Raqami Islamic Digital Bank Ltd. (RIDBL), one of the leading contenders for the digital retail bank license under Pakistan’s 2022 Licensing and Regulatory Framework for Digital Banks, proudly announces a strategic partnership with 1LINK, the nation’s largest Payment Service Provider and Payment Service Operator.
The partnership was formalized during a signing ceremony at the 1LINK office in Park Towers, Karachi. The event was attended by senior management from both organizations, symbolizing their commitment to driving innovation in the digital banking landscape.
Key figures present at the ceremony included Umair Aijaz, CEO of RIDBL; Nadeem Hussain, Coach at RIDBL; Mr. Najeeb Agrawalla, CEO of 1LINK; Mr. Bashir Khan, COO of 1LINK; Mr. Suleman Hasan, CCO & Company Secretary of 1LINK; Mr. Javaid Sher Ali, Head of Engineering at RIDBL; and Syed Abid Raza Rizvi, Head of Product and Pricing at RIDBL, alongside other team members.
RIDBL is set to distinguish itself as a fully Shariah-compliant, purely digital bank, eschewing traditional brick-and-mortar branches in favor of a streamlined, mobile-first approach. This partnership with 1LINK will enable RIDBL to offer customers Interbank Funds Transfer (1IBFT) and 1BILL services. In the future, the PayPak service will also be included, allowing RIDBL customers to seamlessly transfer funds to over 32 banks and make payments to more than 2,500 companies nationwide.
Umair Aijaz, CEO of RIDBL, expressed his enthusiasm for the partnership: “We are excited to partner with 1LINK and bring cutting-edge digital financial services to our customers. This collaboration represents a significant step forward in our mission to redefine the customer journey and empower users of RIDBL’s banking services with efficient and seamless multi-channel payment options.”
Nadeem Hussain, Coach at RIDBL, echoed this sentiment: “The collaboration between RIDBL and 1LINK underscores the vital importance of advancing digital banking solutions. Together, we can leverage our respective expertise to drive innovation, enhance accessibility, and ultimately empower customers with unparalleled financial services.”
Mr. Najeeb Agrawalla, CEO of 1LINK, highlighted the strategic nature of the alliance: “The collaboration between 1LINK and Raqami Islamic Digital Bank represents a strategic alliance providing customized financial solutions to a wide range of customer segments. This marks the dawn of a new era of innovation and accessibility in Islamic banking, catering to the unique needs and preferences of our discerning clientele.”
Mr. Bashir Khan, COO of 1LINK, added: “This partnership represents a pivotal achievement in the banking sector, enabling Raqami Bank to pioneer innovation and deliver customized products and services to its customer segments utilizing 1LINK rails. It further highlights 1LINK’s steadfast dedication to ongoing innovation, positioning it as the preferred partner for financial institutions aiming to elevate their digital solutions.”
As RIDBL embarks on its journey to redefine the banking experience, it remains committed to establishing a fully Shariah-compliant digital bank that prioritizes innovation and customer-centricity at its core. This partnership with 1LINK marks a significant milestone in achieving these goals.
