Dubai-headquartered fintech YAP, a neobank driving digital banking in the Middle East, Africa, and South Asia, has selected Euronet Pakistan as their technology partner to launch and operate as an EMI in Pakistan.
YAP was founded in the UAE in 2018, since then the company has expanded to Saudi Arabia, Ghana and Pakistan. YAP Pakistan, which is a subsidiary of YAP, has a vision to become the leading digital banking platform in Pakistan and to make banking an effortless experience for every Pakistani citizen.
Under this arrangement, YAP Pakistan will utilize Euronet’s hosted card management system, e-commerce platform and payment scheme gateways for both virtual and physical cards, along with digital customer onboarding, card lifecycle management and transaction processing. The entire solution will also allow YAP Pakistan to benefit from Euronet’s diversified global payments experience, innovative technology stack, strong risk management and global information security benchmarks.
Euronet has a PCI compliant hosted infrastructure in Pakistan and is well equipped to offer the best blend of technology components, innovative product set and operational readiness for Fintechs and digital banks which can help them innovate, scale and fast track their implementation and time to market, with guaranteed service levels and strong risk management.
Speaking at the occasion, Kashif Gaya, Chief Executive Officer of Euronet Pakistan said ‘’We are excited to be selected as the technology processor by YAP and play a key role in their efforts to become the leading digital platform in Pakistan. Fintech revolution is disrupting the market and this collaboration will help us foster innovation and growth in the local payments eco system and further accelerate the growth of digital payments in Pakistan”
Meheryab Niazi, Chief Executive Officer of YAP Pakistan said: “We are thrilled to form this strategic partnership with Euronet. This collaboration has been a very seamless process and we are excited to revolutionize the digital banking sector with our new partners.”
About Euronet Pakistan:
Euronet Pakistan, a subsidiary of Euronet Worldwide, brings with it the experience of one of the world’s largest global providers dedicated to banking and payments technologies. Euronet Pakistan offers the best blend of technology and outsourcing services to all Pakistani banks from its state of the art facility in Karachi, Pakistan. Backed by the very best talent in the local industry we provide an unmatched flexibility, scalability and SLA-based services.
Euronet Worldwide is an industry leader in processing secure electronic financial transactions, serving more than 200 institutions in approximately 150 countries.
The Company offers payment and transaction processing solutions to financial institutions, retailers, service providers and individual consumers. These services include comprehensive ATM, POS and card outsourcing services, card issuing and merchant acquiring services, software solutions, consumer money transfer and bill payment services, and electronic distribution for prepaid mobile phone time and other prepaid products.
YAP is redefining the fintech sector in the Middle East, Africa and South Asia by creating smarter and faster financial tools. The app offers a suite of versatile features such as analytics and budget tools, card controls, easy money transfers, real-time notifications of purchase, virtual cards and more. With an extensive database of resources at their fingertips, users can go from financially inexperienced to expert money managers. YAP partners with banking partners in various regions to provide IBAN and BIN sponsorship for users. YAP’s application is available on iOS and Android.