MUZAFFARABAD, Friday, July 11, 2025 (WNP): The Bank of Azad Jammu and Kashmir (BAJK) on Friday signed a landmark agreement with the i-Consult Consortium to implement a cutting-edge Core Banking System (CBS), aligning the bank’s operations with global standards in a groundbreaking move toward digital transformation and financial modernization.

The high-profile signing ceremony, held in Muzaffarabad, was attended by Prime Minister of Azad Jammu and Kashmir Chaudhry Anwar-ul-Haq, Speaker of the AJK Legislative Assembly Chaudhry Latif Akbar, Finance Minister and Chairman of BAJK’s Board Abdul Majid Khan, and BAJK President Shahid Shehzad Mir, along with senior government officials and representatives of partner organizations.

The consortium—comprising MegaPlus, i-Consult, Silverlake, and i-TANS—will collaborate to transform BAJK’s infrastructure, aiming to enhance operational efficiency, customer experience, and transparency throughout the region’s banking sector.

Terming the agreement a “milestone in the financial evolution of AJK,” Prime Minister Anwar-ul-Haq emphasized the government’s commitment to modernizing BAJK into a secure and trusted financial institution.

“Our people deserve a banking system that is efficient, transparent, and capable of managing the significant volume of remittances—accounting for 25% of the national total—that flow into AJK,” he said. The Prime Minister also announced plans to expand BAJK’s operations across Pakistan and elevate it to the status of a scheduled bank.

Finance Minister Abdul Majid Khan called the CBS the “backbone of modern banking,” noting that the digital transformation would improve performance, transparency, and service delivery, particularly in remote and underserved areas.

Speaker Chaudhry Latif Akbar congratulated all stakeholders and praised the strategic vision behind the move, calling it a catalyst for growth and financial empowerment in the region.

Describing the initiative as “revolutionary,” BAJK President Shahid Shehzad Mir said the implementation of the CBS and digital banking channels would significantly upgrade service standards, offering customers seamless and secure 24/7 access.

Silverlake Co-CEO David Lim reaffirmed the consortium’s commitment to delivering a robust and scalable system. “This partnership marks a new chapter for BAJK. We are excited to help bring a secure, real-time banking experience to the people of AJK,” he said.

With a network of 88 branches, BAJK is now positioning itself as a regional leader in digital banking, driving financial inclusion and supporting economic development across Azad Jammu and Kashmir.