NEW BOSTON, NH, July 05 2022 (GLOBE NEWSWIRE) — JS Bank has become the 14e bank to join the State Bank of Pakistan’s Roshan Digital Account (RDA) initiative, enabling Non-Resident Pakistanis (NRPs) to open bank accounts digitally. Uniquely, JS Bank’s offering allows NRPs to open their accounts via WhatsApp, providing unparalleled convenience to users. It’s part of a multi-channel platform approach that includes JS Mobile and Internet Banking.
A launch ceremony to mark the occasion was held in Karachi. The Honorable (Acting) Governor of the State Bank of Pakistan, Dr. Murtaza Syed distinguished himself by his presence alongside JS Group Founder, Mr. Jahangir Siddiqui, Chairman and CEO of JS Bank, Mr. Basir Shamsie, as well as leaders from the business and corporate community.
Dr. Syed commended Mr. Jahangir Siddiqui and the management of JS Bank for launching a unique value proposition for RDA. He expressed optimism that by joining the RDA club, JS Bank will now be able to expand digitally across borders to provide unparalleled banking and payment solutions to NRPs. He was convinced that, given his achievements and cross-border relationships, the time was right for JS Bank to enter the market and create a difference through innovative, out-of-the-box solutions to PNR demands. He hoped that JS Bank would go the extra mile by leveraging its brand and international presence and contribute to RDA’s significant growth and success by attracting new clientele from untapped jurisdictions.
Elaborating on the breathtaking rise of digitalization across the globe, the Governor observed that this trend is reshaping economies around the world. He noted that Pakistan is also among the economies where digitalization is facilitating massive changes. This change is supported by the State Bank of Pakistan and is clearly noticeable in areas such as payments, e-commerce, fintech and e-government, through which new approaches to delivering services and connecting people and businesses to the financial system grow. at high speed, changing the course of the world for good.
It is pertinent to mention that since the launch of RDA in September 2020, approximately 423,000 accounts have been opened and $4.5 billion in deposits have arrived in Pakistan from 175 countries across the world. The number of commercial banks offering RDA has also increased from eight to 14. With RDA, NRPs can, for the first time in Pakistan’s history, open an account in Pakistan entirely remotely and digitally. They can use these digital accounts not only for their remittances, but also can invest in government certificates, perform all banking transactions, trade on the stock exchange and benefit from RDA bank financing for the purchase of cars (Roshan Apni Car) and properties (Roshan Apna Ghar) at attractive rates.
JS Bank Chairman and CEO, Mr. Basir Shamsie, said in his address that the digitalization of financial services has revolutionized traditional banking. Today’s global banking customer demands limited brick-and-mortar physical interaction, 24/7 customer support, instant gratification and zero margin for error. He said these are also the goals of JS Bank. He went on to add that JS Bank is honored to be part of the RDA initiative of the State Bank and wishes to enable expatriates to open bank accounts in Pakistan and use them for savings and investments too easily than they would in their country of residence.
In addition to savings accounts and current accounts, JS Bank will also offer RDA’s full range of unparalleled value-added services, including Roshan Apni Car Auto Finance and Roshan Apna Ghar Home Finance.
Committed to its role as a catalyst for Pakistan’s prosperity, JS Bank aspires to continue this journey of impact by providing innovative, conventional and digital solutions to clients in the years to come.
*For more details on Roshan Digital Account, visit the State Bank of Pakistan website at:
Name: Abida Hasan Ali
Number: +92 3453111441
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