Leatherback, MCB Bank partner on Pakistan Rupees remittances and payouts

Leatherback has joined forces with MCB Bank to power more business and lifestyle opportunities in Pakistan and the wider South Asia region by enabling easier Pakistani Rupee (PKR) payouts and remittances for its users.

Leatherback is a global banking service provider for individuals and businesses and MCB Bank is one of Pakistan’s largest commercial banks. Together, the two organisations will make it easier for businesses, international students, medical migrants, tourists, and other Leatherback users to seamlessly send money to businesses and individuals in Pakistan where it can be instantly received in the local currency. Users simply need to sign in to their Leatherback app, navigate to SendR, Leatherback’s remittance solution, and follow 5 simple steps to send the funds.

Pakistan received approximately $150 billion in remittances from 2017 to 2022. This ranks Pakistan sixth among the top remittance-receiving countries in 2022, with $29.9 billion going into the country that year. According to the most recent estimates, trade between Pakistan and Africa is worth $4.18 billion. Following the recent launch of Indian Rupee remittances and payouts on the Leatherback platform, this new partnership connects Leatherback users to more opportunities across the South Asia region, establishing Leatherback as the ideal banking partner to help them access business and lifestyle opportunities around the world.

According to Ibrahim Toyeeb Ibitade, CEO of Leatherback, “Our partnership with MCB Bank is another step in our mission to make it much easier for our customers to access the opportunities they desire around the world, removing barriers that were previously in place due to limited payment options. As developing commerce models and the rise of digitisation alter how the world interacts, we are pleased to bring people from all over the world closer together by offering them effective cross-border payment solutions that allow them to trade and enjoy more experiences.”

Mr. Omair Safdar, Group Head Wholesale Banking, MCB Bank Limited added that “through our partnership with Leatherback, we’re poised further to enhance the scale of our digital remittance services, empowering customers with seamless and efficient cross-border transactions. This collaboration underscores our commitment to innovation and delivering unparalleled value to our customers.”

From remittances to business transactions, the ability to move money seamlessly across borders is critical for facilitating access to lifestyle and business opportunities. Leatherback, with a specific focus on migrants and global citizens, aims to provide robust, cross-border financial services that cater to the needs of individuals and businesses operating across multiple markets, taking advantage of a seamless, digital identity verification process, upfront low transaction fees, real-time competitive FX rates, and a secure, fast, and simple onboarding.

Headquartered in London, Leatherback is regulated in the United Kingdom, Nigeria, Ethiopia, Canada, India, Pakistan, Nepal, and Sri Lanka, enabling the platform to serve customers across a wide range of markets effectively. The company currently has more than 50,000 customers and is projected to reach $500 million in monthly transactions before the end of the year 2024. Leatherback is FCA Authorised, PCI DSS Compliant, and ISO Certified.

The Leatherback mobile app can be downloaded from the Google Play Store and the Apple App Store and the web app via www.leatherback.co