ISLAMABAD: The Bank of Azad Jammu and Kashmir (BAJK) has taken a major leap toward modernization by signing a landmark Memorandum of Understanding (MoU) with Silver Lake Axes, a leading Malaysian technology company.
The agreement was formalized during a ceremony in Kuala Lumpur, Malaysia, with key representatives from both sides in attendance, including AJK Finance Minister Khan Abdul Majid Khan and BAJK President/CEO Shahid Shahzad Mir.
This collaboration aims to revolutionize the bank’s digital infrastructure by implementing Silver Lake’s advanced core banking software, widely recognized for its cutting-edge technology and flawless track record.
Serving over 370 banks and financial institutions across 80 countries, Silver Lake’s expertise will help BAJK elevate its services, aligning it with the standards required by the State Bank of Pakistan for obtaining a scheduling license.
Transforming Banking Services in Azad Jammu and Kashmir
Chairman Khan Abdul Majid Khan emphasized that this MoU represents more than just a technical upgrade; it is the foundation for a banking revolution in Azad Jammu and Kashmir.
The new software will enhance transparency, customer service, and operational efficiency, directly contributing to the region’s economic growth and prosperity. This modernization will bring Kashmir Bank on par with major banks across Pakistan, ensuring its competitiveness in the evolving financial sector.
Silver Lake Axes also expressed pride in partnering with BAJK, stating that their core banking solution will set a new benchmark in Pakistan’s financial landscape.
Both sides committed to a long-term partnership, recognizing the importance of collaboration and innovation in shaping the future of banking in the region.
A Milestone for Digitalization and Economic Growth
The MoU marks a significant milestone for the Bank of Azad Jammu and Kashmir as it embraces digital transformation to meet modern banking needs.
With this partnership, BAJK is poised to offer improved financial products and services, fostering greater trust and convenience for its customers. The project is expected to pave the way for further advancements and a stronger, more resilient banking sector in Azad Jammu and Kashmir.
