United Bank Limited (UBL) has partnered with Visa Inc. to develop fintech enablement in Pakistan, becoming the first “Visa Ready BIN Sponsor” in the MENA (Middle East and North Africa) area and the third in the CEMEA (Central and Eastern Europe, Middle East and Africa) region.
UBL will sell its BINs (Bank Identification Numbers) to fintechs as a qualified Visa Ready BIN Sponsor, allowing them to design and deploy payment solutions that satisfy Visa’s worldwide security and functionality criteria at a reasonable cost.
Visa launched the Visa Ready programme to help fintechs navigate licence and payment network requirements without having to redirect their attention away from their core business. Previously, every institution in the region that desired to issue a payment card had to go through the time-consuming procedure of locating a BIN sponsor. Visa created the initiative to help fintechs swiftly and effectively set up payment solutions for their end customers, reducing time-to-market and boosting company development.
Kamil Khan, Visa’s Pakistan Country Manager, stated, “Pakistan has a massive pool of fintechs and there is a tremendous potential to accelerate digitization. As the first partner to offer BIN Sponsorship, UBL can enable the launch of card programs across non-traditional financial institutions and fintechs in the market bringing to light newer use cases. Visa Ready allows UBL to provide rapid access to Visa’s certified infrastructure – giving fintechs the confidence that payment flows meet local regulations. We are looking forward to seeing a greater number [of] fintech companies benefitting from this partnership with UBL as we continue to drive innovation and support the launch of products and solutions that transform the payment experiences of consumers in Pakistan.”
Group Executive Digital Banking UBL, Sharjeel Shahid, commented, “UBL aims to maintain its lead as the front-runner in the digital-ecosystem by creating an enablement platform for fintechs desirous of entering the market with new use-cases. Our status as a Visa Ready partner is one more step in that direction, where the objective is to create a seamless and fast-track onboarding experience for non-banking players.”
UBL becomes a go-to partner for fintech and business players thanks to Visa Ready BIN sponsorship, which offers them with the resources and structure they need to launch financial products fast and smoothly while adhering to local rules.