ACE, HABIBMETRO partner

LAHORE: ACE Money Transfer and HABIBMETRO announced a strategic partnership on Friday to offer safe and legal remittance channels for overseas Pakistanis, a statement said.

The partnership, which covers the UK, Europe, Canada and Australia, aims to boost Pakistan's foreign exchange reserves by encouraging expatriates to use regulated methods for sending money back home.

"The partnership aims to contribute to the country’s economy by offering reliable and convenient means for sending remittances to Pakistanis residing abroad," the statement said.

“We are passionate about delivering secure and efficient financial services that cater to our customers' financial needs. Our partnership with ACE Money Transfer is in alignment with our commitment to providing overseas customers with a more streamlined and regulatory-compliant remittance process," said Khurram Shahzad Khan, president and CEO of HABIBMETRO.

Rashid Ashraf Gondal, CEO of ACE Group of Companies said Pakistan must curb black market remittances and promote regulated channels. "Overseas Pakistanis need to be educated on the diverse impacts of unregulated methods that cause severe damage to the country’s foreign reserves," Gondal said. "Our current partnership aims to bring such awareness among overseas Pakistani communities and anticipates a significant boost to Pakistan's remittance inflows."