Pakistan's Silkbank Taps Silverlake Axis to Grow its Credit Card Footprint

Friday, 28 January 2022, 16:40 HKT/SGT

Silkbank will upgrade its card management suite to use Silverlake's latest platform, Symmetri OmniCard V6.

SINGAPORE, Jan 28, 2022 - (ACN Newswire) - SGX-listed Silverlake Axis Ltd, the ASEAN leader in next-generation digital core banking systems and solutions, today announced an expansion of its partnership with Silkbank, a leading commercial and Islamic bank in Pakistan. Through the latest agreement, Silkbank will upgrade its card management suite to use Silverlake's latest platform, Symmetri OmniCard V6.

SINGAPORE, Jan 28, 2022 - SGX-listed Silverlake Axis Ltd, the ASEAN leader in next-generation digital core banking systems and solutions, today announced an expansion of its partnership with Silkbank, a leading commercial and Islamic bank in Pakistan.

OmniCard V6 is an internationally certified card management system that allows banks to run flexible and secure operations including issuing and acquiring of all types of credit, debit and prepaid cards, ATM management, 3D secure e-commerce transaction processing, management of fraud, disputes, and cardholder's loyalty. This latest move also strengthens Silverlake's leadership position within Pakistan's credit card market, where it currently commands an 80 percent market share. It also allows Pakistan's and the region's banks to tap into Silverlake's award winning technologies to grow their card footprints, and in the process better cater to customers.

Gyorgy Ladics, CEO of Silverlake Symmetri, commented: "We are immensely proud of the deep and long-standing partnership we have forged with Silkbank. Pakistan continues to establish itself as a fast-growing market, with huge potential for building its credit card market, and we are very optimistic about its growth. To that end, the trust Silkbank has placed in us is a true honor, and as we continue this exciting journey together, we are confident that this trust will see strong returns."

Nabeel Malik, Executive Director, Strategy Implementation & Ops/Admin/IT/CSQ at Silkbank, commented: "Silkbank always aims to stay ahead of the market by introducing unique products supported by latest technological tools. Silverlake has been a trusted partner to Silkbank for 9 years. As we continue to transform and advance the banking landscape in Pakistan with our innovative product offerings and best-in-class services, the in-depth experience, system understanding, and professionalism of Silverlake team will be a key factor for us to grow with confidence. We hope that we will be continuing this beneficial partnership in years to come."

With over 30 years of experience across industries, Silverlake creates technologies to empower businesses in the digital economy, transforming industries like banking, insurance, retail, and logistics. Silverlake Symmetri OmniCard is a universal card and payment management system, designed to help both acquiring and issuing institutions to run efficient, secure and profitable operations. Banks can reduce time to market for new card products while at the same time offer excellent service to drive loyalty across the customer base. The solution also enables them to cross-sell and up-sell, while reducing fraud and risk, and ensuring regulatory compliance.

"With Silverlake Axis already issuing 80% of cards in the market, Silkbank's partnership to deploy our credit card solutions only solidifies our leadership position in Pakistan. However, it's only one step in our growth plan. We are seeing strong opportunities across the MENA, South and Southeast Asia regions with our Islamic and retail banking partners as well," added Ladics.

About Silverlake Axis

Silverlake Axis Ltd. (SLVX.SI; SILV:SP) is a leading enterprise technology, software and services company focused on financial services and serving 40% of the top 20 largest banks in South East Asia. Founded in 1989, Silverlake has an impeccable track record of successful delivery of innovative and transformative solutions to its enterprise customers and their ecosystems. The Group has more than 380 enterprise customers in over 80 countries across Asia, Europe, Middle East, Africa and the Americas.

Silverlake Axis was listed on the Singapore Exchange (SGX) Catalist in 2003 and moved to the SGX Mainboard in 2011. For more information, please visit https://www.silverlakeaxis.com.

Topic: Press release summary
Source: Silverlake Axis Ltd
Sectors: Exchanges & Software, Cards & Payments, Daily Finance, Banking & Insurance, Local Biz, FinTech
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