Bank of Punjab signs MoU with Stacks to improve digital remittances

The Bank of Punjab (BoP) has entered into a strategic Memorandum of Understanding (MoU) with Stacks, marking an important step toward transforming Pakistan’s remittance landscape and strengthening the country’s digital financial ecosystem, according to a press release.

The MoU was signed by Stacks Co founder Muneeb Ali and BoP President & CEO Zafar Masud, reflecting a shared commitment to innovation, financial inclusion, and the development of faster and more efficient cross border payment solutions for Pakistan, it stated.

Through this collaboration, the BoP will combine its banking expertise and institutional reach with Stacks’ technology capabilities to explore new possibilities for improving remittance services, with a focus on speed, security, transparency, and convenience for overseas Pakistanis and their families, the statement read.

As part of this initiative, the two organisations will also undertake a pilot transaction to explore the use of stablecoins for remittances. The pilot will assess how blockchain based solutions can help reduce transaction costs, improve processing time, and enhance transparency in cross border payments, it added.

Speaking on the occasion, BoP President & CEO Masud said, “This partnership reflects our continued focus on innovation and our commitment to building a more efficient, inclusive, and future ready financial system. By exploring emerging technologies in collaboration with leading innovators such as Stacks, we aim to unlock new possibilities for remittances and create greater value for overseas Pakistanis.”

Stacks Co founder Ali said, “We are pleased to partner with The Bank of Punjab on this important initiative. By combining modern blockchain based infrastructure with strong banking capabilities, we hope to demonstrate how next generation payment rails can improve cross border money movement and expand financial access.”

This partnership underscores the BoP’s broader vision of embracing responsible innovation to support national priorities, promote financial inclusion, and contribute to a more connected and digitally empowered Pakistan.