| Welcome to Global Village Space

Friday, June 14, 2024

JS Bank & AdalFi sign agreement for digital lending in Pakistan

The collaboration between JS Bank and AdalFi will provide retailers and SME merchants with diversified lending options and a smooth banking experience. With the new partnership, JS Bank, with its focus on SME lending, will significantly improve access to credit across Pakistan.

JS Bank, one of the fastest-growing banks in Pakistan, has entered into an agreement with AdalFi, a digital lending fintech with the aim to provide real-time order financing to SME Merchants nationwide.

AdalFi has 20+ years of IT services experience and 350 + consultants worldwide. Furthermore, its focus is to enable digital lending in Pakistan using a 100 % AI-based credit scoring model to sync with Bank’s core system to provide end-to-end consumer lending digitally.

Read more: JS Bank launches app for digital banking experience

Atif Saleem, group head of retail banking – JS Bank signed the agreement with Salman Akhtar, CEO of AdalFi. Senior management from both sides was also present at the signing.

On the occasion, Atif Saleem said, “It’s a pleasure to have AdalFi on board with us. This new relationship is based on a joint commitment to ensure that the lending opportunities are widely available for SME merchants and retailers in the country.”

The partnership would provide retailers and SME merchants with diversified lending options and a smooth banking experience, he added.

Salman Akhtar said, “We are delighted to partner with JS Bank. Our Digital Lending Platform provides AI-based credit scoring and real-time digital lending customer journeys. We are confident that JS Bank, with its focus on SME lending, will significantly improve access to credit across Pakistan.”

JS Bank committed to Pakistan’s digitization

This is not the first time JS Bank contributed to Pakistan’s fintech innovation. In November 2021, JS Bank successfully launched its end-to-end digital account opening facility titled JS Blink which allows customers to open a complete checking account by either downloading JS Mobile or by visiting the JS Bank Website. This facility makes JS Bank one of the first few banks to launch this pilot program in compliance with SBP’s digital framework.

JS Blink is a major step in redefining the customer banking journey in Pakistan, paving the way for onboarding millennials and GenZ under the formal banking umbrella using digital tools.