Stacks, Bank of Punjab sign MoU to explore blockchain remittances

KARACHI: Stacks and the Bank of Punjab (BOP) have signed a strategic memorandum of understanding (MoU) to explore digital solutions aimed at improving Pakistan’s remittance system and broader financial ecosystem.

The agreement was formalised by Stacks co-founder Muneeb Ali and Bank of Punjab President and Chief Executive Zafar Masud.Under the partnership, Stacks will contribute its technology capabilities while BOP will provide banking infrastructure, with the aim of enabling faster, more secure and more transparent cross-border payments for overseas Pakistanis.

As part of the initiative, the partners will conduct a pilot transaction to assess the use of stablecoins for remittances. The pilot will evaluate whether blockchain-based settlement can improve transaction speed, reduce costs and enhance transparency in cross-border transfers.