JS Bank Limited, one of Pakistan's fastest growing banks has signed a Memorandum of Understanding (MoU) with Mobex Limited. A signing ceremony was held in this connection at the JS Bank's head office in Karachi.

The MoU will provide the basis for collaboration between JS Bank and Mobex for planning and developing a branch-less banking solution across Pakistan which is designed to provide banking solutions to the un-banked masses of the country.

Branch-less banking represents a significantly cheaper alternative to conventional branch-based banking that allows financial institutions and other commercial players to offer financial services outside traditional brick and mortar branches by using alternative delivery channels such as retail agents and mobile phones.

The MoU was signed on behalf of JS Bank by Mr Naveed Qazi, President and CEO, JS Bank and by Mr Mohammad Yar Hiraj, CEO, Mobex. Present at the occasion were also senior members of the management of both organizations.