State Bank of Pakistan partners with Avanza Solutions for Resource Augmentation

13th August 2024, Karachi, Pakistan — Present at the event were Omer Ahmed Khan - CEO, Jalil Ahmed Farooqui – CBO, Danish Farooque – COO, Adnan Farooq – Regional Manager Asia Pacific, Jharna Rajani – Manager Strategic Accounts, and Habib Ur Rehman – Head of Business Solutions from Avanza Solutions; and Asim Iqbal – CTO, Naveed Ul Zafar – Additional Director, Imran Haider – Senior Joint Director, Moiz Muhammad – Senior Joint Director and some members of the ITPPMD team from State Bank of Pakistan (SBP).

The State Bank of Pakistan (SBP), through a standard bidding process, has selected Avanza Solutions to leverage its in-depth expertise and extensive experience in banking technology. With over 20+ years of industry experience and a distinguished reputation as a leader in banking solutions, Avanza Solutions brings a wealth of knowledge and a proven track record in developing and implementing cutting-edge technology tailored for the financial sector. This partnership aims to enhance SBP's operational efficiency, modernize its technological development.

Avanza Solutions will provide a comprehensive suite of resource augmentation to meet the unique needs of the State Bank of Pakistan. These services are designed to streamline Software Development and supports SBP's mission of delivering robust financial services. As part of this collaboration, Avanza Solutions will deploy a range of cutting-edge features and modules, including:

• Access to Specialized Expertise: SBP can leverage Avanza's deep expertise in banking technology, gaining access to specialized skills and knowledge that may not be available internally.
• Custom Software Development: Develop tailored software solutions to meet specific business requirements and address unique challenges.

Mr Asim Iqbal – CTO, expressed his confidence in the partnership in moving forward with new contractual agreement with Avanza Team.

Mr. Omer Ahmed Khan – CEO of Avanza Solutions, commented on the collaboration: "We are honored to have been selected by the State Bank of Pakistan for this pivotal role. Our commitment to innovation and excellence ensures that we will deliver next-generation solutions that meet SBP’s needs."

About Avanza Solutions

Avanza Solutions is a leading provider of innovative technology solutions with over 20+ years of experience in the financial services industry. The company has established itself as a pioneer in banking technology, offering a wide range of products and services that empower financial institutions to achieve operational excellence and drive digital transformation. Avanza Solutions operates across multiple regions, including the Middle East, Asia Pacific, Africa, and North America, with a strong portfolio of satisfied clients.

About State Bank of Pakistan

The State Bank of Pakistan (SBP) is the central bank of the country, responsible for regulating the monetary and credit system in Pakistan to ensure its soundness and stability. SBP plays a vital role in maintaining financial discipline, fostering economic growth, and supporting the government's economic policies. Through this partnership with Avanza Solutions, SBP continues its commitment to advancing the nation by embracing cutting-edge technology and best practices.