UBL joins forces with Visa to drive fintech enablement in Pakistan by becoming the first Visa Ready BIN Sponsor in the region

• United Bank Limited (UBL) will be the first bank in Pakistan to sign the Visa Ready BIN Sponsorship program agreement
• The program is designed to enable UBL to sponsor fintech clients to issue Visa card credentials and offer, modern, digital payment experiences to their customers

Karachi, Pakistan, 24 January 2022 – In what is a first for the MENA (Middle East and North Africa) region, and third in the CEMEA (Central and Eastern Europe, the Middle East and Africa) region, United Bank Limited (UBL), Pakistan’s fastest-growing digital bank, has joined forces with Visa, the world’s leader in digital payments, to drive fintech enablement in Pakistan by becoming the first “Visa Ready BIN Sponsor” in the region.
As a certified Visa Ready BIN Sponsor, UBL, will offer its BINs that could be used by fintechs, enabling them to build and launch payment solutions that meet Visa’s global standards around security and functionality, that too at a low-cost.
Visa created the Visa Ready program to help reduce the need for fintechs to divert their focus on navigating licensing and payment networks requirements. Traditionally, any institution that needed to issue a payment card in the region used to go through the long process of finding a BIN sponsor. In establishing the program, Visa is supporting fintechs to quickly and efficiently stand-up payment solutions for their end clients—thus accelerating time-to-market and fueling their business growth.
Kamil Khan, Visa’s Country Manager for Pakistan, commented, “Pakistan has a massive pool of fintechs and there is a tremendous potential to accelerate digitization. As the first partner to offer BIN Sponsorship, UBL can enable the launch of card programs across non-traditional financial institutions and fintechs in the market bringing to light newer use cases. Visa Ready allows UBL to provide rapid access to Visa’s certified infrastructure – giving fintechs the confidence that payment flows meet local regulations. We are looking forward to seeing a greater number fintech companies benefitting from this partnership with UBL as we continue to drive innovation and support the launch of products and solutions that transform the payment experiences of consumers in Pakistan.”

Sharjeel Shahid – Group Executive Digital Banking UBL, commented, “UBL aims to maintain its lead as the front-runner in the digital-ecosystem by creating an enablement platform for fintechs desirous of entering the market with new use-cases. Our status as a Visa Ready partner is one more step in that direction, where the objective is to create a seamless and fast-track onboarding experience for non-banking players”.
Through Visa Ready BIN sponsorship, UBL becomes a go-to partner for fintech and business players as it provides them with the necessary resources and framework to launch financial products quickly and seamlessly, that comply with the local regulations.

About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating more than 215 billion payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories each year. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
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About United Bank Limited, Pakistan
Founded in 1959, United Bank Limited (UBL) leads the banking and financial services sector in Pakistan. UBL is deeply embedded across core segments, serving over 10 million customers through its network of over 1300 countrywide branches, more than 1400 ATMs and over 36,000 branchless banking agents. The Bank is a pioneer in branchless banking with its UBL Omni platform. Customers across the world have 24/7 access to the Bank via UBL’s world class Internet Banking.