ISLAMABAD: The Bank of Azad Jammu and Kashmir (BAJK) has signed a Memorandum of Understanding (MoU) with Silverlake, a world-renowned Malaysian company, marking a significant step towards digitalization and scheduling. The MoU was signed during a ceremony held in Kuala Lumpur, Malaysia, after which documents were exchanged. Azad Jammu and Kashmir Minister for Finance and Cooperatives/Chairman of BAJK, Khan Abdul Majid Khan, President/CEO of BAJK, Shahid Shahzad Mir, and representatives of Silverlake were present on the occasion.

Notably, the local partner of Silverlake, I-Consult played an instrumental role in facilitating this MoU, and its representatives Shahid Ahmed Khan and Khurram Jamal were also present during the signing ceremony, contributing to the successful collaboration.

Silverlake is a leading company providing core banking and digital technology services to over 370 banks and financial institutions across 80 countries. It is globally recognized for its advanced core banking software technology and a 100% success rate. With this agreement, BAJK has achieved a major milestone in modernizing its banking infrastructure. The partnership will enable the bank to implement the latest banking software, a key requirement for obtaining a scheduling license under the regulatory framework of the State Bank of Pakistan. This development will bring Kashmir Bank on par with all major banks in Pakistan.

Speaking at the event, Chairman Khan Abdul Majid Khan stated that this MoU is not just a technical upgrade but the foundation of a revolution.—PR