UBL’s AI expansion

United Bank Limited (UBL) has announced the expansion of its strategic partnership with Teradata, according to a press release. The collaboration includes an upgrade of UBL’s data environment, leveraging Teradata’s enterprise analytics and data platform for trusted artificial intelligence (AI) at scale, with the flexibility to deploy cloud infrastructure where applicable. This collaboration marks a pivotal step in UBL’s digital transformation journey, as the bank transitions to a cutting-edge, open, and connected Data Lakehouse platform.

The partnership will enable UBL to scale its data infrastructure into a high-performing, intelligent, singular source capable of supporting real-time insights, smarter decision-making, and enhanced customer experiences. This initiative is a key component of UBL’s broader data and AI roadmap, designed to create greater operational agility and long-term service excellence.

Speaking at the signing ceremony, UBL’s Chief Information Officer, Sohail Aziz, emphasised that this partnership is a major milestone in the bank’s digital evolution, unlocking powerful analytics and AI capabilities to drive innovation and enhance customer experiences. He highlighted that the upgraded platform will enable faster, data-driven decision-making and more personalised banking services. Teradata’s Area Vice President for Pakistan, Waqas Hashmi, reinforced the long-standing collaboration, stating that Teradata’s AI-powered data platform will allow UBL to harness the full potential of its data.

Zindigi launches virtual debit card

Zindigi, powered by JS Bank, has introduced its Visa Virtual Debit Card, as per a press release. A secure, fully digital payment solution that can be created instantly via the Zindigi app, the virtual card enables seamless local and international transactions without a physical card, marking a leap in the country’s fintech sector.

The virtual card prioritises convenience and security. Users can generate it with one click, use it immediately for online purchases or global services, and benefit from 3D Secure authorisation for fraud protection. Features incl­ude options to block or unblock the card, toggle between local and international transactions, and set spending limits.

“At Zindigi, we’re focused on simplifying the lives of our customers. The Visa Virtual Debit Card is more than just a product; it’s a step toward true digital freedom, empowering users to transact globally with ease while staying in full control of their finances, securely and instantly,” said Faisal Khalid, Chief Product Officer at Zindigi.

With its efforts, the platform has driven wealth management growth and introduced features like in-app stock trading, US dollar-based freelancer accounts, and customisable banking.

Faysal Bank’s Digital Payments Ecosystem

Faysal Bank Limited (FBL) has partnered with Smart1-Tech (Pvt.) Ltd., a Fintech company focused on digital payments and acceptance solutions, as per a press release. This partnership aims to expand secure, cashless payment options for micro, small, and medium enterprises (MSMEs).

This collaboration underscores FBL’s commitment to financial inclusion through Fintech partnerships, especially for MSMEs, where digital finance continues to play a vital role in Pakistan’s economic growth.

The signing ceremony, held at Faysal Bank’s Head Office, was attended by senior leaders from both organisations.

Amin ur Rahman, Chief Digital Officer, Faysal Bank, stated at the event, “Our partnership with Smart1-Tech is another step towards expanding the payments ecosystem in Pakistan. At Faysal Bank, we believe in growth through collaboration, and this partnership complements our growth strategy in the digital ecosystem.”

Agri-Infrastructure Sukuk in Pakistan

InfraZamin Pakistan, Sunridge Foods (Pvt.) Limited, and BankIslami marked a landmark moment at the Pakistan Stock Exchange (PSX) with a ceremonial gong strike to launch Pakistan’s first fully subscribed Rs2bn Agri-Infrastructure Sukuk, according to a press release.

This Shariah-compliant Sukuk is backed by a 100 per cent principal credit guarantee from InfraZamin Pakistan and carries a long-term AAA rating fully subscribed by institutional investors. This represents a step towards sustainable financing via capital markets in the country’s agricultural sector.

The Sukuk issuance, led by BankIslami Pakistan Limited as the Mandated Lead Arranger and credit-enhanced by InfraZamin, has been assigned an AAA rating by VIS Credit Rating Company. The involvement of AKD Securities as financial advisor, Al-Hilal Shariah Advisors as Shariah compliance experts, and Pak Brunei Investment Company Limited as investment agent and trustee ensures robust governance and protection of the interests of Sukuk holders under a Shariah-compliant framework.

Published in Dawn, The Business and Finance Weekly, July 28th, 2025