Khyber Bank announced on November 3, 2023, that it will set up a wholly-owned exchange company with an initial paid-up capital of up to Rs1 billion. The new company, which will called BOK Exchange Company, expected to start operations in early 2024.
The decision to set up an exchange company is part of BOK’s strategy to expand its range of services and meet the growing demand for foreign exchange services in Pakistan.
The business will provide a variety of services, such as:
- Currency exchange
- Trade finance
- Travel Money
BOK Exchange Company will headquartered in Peshawar and branches across Pakistan. The company will also have a strong digital presence, offering its services online and through mobile apps.
Benefits of BOK Exchange Company
The establishment of BOK Exchange Company expected to have a number of benefits for the Pakistani economy. First, it will increase competition in the foreign exchange market and lead to lower prices for consumers. Second, it will provide Pakistani expatriates with a convenient and reliable way to send remittances home. Third, it will support the growth of trade and investment in Pakistan.
In addition to the benefits mentioned above, BOK Exchange Company also expected to play a unique role in promoting financial inclusion in Pakistan. By providing a wide range of foreign exchange services at affordable prices, BOK Exchange Company can help to make these services accessible to a wider range of people, including small businesses and low-income individuals.
BOK Exchange Company can also play a role in promoting financial literacy in Pakistan. By educating its customers about the different foreign exchange services available and how to use them, BOK Exchange Company can help to empower people to make informed financial decisions.
Overall, the establishment of the BOK Exchange Company is a positive development for the Pakistani economy and society. The company is expected to increase competition and promote financial inclusion.
The establishment of Khyber Bank Exchange Company is a positive development for the Pakistani economy. The company is expected to increase competition in the foreign exchange market, provide Pakistani expatriates with a convenient and reliable way to send remittances home and support the growth of trade and investment in Pakistan.