Allied Bank, one of the largest commercial banks in Pakistan, signed a Memorandum of Understanding (MoU) with the National Incubation Center (NIC) — the country’s largest technology incubation center managed by Teamup — on February 18, 2021. This collaboration aims to foster innovation and digitization in Pakistan’s fintech ecosystem.
A Strategic Move to Support Fintech Innovation
Through this strategic partnership, Allied Bank plans to encourage incremental, radical, and disruptive innovation by organizing design thinking workshops, mentorship sessions, and hackathons. The Bank also intends to partner with or fund fintech startups for mutual growth and value sharing.
As part of the initiative, Allied Bank will provide access to its Open Banking APIs in a sandbox environment, enabling startups to test their business models and digital solutions in a real-world context.
A Shared Vision for Startup Growth
Teamup and NIC believe that this partnership will offer NIC-incubated startups valuable exposure and access to ABL’s innovative offerings. Collaborative programs will be developed to mentor, coach, and guide startups in refining their business ideas and scaling operations.
“We are extremely happy to initiate this collaboration. Initiatives like these can be a game-changer for Pakistan’s entrepreneurial ecosystem. We are keen to explore new avenues of collaboration.”
— Zouhair Khaliq, Co-founder, Teamup (Managing NIC)
Enabling a Connected and Knowledge-Based Startup Ecosystem
Allied Bank is committed to building a more connected startup ecosystem by sharing knowledge, promoting scientific research, and supporting an entrepreneurial climate. The Bank recognizes the critical role startups play in Pakistan’s digital transformation.
“The signing of the MoU is a great milestone. It will accelerate the growth of fintech startups across the country. We’re eager to share our expertise and hope our digital offerings empower these innovators to scale successfully.”
— Sohail Aziz, Chief Digital Officer, ABL
Both Allied Bank and Teamup have expressed interest in continuing their collaboration, with plans for regular interaction and future programs to further energize the fintech and entrepreneurial landscape.
About Allied Bank
Allied Bank is one of the leading banks in Pakistan, with a network of over 1,400 branches and 1,550+ ATMs nationwide. ABL offers innovative, tech-driven financial services to a wide customer base and has received the prestigious ‘Bank of the Year 2021 – Pakistan’ award by The Banker.
About National Incubation Center (NIC)
The National Incubation Center (NIC) is Pakistan’s largest technology incubation center, established as a public-private partnership between the Ministry of IT & Telecom, Ignite – National Technology Fund, Jazz, and Teamup. It has incubated 209 startups across 9 cohorts, with 21% of startups led by women entrepreneurs.