November 25, 2020: At an exclusive event hosted for Non-Resident Pakistanis in Dubai, His Highness Sheikh Nahayan Mabarak Al Nahayan, Chairman of Bank Alfalah, introduced the Roshan Digital Account, an initiative of the Government of Pakistan and State Bank of Pakistan (SBP).
At the occasion, His Highness, Sheikh Al Nahayan said “Pakistan, by several important measures, is recognized as an emerging international financial services center. This Roshan Digital Account has been designed from the ground up to cater to the needs of high-net-worth individuals through a sophisticated digital platform. This is a product that is rooted in the present and future progress of Pakistan’s economy as one of the emerging markets of the world – an economy where astute investors should want to invest, for the present and the future.”
Governor State Bank of Pakistan, Dr. Reza Baqir, was also present at the event as a Special Guest. He spoke about the vision and mission underpinning the creation of the Roshan Digital Account, which caters specifically to non-resident Pakistanis across the world.
Speaking to the audience, Dr. Reza Baqir had to say, “We are very pleased to bring the Roshan Digital Account to the Pakistani diaspora. This repatriable account can be opened remotely, without physical presence, in multiple currency offerings and is at the cutting edge of technology and digitization. For the first time in Pakistan’s banking history, Non-Resident Pakistanis will have the opportunity to invest in the stock market, real estate, and the Naya Pakistan Certificates, which offer attractive returns in US dollars and Pakistan rupees. As we embark on this new frontier in digital banking, we are certain that we will have the continued support of His Excellency to make our endeavors a resounding success.”
Mr. Atif Bajwa, President & CEO of Bank Alfalah commented “There has forever been a high recognition of the immense contribution that Non-Resident Pakistanis make for the their home country’s economy as well, as for their communities, through remittances and investments. This has been driven by their strong emotional connection with their homeland and their families. However, for the first time, an initiative has been taken to also give them direct and easy access to their financial needs in Pakistan through Roshan Digital Account. Bank Alfalah is pleased to be a partner in this initiative with the State Bank and Government of Pakistan, and feels privileged to be bringing convenience and flexibility to Pakistanis across the world.”
Eligible non-resident Pakistanis can open their Roshan Digital Accounts in multiple currency offerings with any of the SBP’s partner banks. This fully digitized, fully repatriable account is the first of its kind in Pakistan’s banking history and has been created to meet the needs of the Pakistani diaspora. The account also enables payment of utility bills and e-commerce transactions from abroad, adding greater convenience and flexibility.