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- ACE Money Transfer has announced its partnership with Bank Alfalah to facilitate remittances to Pakistan.
- Earlier in 2023, ACE Money Transfer hit a landmark $1 billion in remittances as it celebrated its 20th anniversary.
ACE Money Transfer, a UK-based fintech firm, has announced its partnership with Bank Alfalah. The collaboration is meant to improve remittance services for Pakistanis residing overseas.
ACE Money Transfer - Bank Alfalah’s partnership
Bank Alfalah, a commercial bank in Pakistan, also has presence in Afghanistan, Bahrain, Bangladesh, and the UAE. Its offerings include consumer banking, corporate and investment banking, and asset financing to governments and the private sector.
ACE Money Transfer facilitates remittances from 28 nations within North America, Australia, and Europe among other parts of the world. Its customers are able to send funds via a network of over 375,000 pay-out locations across 106 countries worldwide. At the beginning of 2023, the platform hit a landmark $ 1 billion in global remittances as it celebrated 20 years since its launch.
In the current year, ACE Money Transfer expects to facilitate over $1.25 billion in remittances globally. For Pakistan alone, it projects facilitating remittances of over $800 million. In addition to remittance services, the collaboration between ACE Money Transfer and Bank Alfalah will also enable Pakistanis living abroad to pay utility bills via the ACE Money Transfer’s mobile app.
The partnership in question comes a year after Bank Alfalah partnered with YAP Pakistan to offer customized digital financial solutions to SMEs. Besides, in May 2023, it acquired a 7.2% equity stake in QistBazaar, a buy now, pay later platform. At the same time, the two companies entered an embedded financing agreement.
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