BlueEast & JS Bank Sign MoU for Pakistan’s First IoT Banking Alliance
BlueEast (Pvt) Ltd. (a subsidiary of Orient Group of Companies), one of Pakistan’s largest IoT and E-commerce sector and JS Bank, country’s fastest growing banking network have officially signed a Memorandum of Understanding (MoU) on 22 August 2017 for pioneering Pakistan’s first ever IoT banking alliance.
Mr. Abdul Rehman Talat, CEO BlueEast and Mr. Khurram Sheikh, Chief Digital Officer JS Bank witnessed the signing of the Memorandum of Understanding at BlueEast’s office in the presence of senior executives from both enterprises.
Under this agreement, both parties will collaborate to promote a digital Pakistan. The treaty aims to provide IoT integration with smart payment gateways to deliver customer centric banking & E-commerce solutions.
Additionally, BlueEast will facilitate JS Bank in terms of its professional expertise along with granting access to its exclusive IoT solutions.
CEO BlueEast, Mian Abdul Rehman Talat expressed his views:
“BlueEast is glad to establish a favorable cooperation relationship with JS Bank in connected smart grid territory. Our collaboration will jointly tackle complex operational and business challenges with a powerful combination of world-class Internet of Things hardware, networks, payment integration, and expertise in end-to-end ecommerce solutions to facilitate customer’s and achieve a win-win business situation. We are aiming to focus on the need to create and develop the Internet of Things (IoT) ecosystem in Pakistan. The MoU will see both BlueEast and JS Bank pool resources to address digital technology shifts and accelerate IoT adoption at a national level across the industry. Also, this partnership will open opportunities to improve the efficiency, safety and customer service in previously-impossible ways, and will define how the ‘Internet of Things’ will shape the fortunes of the banking and IoT industry in the next few critical years of innovation”
Chief Digital Officer JS Bank, Mr. Khurram Sheikh said:
“The global industrial sector is poised to undergo a fundamental structural change akin to the industrial revolution as we usher in the IoT. Equipment is becoming more digitized and more connected, establishing networks between machines, humans, and the Internet, leading to the creation of new ecosystems that enable higher productivity, better energy efficiency, and higher profitability. While we are still in the nascent stages of adoption, The IoT has the potential to impact everything from new product opportunities, to smart homes, cities and governments optimization, we believe this partnership will pave the way for bringing smart home solutions for mutual consumers of BlueEast and JS into reality”
Together, BlueEast and JS bank intend to bring innovation to Pakistani consumers. Users will be able to relish the perks of IoT and banking at the leisure of their homes.
The group efforts of both industry giants aim to enable smart purchases and automated homes. In simple terms, a smart refrigerator’s predictive analysis for grocery purchase will be carried out via BlueEast’s E-commerce platform utilizing JS Bank’s services to process payments.
At the ceremony, Mr. Abdul Rehman Talat, CEO BlueEast also gave the delegation a demo on their latest E-comfort technology that uses artificial intelligence to carry out operations. Furthermore, JS Bank was also shown BlueEast’s labs and technical work-space.
The MoU assures greater collaboration between the two parties and upholds proposed initiatives to strengthen the link between the banking industry and the IoT/E-commerce sector.
Marching a step ahead of innovation, BlueEast and JS Bank look forward to make Pakistan digitally proficient.