Faysal Bank Limited (FBL), one of Pakistan’s premier Islamic banks, has entered into a strategic partnership with Smart1-Tech (Pvt.) Ltd., a rapidly emerging fintech company dedicated to driving digital payment and acceptance solutions. This collaboration marks a noteworthy development for Pakistan’s growing financial ecosystem, aiming to create more secure, cashless payment avenues tailored for micro, small, and medium enterprises (MSMEs).
The agreement was formalized at a signing ceremony hosted at Faysal Bank’s Head Office, attended by senior leadership from both organizations. The partnership underscores FBL’s continued commitment to expanding financial inclusion by leveraging innovative fintech alliances, a move that aligns with the evolving needs of Pakistan’s dynamic MSME sector.
MSMEs form the backbone of Pakistan’s economy, providing employment opportunities and contributing significantly to GDP. However, many of these businesses have traditionally operated on cash-based models, limiting their access to formal financial services and the broader digital economy. Through this partnership, Faysal Bank and Smart1-Tech aim to change that narrative by equipping small businesses with advanced digital payment acceptance tools, paving the way for a more connected and transparent economic environment.
Amin ur Rahman, Chief Digital Officer at Faysal Bank, highlighted the strategic significance of this alliance, stating, “Our partnership with Smart1-Tech is another step towards expanding the payments ecosystem in Pakistan. At Faysal Bank, we believe in growth through collaboration, and this partnership complements our strategy to strengthen the digital landscape.”
Echoing this sentiment, Mr. Ali Ahmed, CEO of Smart1-Tech, emphasized how critical such collaborations are for reshaping Pakistan’s financial terrain. “We are privileged to formalise our partnership with Faysal Bank. This agreement is a significant step towards enhancing Pakistan’s digital acceptance services, and we are confident that this collaboration will drive the much-needed progress by acting as growth enablers,” he remarked.
A key component of this initiative will focus on the rollout of Raast P2M QR-based payment solutions. Designed specifically for small retailers, these QR code-enabled systems make accepting digital payments simpler and more affordable, reducing reliance on physical cash while offering customers secure and convenient ways to pay. By integrating these systems, Faysal Bank and Smart1-Tech aim to accelerate the adoption of cashless transactions across diverse commercial segments.
This partnership also ties into broader efforts to deepen financial inclusion in Pakistan, aligning with State Bank of Pakistan’s push to modernize the payment infrastructure and encourage digital transformation. As businesses increasingly embrace technology, collaborations like this serve as critical catalysts for fostering an environment where even the smallest enterprises can leverage digital tools to grow and thrive.
Moving forward, both Faysal Bank and Smart1-Tech are expected to continue developing tailored digital offerings that not only simplify transactions but also empower MSMEs with greater financial visibility and control. By focusing on practical, scalable solutions, the partnership hopes to play a pivotal role in driving Pakistan toward a more robust and resilient digital economy.