Bank of Punjab Partners Stacks for Digital Remittances Innovation

Bank of Punjab partners with Stacks to explore blockchain remittances, including a stablecoin pilot, aiming to improve speed, cost, and transparency.

The Bank of Punjab (BOP) has signed a strategic memorandum of understanding with Stacks to advance digital remittances and financial innovation in Pakistan. The agreement reflects a growing push toward modernising cross-border payment systems and strengthening the country’s digital financial ecosystem.

The MoU was signed by BOP President and CEO Zafar Masud and Stacks co-founder Muneeb Ali, highlighting a shared commitment to innovation, financial inclusion, and efficient remittance solutions. Through this collaboration, BOP will leverage its banking infrastructure alongside Stacks’ blockchain-based technology to improve the speed, security, and transparency of international money transfers.

A key component of the partnership is a pilot project exploring the use of stablecoins for remittances. The initiative aims to assess how blockchain solutions can reduce transaction costs, shorten processing times, and enhance overall transparency in cross-border payments.

Officials emphasised that the partnership aligns with broader efforts to build a more inclusive and future-ready financial system. By integrating emerging technologies with traditional banking, the collaboration seeks to create greater value for overseas Pakistanis while supporting the country’s digital transformation goals.