The Bank of Azad Jammu and Kashmir (BAJK) has entered a strategic partnership with Silver Lake Axes, a leading Malaysian company, by signing a Memorandum of Understanding (MoU) aimed at driving the bank’s digitalization and scheduling initiatives. The MoU was formalized during a ceremony in Kuala Lumpur, Malaysia, attended by key figures, including Azad Jammu and Kashmir’s Minister for Finance and Cooperatives/Chairman of the Bank, Khan Abdul Majid Khan, and BAJK President/CEO Shahid Shahzad Mir, alongside representatives from Silver Lake.
Silver Lake Axes is renowned for providing core banking and digital technology solutions to over 370 banks and financial institutions across 80 countries. The company is recognized for its cutting-edge banking software technology and boasts a remarkable 100% success rate. This collaboration marks a significant milestone in BAJK’s journey towards innovation in banking infrastructure.
The partnership will facilitate the installation of advanced banking software, a crucial step for obtaining a scheduling license under the regulatory framework of the State Bank of Pakistan. This will align BAJK with the standards of leading banks across Pakistan.
During the event, Chairman Khan Abdul Majid Khan emphasized that this MoU represents more than just a technical upgrade. It is the foundation for a transformative shift that will enhance the bank’s ability to serve its customers with greater transparency and efficiency, contributing to the overall economic growth and prosperity of Azad Jammu and Kashmir.
The Silver Lake team expressed pride in supporting BAJK’s growth, with the new core banking solution poised to set a new benchmark for Pakistan’s financial sector. Both institutions highlighted the importance of this collaboration as the beginning of a long-term partnership, vowing to work together to ensure the project’s success.
