Faysal Bank Limited (FBL), one of Pakistan’s largest and fastest-growing Islamic banks, has announced a strategic partnership with Tapsys Private Limited, a technology solutions provider specializing in payment infrastructure. The collaboration aims to transform how small and medium-sized enterprises (SMEs) manage digital transactions by providing advanced, Shariah-compliant payment acceptance solutions.
At the core of this alliance is a shared vision to accelerate digital adoption among SMEs, a sector often constrained by limited access to modern payment technologies. Under the partnership, FBL and Tapsys will roll out a comprehensive suite of acceptance solutions designed to meet global standards. This includes the deployment of Point-of-Sale (POS) terminals capable of processing diverse payment methods, alongside the integration of Raast Merchant QR-based transactions—an initiative spearheaded by the State Bank of Pakistan (SBP) to expand digital financial inclusion nationwide.
Speaking at the signing ceremony, Syed Amin ur Rahman, Chief Digital Officer at Faysal Bank, underlined the significance of the initiative. “This alliance with Tapsys is reflective of our organizational ethos of creating a digitally empowered Shariah-compliant ecosystem for merchants and customers alike. The aim of this partnership is to make cashless payments more convenient, aligning with SBP’s financial inclusion and cashless economy goals,” he said.
For FBL, which has been recognized for driving Islamic banking innovation in Pakistan, the partnership signals a further commitment to merging technology with Shariah-compliant practices. By introducing reliable and scalable digital acceptance solutions, the bank is not only catering to SMEs but also enabling consumers to engage in more seamless and secure transactions.
Karim Jindani, Chief Executive Officer of Tapsys, emphasized the broader impact of the collaboration. “We are delighted to collaborate with Faysal Bank to drive innovation in the digital payment space. Tapsys’ focus on secure and scalable technology aligns perfectly with FBL’s commitment towards delivering state-of-the-art digital financial services. Together, we aim to reshape how businesses and consumers experience digital payments,” he stated.
Industry experts note that the SME sector, which forms the backbone of Pakistan’s economy, has traditionally lagged in adopting digital payments due to infrastructure gaps and high costs. By integrating POS and QR solutions tailored to SMEs, the FBL–Tapsys partnership addresses this gap, empowering merchants to transition away from cash dependency while opening new opportunities for growth.
This collaboration also reflects the growing synergy between established banks and fintech innovators in Pakistan, as both sides work toward a common goal of expanding digital financial access. For the State Bank of Pakistan, such initiatives reinforce ongoing efforts to promote the Raast instant payment system and accelerate the move toward a cashless economy.
Looking ahead, the partnership promises to reshape the SME payments ecosystem by offering merchants greater flexibility, customers enhanced convenience, and the broader economy a stronger push toward digital transformation. As Pakistan continues to modernize its financial infrastructure, alliances like these will play a defining role in ensuring inclusive growth across all segments of society.
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