Fin-Tech- Enabled Remittances and Economic Stability: UBL

Abstract

The UBL Remittance System, developed by United Bank Limited, represents a modern digital solution to the longstanding challenges of traditional money transfer methods, slow processing, high transaction costs, limited accessibility, and fraud risk. In response to the record-high remittances sent to Pakistan in 2023, UBL seized the opportunity to revamp its platform to better serve overseas Pakistanis and their families. In 2024, UBL introduced a significantly upgraded system enabling real-time transfers via a mobile application. This digital infrastructure functions as a virtual branch, incorporating robust Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols. The transformation has had a measurable impact: UBL’s 2024 Annual Report highlights an increase in non-markup income to PKR 87.5 billion, with remittance commission earnings rising to PKR 2.1 billionresults driven by strong user adoption and a strategic PKR 8.8 billion investment in technology. The remittance platform is now accessible through branches, mobile apps, and a wide agent network, promoting a shift from informal to formal financial channels. Looking ahead, UBL aims to further enhance the system through the integration of blockchain, artificial intelligence, and multilingual support, while expanding value-added services in collaboration with strategic partners. Collectively, these advancements are part of UBL’s broader vision to empower the people of Pakistan through a more inclusive and technologically advanced financial system.