Small World signs Allied Bank to expand its presence in Pakistan
- Payments , Banking
- 20.01.2017 09:30 am
Small World Money Transfer, a leading provider of cross-border payment services in Europe and North America, is today announcing its partnership with Allied Bank Limited (ABL), one of the leading banks in Pakistan, through its Home Remittance Division.
This partnership is part of Small World’s strategy to expand its presence in Asia and enhance the services available for existing and new Small World customers. With ABL, Small World users will be able to transfer money to Pakistan in a fast and economic manner.
Through ABL’s Home Remittance Division, a reference partner will be added, allowing the bank to strengthen its remittance service, Allied Express. This means that funds sent to Pakistan from any of the 40 countries Small World operate in can be collected by the beneficiaries across the entire ABL network, integrating more than 1,150+ branches in Pakistan. The remittances may also be instantly credited to an ABL bank account or any other bank in Pakistan.
According to World Bank data, remittances are extremely important for Pakistan. In 2014, remitances accounted for 6.9% of the country’s GDP, while the State Bank reported that remittances to Pakistan were around $19.3 billion in 2015.
Nick Day, CEO of Small World Financial Services says:
“We are excited to partner with Allied Bank and expand our services to clients looking to transfer money to Pakistan. It’s great to be able to offer this service to our clients, as well as give them the opportunity to take advantage of the security and guarantees that ABL can offer.
“This partnership will enable our clients to be able to transfer money in an easier, quicker and cost-effective matter. By embarking on this partnership, we hope to demonstrate our commitment to our clients worldwide.
Expanding presence in Asia
Founded in the United Kingdom in 2006 as a result of a merger between different companies specialized in international transactions and money transfer, Small World FS is present across all five continents and has become one of the world’s leaders in digital money transfer. With a payout network of over 250,000 locations worldwide, Small World delivers a safe, fast, economical and totally transparent alternative to send money to any part of the world.
Pakistan is one of the countries in which Small World is placing a lot of focus in expanding its services, both through commercial alliances with key banking entities such as ABL, and through direct presence.