Malaysian company Silverlake and BAJK ink Memorandum of Understanding
** Pakistani Bank Takes a Giant Leap Towards Modernization! **
In a monumental step towards going digital and staying ahead of the game, BAJK, the Bank of Azad Jammu and Kashmir, has sealed a deal with Silverlake, a world-renowned Malaysian tech powerhouse. The official signing of the Memorandum of Understanding (MoU) took place in Kuala Lumpur, marking a significant stride towards modernizing BAJK's banking infrastructure.
The event was attended by some heavy-hitters: Khan Abdul Majid Khan, Minister for Finance and Cooperatives and Chairman of BAJK, Shahid Shahzad Mir, President and CEO of BAJK, representatives from Silverlake, and Shahid Ahmed Khan and Khurram Jamal, representatives from the local partner of Silverlake, I-Consult. I-Consult played a pivotal role in helping facilitate this groundbreaking collaboration.
Silverlake is a global leader in providing cutting-edge core banking technology and digital services to over 370 banks and financial institutions in more than 80 countries. With an impeccable track record of a 100% success rate, this collaboration promises a brighter future for BAJK.
This partnership is not just about upgrading BAJK's technical capabilities, it's the foundation of a digital revolution. The newfound technology will help BAJK meet the stringent requirements for obtaining a scheduling license under the watchful eye of the State Bank of Pakistan. The modernized banking system will enable BAJK to rival the major banks in Pakistan in terms of service capabilities.
“This MoU isn't merely a technical upgrade,” declared Khan Abdul Majid Khan during the event, “It's the foundation of a digital revolution.”
This pivotal move by BAJK not only promises to overhaul its banking system but also aims to contribute to economic growth in the region by providing secure and efficient banking services. The transformation to global standards will help BAJK compete effectively on the world stage.
In a nutshell, this partnership between BAJK and Silverlake is a strategic move towards digitalization, aiming to modernize and revolutionize the banking services offered by BAJK. This bold step will elevate BAJK to the ranks of top financial institutions in Pakistan and beyond.
The partnership between BAJK and Silverlake, a globally recognized technology company, will significantly modernize BAJK's banking infrastructure, incorporating advanced core banking technology and digital services. This transformation, aimed at obtaining a scheduling license from the State Bank of Pakistan, is set to revolutionize BAJK's finance business, positioning it to compete with major banks in terms of service capabilities and potentially contribute to economic growth in the region.
