In a statement released on Friday (Aug. 27), Singapore-based FinTech company Thunes said it has partnered with leading Pakistani retail bank Bank Alfalah to enable real-time cross-border payments to consumers in Pakistan.
As part of the deal, Thunes’ customers will be able to make real-time affordable payments to all the 57 million Pakistanis with a bank account, including Bank Alfalah’s clients. With remittances being an important source of Pakistan’s foreign exchange, this collaboration will help support the basic needs of millions of migrant families across the country.
Andrew Stewart, global head of networks at Thunes, shared his delight at the partnership with Bank Alfalah, which will deliver a seamless money transfer experience to consumers in Pakistan.
He said the company looks forward to “continuing our collaboration with Bank Alfalah, strengthening the financial ties between Pakistan and the rest of the world, and staying true to our vision: providing accessible, transparent and affordable payments.”
Also commenting on the collaboration was Saad Ur Rahman Khan, Bank Alfalah’s group head of corporate, investment banking and international business. He said the deal reinforces the bank’s commitment to “provide smarter and faster ways of sending remittances to Pakistan using digital innovation,” adding that the partnership will “become a game changer by enabling cross-border payments to be deposited to all bank account holders in Pakistan in real time.”
The Singapore-based cross-border payments leader made an expansion move earlier this year, with the announcement of a planned acquisition of Paris-based payments platform Limonetik last month.
The company secured $60 million each in two funding rounds last September and in May 2021, respectively, totaling $130 million in venture capital funds it has clocked to expand its global network beyond the 113 countries it currently operates in worldwide.