Pakistan’s Silkbank Taps Silverlake Axis to Grow Credit Card Footprint
SINGAPORE, Jan 28, 2022 – (ACN Newswire via SEAPRWire.com) – Singapore mainboard listed Silverlake Axis Ltd. (SGX:5CP) (“SAL” or “the Group”), the ASEAN market leader in core banking software, today, announced an expansion to the partnership with Silkbank Limited (“Silkbank”), a leading commercial and Islamic bank in Pakistan. Through the latest agreement, Silkbank will upgrade its card management suite to use Silverlake Axis’s latest platform, Silverlake Symmetri OmniCard V6.
OmniCard 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 further strengthens Silverlake Axis’s leadership position within Pakistan’s credit card market, where it currently commands over 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 footprint, and in the process, better cater to their customers.
Gyorgy Ladics, CEO Silverlake Symmetri, commented: “We are immensely proud of the deep and long-standing partnership we have forged with Silkbank. Moreover, 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 extent, 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: “Silverlake has been a trusted partner to Silkbank for 9 years. The in-depth experience, system understanding, and professionalism of Silverlake team has been invaluable to us. As we continue to transform and advance the banking landscape in Pakistan, their partnership and vast expertise will be a key factor in us growing with confidence.”
With over 30 years of experience and a breadth of expertise across industries, Silverlake Axis 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. With Silverlake Symmetri OmniCard, 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. (“SAL”) is a leading enterprise technology, software and services company focused on financial services and serves 40% of the top 20 largest banks in South East Asia. Founded in 1989, SAL 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.
Under Axis Systems Holdings Limited, SAL was listed on the SGX-SESDAQ on 12 March 2003. It was renamed Silverlake Axis Ltd in 2006 and the listing was transferred to the Mainboard of the Singapore Exchange on 22 June 2011. For more information about SAL, please visit www.silverlakeaxis.com.
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