Digital Miles and Askari Bank are taking a bold step in advancing digital financial services with its latest initiative to establish a comprehensive cashless ecosystem.
This groundbreaking project is being conceived and funded by Karandaaz Pakistan, an impact investment platform committed to driving sustainable economic growth and financial inclusion. In collaboration with Digital Miles, a fintech innovation lab specializing in digital finance solutions, Askari Bank has officially launched Pakistan’s first Cashless Ecosystem Project designed to digitalize communities, starting with housing societies.
A Landmark Signing Ceremony
The partnership was formalized through a signing ceremony attended by:
- Mr. Saleem Anwar, Acting President & CEO, Askari Bank
- Mr. Ali Naqvi, CDO, Askari Bank
- Mr. Waqas Ul Hasan, CEO, Karandaaz Pakistan
- Mr. Sharjeel Murtaza, CDO, Karandaaz Pakistan
- Mr. Taimoor Ali, Group Head – DFS Projects, Karandaaz
- Mr. Rehan Ahmad Akhtar, CEO, Digital Miles
alongside other senior officials.
Speaking at the ceremony, Mr. Saleem Anwar emphasized,
“This project is the first step for a major transformation aimed at financially inclusive and smart communities.”
Adding to this vision, Mr. Waqas Ul Hasan, CEO of Karandaaz Pakistan, said,
“This partnership marks a crucial step toward Karandaaz’s vision of a cashless ecosystem within Pakistan. Starting with housing societies, this initiative will enable residents, merchants, and institutions to operate seamlessly in a fully digital environment, setting the stage for a financially inclusive, efficient, and forward-looking community experience.”
Sharing his excitement, Mr. Rehan Ahmad Akhtar, CEO of Digital Miles, remarked,
“We are equally excited to be part of this initiative. This partnership will enable us to leverage our digital finance innovation expertise to create a fully integrated cashless environment that benefits residents, merchants, and institutions alike.”
Building Pakistan’s First Cashless Community
The Cashless Ecosystem Project is designed to fully digitalize all interactions and transactions within DHA Phase 1, Islamabad. From resident-to-management payments to retail and institutional transactions, every touchpoint will be seamlessly integrated into a single digital platform.
Key features include:
- Digital financial transactions between residents and housing society management
- Retail payments at shops and businesses within the community
- Corporate payments & collections
- Employee salaries disbursed digitally
- Value-added services to support a smooth transition to digital living
This ecosystem will redefine lifestyle experiences by ensuring secure, convenient, and transparent digital interactions across all stakeholders.
Looking Ahead
The successful implementation of this pilot will serve as a benchmark for housing societies across Pakistan. Askari Bank, in collaboration with Digital Miles and with support from Karandaaz, plans to expand the model into other geographies, ultimately creating a national transformational asset that drives digital adoption and financial inclusion.
At Digital Miles, we are proud to play a key role in this journey by contributing our fintech expertise and innovation mindset to make cashless living a reality for communities in Pakistan.