December 19th, 2016
Meezan Bank, Pakistan’s first and largest dedicated Islamic bank has recently signed an agreement with Inov8 Limited, the region’s fastest growing digital payments company, to partner on Inov8’s next generation FalconPay Payment’s Ecosystem. The FalconPay platform is a complete digital ecosystem powered by MasterCard’s digital wallet solution, Masterpass.
With Meezan Bank’s increasing focus on digital channels to serve its fast-growing population of Islamic banking customers; this platform will enable them to pay for in-store, online and on-the-go purchases, make digital or bill payments, book and pay for movie and bus tickets, enjoy conveniences such as mobile airtime top-ups and much more. Meezan Bank will be the first bank in Pakistan to allow customers to link their Bank accounts with the The FalconPay mobile application will allow customers to link their Bank accounts with the application to pay for any transaction.
Mr. Irfan Siddiqui, President & CEO – Meezan Bank while speaking at the signing ceremony highlighted the importance of a strong payment platform as part of the Bank’s comprehensive digital banking strategy and said, “I believe this agreement will help both the parties to set up a new standard for digital banking by enabling Meezan Bank to capture its customers’ transactions, meeting their real-time needs and proceeding towards a fully digital relationship.”
Inov8 Limited’s Co-Founder and Co-CEO, Hasnain Sheikh, stated, “We are delighted in strengthening the digital ecosystem for Meezan Bank, Pakistan’s fastest growing bank. Our best in class platform will create a new era of digital banking and payments for issuers, acquirers, and merchants.”
Mr. Irfan Siddiqui, President & CEO – Meezan Bank and Mr. Hasnain Sheikh Co-Founder and Co-CEO – Inov8 Limited along with their teams.
About Inov8 Limited
Inov8 Limited is the Region’s fastest growing digital payments company and has grown to become a leading partner to banks and mobile operators, both locally and internationally. The company recently secured Series A Funding of $5.4 million and achieved a valuation in excess of $100 million. Inov8 is the dominant player in the Pakistan market offering next generation products designed to address all facets of the digital financial services and commerce value chains.