BOK and JCB Agree on Debit Card Issuing in Pakistan

Friday, 4 September 2015, 15:30 HKT/SGT

Islamabad and Tokyo, Sept 4, 2015 - (ACN Newswire) - The Bank of Khyber (BOK) and JCB International Co., Ltd. (JCBI), the international operations subsidiary of JCB Co., Ltd., Japan, today entered into an agreement for the issuance of JCB Debit Cards.

This international Debit Card will facilitate BOK's customers with the benefits of both point of sale and ATM cash withdrawal across Pakistan and globally at locations in over 190 countries and territories. The signing ceremony was graced by H. E. Mr. Hiroshi Inomata, Japanese Ambassador in Pakistan, along with senior members of the Japanese Embassy in Pakistan. The ceremony was attended by Mr. Kimihisa Imada, Deputy President of JCBI, along with his delegation, Dr. Hammad Awais Agha, Chairman Board of Directors of BOK, Mr. Shams-ul-Qayyum, Managing Director of BOK, and senior officials from Government of Khyber Pakhtunkhwa. The agreement was signed by Mr. Shabeer Ahmad Sheikh, Executive Vice President & Group Head Operations, on behalf of BOK and Mr. Kimihisa Imada on behalf of JCBI.

BOK & JCB Debit Cardmembers will not only be enjoying the facility of 1Link network's (*) point of sale and ATM cash withdrawal in Pakistan, and around the globe, but shall also have the convenience of interbank transfer of funds and payment of utilities bills through all ATMs in Pakistan. This will bring added value to the services rendered by BOK to its customers.

On this occasion Mr. Shams-ul-Qayyum, Managing Director of BOK, said, "It is a great occasion for BOK that JCBI, a world household name in the payment industry entered in Pakistan's banking industry. We welcome JCBI and are confident that banking customers in Pakistan will enjoy the BOK's traditional customer friendly service with the blended touch of JCBI technology. BOK also takes this opportunity to offer JCBI its services for further interactions for mutual beneficial basis. Japan has also been helping the economy of Pakistan and we always acknowledge Japan's government and semi-government institutions for technological assistance in various fields of daily life. Now with BOK and JCB Debit Card, we will be able to serve our customers across Pakistan as well as internationally. Today is the first step towards BOK and JCBI cooperation with an aim to facilitate the masses in the region and across the globe."

Mr. Kimihisa Imada, Deputy President of JCBI said, "Issuance of Debit Card with BOK will be a great opportunity for JCBI in Pakistan. In JCB's global expansion strategy, we view Pakistan to be a market with much potential because of its growing economy and the growth of the card payment market. We believe that JCBI can offer local partners the benefit of our international experience and flexible approach to help grow their businesses and build a win-win proposition for all."

JCB is known for providing responsive and high quality services to its cardmembers worldwide. BOK, a premier financial institution of provincial Government of Khyber Pakhrtunkhwa, has taken this step to provide international access to its customers and in future BOK plans to expand its branch network abroad. BOK and JCB Debit Card issuance will be a unique opportunity for BOK's customers as JCB's global outlook will facilitate new vistas of innovation and collaboration in Pakistan's payment industry.

* 1Link network is managed by 1Link (Guarantee) Limited (1Link), which is Pakistan's largest payment system by market share and provides ATM switch services, inter-bank funds transfer (IBFT), bill payment services, etc. to their member banks including BOK. JCBI and 1Link entered into a strategic partnership to introduce JCB Debit Cards in Pakistan, which will be issued by member banks and can be accepted at point of sale and ATM through the 1Link network.

About The Bank of Khyber

The Bank of Khyber is a provincial government bank owned by Government of Khyber Pukhtunkhwa and based in Peshawar, Pakistan, presently with 119 branches all over the country. It was set up as a state-owned, regional bank in 1991. It offers conventional banking, as well as Islamic banking services and micro-financing.

The bank had an initial public offering of its shares at Karachi Stock Exchange in January 2006.

At the end of the year 2014, the bank was operating with 116 branches with 62 branches working on the conventional side whereas 54 branches were functioning as dedicated Islamic banking branches. Further, 2 sub branches and 2 booths are also providing basic banking facilities to the customers. The bank has also received approval from the State Bank of Pakistan for opening of 14 new branches in the year 2015. Through this network, the bank will be able to offer a wide range of products and services to its valuable customers.

About JCB

JCB is a global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes about 29 million merchants and over a million cash advance locations in 190 countries and territories. JCB cards are now issued in 19 countries and territories, with more than 89 million cardmembers. As part of its international growth strategy, JCB has formed alliances with more than 350 leading banks and financial institutions globally to increase merchant coverage and card-member base. As a comprehensive payment solution provider, JCB commits to providing responsive and high-quality service and products to all customers worldwide. Information about JCB can also be accessed on this website: www.jcbcorporate.com/english

Note: JCB statistics are as of the end of March 2015.

Contact

Bank of Khyber
Syed Ali Nawaz Gillani
Head Marketing Branding
+92-300-8593089
Email: alinawaz.gilani@bok.com.pk

JCB International Co., Ltd.
Ayako Tanaka
Corporate Planning
+81-3-5778-8390
Email: jcbinternational-pr@info.jcb.co.jp

Topic: Business Tieup
Source: BOK / JCB
Sectors: Cards & Payments
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From the Asia Corporate News Network