Karachi, September 12, 2023 – State Life Insurance Corporation of Pakistan (SLIC) and JS Bank Limited have signed a Memorandum of Understanding (MoU) to provide seamless financial and insurance services to their customers and employees. Through this agreement, JS Bank will provide innovative transaction banking solutions including cash management and employee banking services to SLIC, while SLIC’s robust insurance offerings will be offered to JS Bank employees and customers, fostering a synergy that aims to revolutionize the financial landscape in Pakistan.
JS Bank will leverage its expertise in the financial sector to provide state-of-the-art transaction banking solutions to SLIC for premium collection via the JS Cash Management and Employee Banking solutions to their employees and agents. The partnership will add value to SLIC by delivering efficiency, control, and operational excellence to their financial transactions.
SLIC’s enhanced Life and Health products will be available for customers from all strata of society ensuring financial protection for the people of Pakistan. The partnership will greatly facilitate State Life’s esteemed policyholders through digital solutions and services and will also extend social protection products to JS Bank employees and customers.
The MOU was signed during a signing ceremony in the presence of Shoaib Javed Hussain, CEO, State Life Insurance Company, Basir Shamsie, President & CEO, JS Bank, along with senior members of the leadership from both companies.
Basir Shamsie, President & CEO, JS Bank, commented on the partnership; “This collaboration with SLIC is a testament to our joint vision of providing best-in-class offerings to our customers. By leveraging each other’s strengths, we aim to expand our existing portfolio and carve out a niche of excellence within the industry. We hope to further strengthen our relationship with SLIC and provide greater value-enhanced offerings to our customers.”
At the event, Shoaib Javed Hussain, CEO, State Life, said, “It is a pleasure to announce the strategic partnership between State Life and JS Bank as it has the potential to bring innovation and efficiency to the financial services sector and benefit a wide range of customers. Through a shared vision of ensuring financial inclusion and protection for Pakistanis, our goal is to make policyholder services more convenient to our customers and increase the economic activities in the country. I look forward to expanding this partnership to other products in the future; we see this step as the beginning of a successful partnership between the two corporate entities.”
This strategic alliance between JS Bank and SLIC underscores a shared vision of advancing the banking and insurance sectors, offering customers innovative and efficient financial solutions, and contributing to the economic growth of Pakistan