conventional and sharia-compliant banking solutions. The upgrade<\/p>\n
CBT’s managing partner, Raheel Iqbal, says the upgrade “promises to set an industry standard for Islamic banking in the country”.<\/p>\n
He adds that it will allow Islamic banks to have a deeper visibility into their asset, liability and depositor profiles.<\/p>\n
NBP also intends to use the upgrade to develop new deposit products.<\/p>\n
CBT says the new version of its ‘DigibancTM PoolSmart’ brings the bank “a modern technology stack coupled with highly customisable data driven models”.<\/p>\n
A bank spokesperson says the upgrade allows it to manage profit distribution in real time whilst honouring sharia law.<\/p>\n
“[The upgrade] will help our Islamic banking division to be more transparent to our customers”, the bank adds.<\/p>\n
Pakistan’s fintech scene<\/p>\n
A handful of fintechs have started mobilising in Pakistan over the last year.<\/p>\n
FinTech Futures most recently reported on digital wallet SadaPay<\/a>, and open banking fintech Dapi<\/a> – both of which launched earlier this year.<\/p>\n Some have made parallels between Indonesia and Pakistan. Both countries have more than 200 million inhabitants, but more than 100 million remain unbanked.<\/p>\n Last week, SadaPay welcomed the chief technology officer (CTO) of Indonesia’s most valued start-up, Gojek – a competitor of Singapore’s Grab – to its team.<\/p>\n New appointed Jon Sheppard says he sees the digitisation of payments “as still in its infancy” in Pakistan – much like what he saw in Indonesia before fintechs like Gojek took centre stage.<\/p>\n More fintechs will arrive in the country later this year. Last month<\/a>, the Securities and Exchange Commission of Pakistan (SECP) announced it had received 32 applications for its regulatory sandbox.<\/p>\n Some 13 of these have been moved to the next stage.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n Tags:<\/b> Ruby Hinchliffe<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"See Campaign: <\/strong>https:\/\/www.fintechfutures.com\/2020\/07\/national-bank-of-pakistan-modernises-pool-management\/<\/a>
Contact Information:<\/b>
Ruby Hinchliffe<\/p>\n
<\/a>, Wire<\/a>, United States<\/a>, English<\/a><\/p>\n<\/div>\n
\nContact Information:<\/h3>\n
National Bank of Pakistan (NBP) has upgraded its pool management system with ten-year-long partner Codebase Technologies (CBT). NBP is a Pakistani government-owned commercial bank and a subsidiary of State Bank of Pakistan (SBP). It holds roughly $17.2 billion in assets. “[The upgrade] will help our Islamic banking division to be more transparent to our customers” … Continue reading National Bank of Pakistan modernises pool management<\/span><\/a> Continue Reading