KARACHI: The Bank of Punjab (BOP) has signed a strategic Memorandum of Understanding (MoU) with blockchain infrastructure company Stacks to explore digital transformation in Pakistan’s remittance sector and enhance the country’s emerging digital financial ecosystem.
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The agreement was formalised by Muneeb Ali, Co-founder of Stacks, and Zafar Masud, President and CEO of the Bank of Punjab, marking a significant step toward integrating blockchain-based technologies into mainstream banking operations.
Under the partnership, both institutions aim to improve the speed, transparency, and cost-efficiency of cross-border remittances, particularly for overseas Pakistanis who send billions of dollars home each year.
A key feature of the collaboration is the planned pilot transaction involving the use of stablecoins to test blockchain-enabled remittance flows. The pilot will evaluate how distributed ledger technology can reduce settlement times, minimise transaction costs, and improve traceability in international payments.
According to the statement, the initiative combines Stacks’ blockchain capabilities with BOP’s established banking infrastructure to develop a more efficient and secure remittance framework. The move reflects growing interest within Pakistan’s financial sector in adopting emerging technologies such as blockchain and digital assets to modernise payment systems.
Officials said the collaboration is aligned with broader goals of financial inclusion and digital innovation, aiming to expand access to faster and more reliable financial services for individuals and businesses.
The partnership also signals increasing institutional openness in Pakistan’s banking sector toward fintech integration, particularly in areas such as cross-border payments, digital wallets, and next-generation financial infrastructure.
If successful, the pilot could pave the way for wider adoption of blockchain-based remittance solutions in Pakistan’s banking system, potentially reshaping how international money transfers are processed and settled in the future.
