ACE Money Transfer and Askari Bank Forge Alliance to Boost Pakistan's Digital Remittances

ISLAMABAD, Pakistan – March 02, 2026 – In a significant move to enhance Pakistan's connection to the global economy, leading remittance provider ACE Money Transfer has announced a strategic partnership with Askari Bank. The collaboration aims to expand and fortify legal and digital remittance channels, providing a more seamless and secure service for the millions of Overseas Pakistanis sending money home.

The alliance, formalized at a recent signing ceremony, leverages Askari Bank's extensive nationwide infrastructure to broaden ACE Money Transfer's payout network. This will directly benefit Pakistani expatriate communities in key corridors such as the United Kingdom, Europe, Australia, and Canada, promising greater convenience and accessibility for their families and beneficiaries across Pakistan.

A Strategic Alliance to Bolster Pakistan's Economy

This partnership arrives at a crucial time for Pakistan's economy, which relies heavily on international remittances. As the world's fifth-largest recipient of remittances, Pakistan saw inflows projected to surpass $30 billion in 2024. These funds are a vital source of foreign exchange, providing critical support for the country's balance of payments and strengthening its foreign currency reserves.

By strengthening formal and regulated financial channels, the collaboration between ACE and Askari Bank directly supports national economic stability. A key objective is to steer remitters away from unregulated, informal channels like the hundi or hawala systems, which operate outside of legal and financial oversight. By offering a more competitive, secure, and efficient alternative, the partnership encourages the flow of funds through transparent systems that contribute to the national economy.

This initiative aligns perfectly with the goals of the State Bank of Pakistan (SBP), which has long promoted the use of formal channels through its Pakistan Remittance Initiative (PRI). The SBP has actively incentivized financial institutions to increase home remittance volumes, recognizing their counter-cyclical nature and their power to alleviate poverty and improve household welfare. The enhanced digital and physical network created by this new alliance is set to amplify these positive economic impacts.

Enhancing Convenience for the Global Pakistani Diaspora

For the millions of Pakistanis living and working abroad, the partnership promises tangible improvements in the process of sending financial support to loved ones. ACE Money Transfer, already recognized by the SBP as the fourth largest global fintech by remittance volumes to Pakistan, has built its reputation on a digital-first approach that prioritizes speed, low costs, and user-friendly technology.

The collaboration with Askari Bank significantly expands the last-mile delivery of these funds. Beneficiaries in Pakistan will gain greater flexibility and access to their money through Askari Bank's nationwide network of branches. This is particularly important for reaching individuals in rural or less-connected areas where digital banking may not be as prevalent. The combination of ACE's digital-in platform with Askari's physical-out network creates a powerful hybrid model.

Overseas Pakistanis in the UK, where remittances to Pakistan saw a significant increase in recent years, as well as growing communities in Australia, Canada, and across Europe, will find the process more streamlined. ACE's platform offers competitive exchange rates and fast, often instantaneous, transfers. Now, senders have the added assurance that these funds can be accessed conveniently through a trusted, established Pakistani bank, either as a direct deposit into an Askari Bank account or as a cash pickup.

Navigating a Competitive Digital Remittance Landscape

The market for digital remittances to Pakistan is dynamic and fiercely competitive. ACE Money Transfer competes with established giants like Western Union and MoneyGram, as well as a host of agile, digital-native platforms such as Remitly, WorldRemit, Wise, and Taptap Send. In this environment, strategic partnerships are a key differentiator.

This collaboration is a classic example of a symbiotic relationship between a fintech innovator and a traditional banking institution. ACE Money Transfer gains deeper market penetration and the credibility of a well-respected domestic bank's physical footprint. Simultaneously, Askari Bank enhances its digital service offerings, expands its international reach, and attracts a new customer segment without needing to build a global remittance platform from the ground up.

By combining ACE's low-fee, high-speed digital service with Askari Bank's trusted brand and extensive network, the partnership creates a compelling value proposition. It addresses the key factors that drive consumer choice in the remittance market: cost, speed, convenience, and security. This strategic move strengthens the competitive position of both organizations in a sector that is increasingly defined by innovation and customer experience.

Fostering a Digitally Enabled Financial Ecosystem

Ultimately, this partnership is about more than just moving money; it's about contributing to the long-term development of Pakistan's digital financial ecosystem. Both organizations have expressed a shared vision for promoting financial inclusion and supporting the country's progress toward a more digitally-driven economy.

Speaking on the collaboration, Mr. Hasan Mubarak, Group Unit Head at ACE Money Transfer, emphasized this vision. “At ACE Money Transfer, we remain focused on continuously strengthening our global payout ecosystem to better serve overseas Pakistanis and their families,” he stated. “Our collaboration with Askari Bank reflects our shared commitment to delivering trusted and accessible remittance solutions, while reinforcing the use of formal financial channels. Partnerships like these are central to our vision of connecting communities through secure and seamless cross-border financial services.”

This sentiment was echoed by Mr. Muzammil Hanif, Head of Home Remittance & RDA at Askari Bank. “At Askari Bank, our commitment is anchored in strengthening Pakistan’s financial connectivity through secure, efficient, and future-ready remittance solutions,” said Mr. Hanif. “This collaboration reinforces our strategic focus on digital financial services and underscores our resolve to ensure that remittances reach beneficiaries through transparent, regulated, and trusted banking channels—contributing meaningfully to financial inclusion and economic resilience.”

Operating under stringent regulatory oversight from authorities like the UK's Financial Conduct Authority (FCA) and Australia's AUSTRAC, ACE Money Transfer brings a high standard of compliance and security to the partnership. This commitment to regulation, combined with Askari Bank's deep roots in the Pakistani financial system, creates a robust framework designed to build trust and drive the adoption of formal financial services for years to come.