Leatherback Partners with MCB Bank to Facilitate Seamless Remittances in Pakistan and South Asia
In a bid to streamline cross-border financial transactions, Leatherback, a global banking service provider, has joined forces with MCB Bank, one of Pakistan’s largest commercial banks. This strategic partnership aims to enhance accessibility to business and lifestyle opportunities in Pakistan and the wider South Asia region by simplifying Pakistani Rupee (PKR) payouts and remittances for Leatherback users.
Background:
Pakistan has emerged as a significant recipient of remittances, totaling approximately $150 billion between 2017 and 2022, with $29.9 billion received in 2022 alone, ranking sixth among top remittance-receiving countries. Moreover, trade between Pakistan and Africa stands at $4.18 billion, highlighting the country’s economic interactions on a global scale.
Partnership Impact:
Through this collaboration, Leatherback users, including businesses, international students, medical migrants, and tourists, gain seamless access to send money to individuals and businesses in Pakistan. The process involves a straightforward five-step procedure via Leatherback’s remittance solution, SendR, enabling instant receipt of funds in PKR.
Statements:
Ibrahim Toyeeb Ibitade, CEO of Leatherback, expressed enthusiasm about the partnership, emphasizing its role in eliminating previous payment barriers and connecting individuals worldwide to diverse opportunities.
Mr. Omair Safdar, Group Head Wholesale Banking, MCB Bank Limited, highlighted the partnership’s significance in expanding digital remittance services, reinforcing MCB Bank’s commitment to innovation and customer value.
Facilitating Cross-Border Transactions:
Leatherback, with a focus on migrants and global citizens, aims to provide robust cross-border financial services. The platform offers a seamless digital identity verification process, upfront low transaction fees, real-time competitive FX rates, and secure onboarding.
Leatherback Profile:
Headquartered in London, Leatherback is regulated across various jurisdictions, including the United Kingdom, Nigeria, Ethiopia, Canada, India, Pakistan, Nepal, and Sri Lanka. Currently serving over 50,000 customers, Leatherback projects to reach $500 million in monthly transactions by the end of 2024. The company boasts FCA Authorization, PCI DSS Compliance, and ISO Certification.
This collaboration underscores Leatherback’s commitment to facilitating global financial accessibility and empowering individuals and businesses to harness international opportunities effectively.
