Mr. Rashid Ashraf, Chief Executive Officer of ACE Money Transfer, conducted a series of strategic meetings in Islamabad with the Honorable Finance Minister, Mr. Muhammad Aurangzeb, and other senior government officials to discuss collaborative efforts aimed at strengthening Pakistan’s Financial infrastructure and enhancing formal remittance inflows.
A key focus of discussion was the development of structured incentive programs to encourage overseas Pakistanis to remit funds through official channels. Stakeholders reviewed strategic pathways to increase annual remittance volume to USD 50 billion within five years – a target aligned with Pakistan’s broader economic ambitions.
Mr Ashraf underscored the importance of fostering greater collaboration across financial institutions—including banks, exchange houses, EMIs, and other stakeholders—through a unified digital framework. This approach, he noted, would reduce reliance on informal cash-based systems, enhance PKR retention domestically, and contribute to the documentation of the economy. A strategic roadmap was shared on how remittances could be more effectively integrated into national economic planning.
In a separate engagement with the Honorable Minister for Information and Broadcasting, Mr Attaullah Tarar, the dialogue centered on strengthening public awareness around the significance of legal remittances. Mr. Ashraf reiterated ACE’s commitment to supporting the Prime Minister’s digitization agenda, offering the company’s technological expertise in areas such as data governance, real-time consumer insights, and merchant network expansion. These capabilities, he noted, can play a vital role in shaping informed, data-driven policymaking.
Further consultations were held with the Honorable Federal Minister for Overseas Pakistanis and Human Resource Development, Mr Salik Hussain, and the Parliamentary Secretary, Mr Ihsan ul Haq Bajwa. The discussions highlighted the role of overseas communities as key contributors to national development. Topics included formalizing undocumented migration and money transfer channels, enhancing the arrival experience at ports of entry, and introducing state-led recognition initiatives for overseas Pakistanis who make significant contributions in their respective fields.
Speaking after the meetings, Mr Rashid Ashraf stated:
“We are proud to support Pakistan’s economic future by promoting legal remittance flows. Encouraging formal, transparent channels not only strengthens the economy but directly benefits millions of families. ACE remains committed to working alongside the Government of Pakistan to accelerate financial inclusion, digitization, and long-term economic resilience.”
About ACE Money Transfer
ACE Money Transfer, headquartered in Manchester, UK, is a leading provider of online remittance services, trusted by millions of customers globally. With an extensive network of 375,000+ payout locations across 100+ countries, ACE delivers secure, fast, and reliable money transfer solutions tailored to meet the needs of expatriates and migrant workers.
ACE Money Transfer was named “The Best FinTech App” at the UK Business Awards 2024 and also received a major recognition from the State Bank of Pakistan, ranking ACE as the Fourth Largest Global Fintech by Remittance Volumes to Pakistan. These accolades underscore ACE’s growing influence on the global remittance landscape and reaffirm its position as a trusted digital financial services provider.
ACE plays a critical role in channeling remittances through formal and transparent financial systems—supporting Pakistan’s economic stability and the livelihoods of millions of families. Together, these honors mark a significant milestone in ACE’s journey to drive inclusive financial solutions and reinforce its commitment to serving diaspora communities worldwide with secure, affordable, and always-accessible money transfer services.
