KARACHI: Samba Bank Limited signed an agreement with Techlogix Mobility Pakistan to launch a digital lending platform that streamlines online personal loan applications for salaried individuals.
The Digital Loan is a short term and affordable loan product having a maturity of one month delivered entirely via digital channels and disbursed in less than 30 seconds. Applying for a digital loan through a mobile application offers several advantages for consumers like greater accessibility, transparency and the ability to apply for loans quickly and remotely.
Samba Bank will require no in-person interaction to apply for a digital loan. Loan decision processes, including loan application and credit limit assessment, are streamlined as they run through a series of preset algorithmic decision trees; no manual, case-by-case approval or rejection decision is made. As such, the digital loan can be accessed instantly unlike conventional loans.
Mr Salman Akhtar, CEO – Techlogix and Mr Shahid Sattar, President and CEO – Samba Bank Limited, signed the agreement in presence of team members from both organizations. Team members from Samba Bank included Mr Talal Javed, Group Head Consumer Banking, Mr Zeeshan Kaiser, Group Head IT, Mr Amir Hussain Arab, Chief Digital Officer and Fakhr-e-Imtiaz, Head of Consumer Assets. Mr Arsalan Ahmed and Adeel Ahmed were representing Techlogix during the ceremony.
Speaking on the occasion, Mr Salman Akhtar, CEO – TMX, said “We are delighted to work with a visionary institution like Samba Bank which is transforming its business operations with digital channels. Our Digital Lending solution will help increase access to credit and help the Bank provide additional value-added services to its customers.”
Mr Shahid Sattar, President and CEO – Samba Bank Limited, said “We are very excited to partner with Techlogix to offer digital loans to our payroll customer base. Samba Bank focused on providing innovative digital solutions by adopting robust technology platforms. We are committed to enhancing customer experience by adding multiple financial products in our Samba Smart Mobile App. The addition of the digital loan product is just a first step in providing our customers with a whole range of deposit and lending products digitally via the Mobile App.”
Pakistani rupee remains stable against US dollar in the open market on 29 March, 2024.
In the open market, the US dollar was being quoted at 278.3 for buying and 281.05 for selling.
Euro moves down to 299.75 for buying and 302.75 for selling while British Pound hovers around 353.75 for buying, and 357.25 for selling.
UAE Dirham AED remains stable at 75.55 whereas the Saudi Riyal saw minor increase, with new rates at 73.70.
Currency | Symbol | Buying | Selling |
US Dollar | USD | 278.3 | 281.05 |
Euro | EUR | 299.75 | 302.75 |
UK Pound Sterling | GBP | 353.75 | 357.25 |
U.A.E Dirham | AED | 75.55 | 76.3 |
Saudi Riyal | SAR | 73.70 | 74.4 |
Australian Dollar | AUD | 182.9 | 184.7 |
Bahrain Dinar | BHD | 739.61 | 747.61 |
Canadian Dollar | CAD | 204.25 | 206.46 |
China Yuan | CNY | 38.74 | 39.14 |
Danish Krone | DKK | 40.30 | 40.7 |
Hong Kong Dollar | HKD | 35.55 | 35.9 |
Indian Rupee | INR | 3.33 | 3.44 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 901.14 | 910.14 |
Malaysian Ringgit | MYR | 59.25 | 59.85 |
New Zealand Dollar | NZD | 168.56 | 170.56 |
Norwegians Krone | NOK | 26.19 | 26.49 |
Omani Riyal | OMR | 724.36 | 732.36 |
Qatari Riyal | QAR | 76.57 | 77.27 |
Singapore Dollar | SGD | 206.25 | 208.25 |
Swedish Korona | SEK | 26.89 | 27.19 |
Swiss Franc | CHF | 313.78 | 316.28 |
Thai Bhat | THB | 7.76 | 7.91 |
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