ACE Money Transfer, a prominent global fintech in the remittance industry, has been recognized by the State Bank of Pakistan (SBP) for its outstanding contribution to Pakistan’s remittance sector. The company was honored with the award for being the Fourth Largest Global Fintech by Remittance Volumes to Pakistan, marking a significant milestone in its continued efforts to enhance financial inclusion and economic development in the country.
The prestigious award was presented at the 4th Pakistan Remittance Summit 2024, held in Rome, Italy, on November 28, 2024. The summit was attended by key figures from the global financial community, including policymakers, industry experts, and financial stakeholders. This recognition highlights ACE Money Transfer’s pivotal role in driving the flow of remittances into Pakistan, a country that remains one of the largest recipients of remittances globally.
With its innovative approach to remittances, ACE Money Transfer has successfully connected millions of overseas Pakistanis with their families back home. By promoting secure and cost-effective remittance channels, ACE has become a key player in enhancing Pakistan’s financial system and boosting its economy. According to recent statistics, Pakistan ranks as the fifth-largest recipient of remittances worldwide, with a substantial 24 percent increase in remittance inflows to $3.052 billion in October 2024 alone.
Rashid Ashraf, CEO of ACE Money Transfer, expressed his gratitude upon receiving the award. He emphasized that this recognition is a testament to the company’s dedication to providing innovative, reliable, and efficient remittance services. “This prestigious award from the State Bank of Pakistan is a testament to supporting millions of Pakistanis and other expats worldwide, helping them securely transfer funds home to ensure a prosperous life for their loved ones,” he said. He also reiterated ACE’s commitment to further contributing to Pakistan’s economic growth by offering cutting-edge technological solutions in the remittance sector.
ACE Money Transfer’s success is attributed to its emphasis on leveraging technology to streamline remittance processes and improve customer experience. Through these technological innovations, ACE has positioned itself as a leading player in the global remittance market, offering services that cater to the needs of expats and their families while also playing a crucial role in strengthening Pakistan’s economy.