Monet Private Limited is Pakistan's first neutral digital financial services hub, establishing a payment facilitation network in collaboration with banks, mobile network operators, and merchants. It offers solutions such as mobile wallet issuance, mobile point of sale acceptance, payment gateways, bill payments, and merchant payments. Monet pioneered Pakistan's first mobile point-of-sale solution and provides a multi-channel mobile payment gateway that integrates acquiring banks with different payment sources. The company aims to facilitate interoperability between all banks, telecom companies, and merchants in Pakistan and expand its partnerships and services to other regions of Asia and Africa.

1. Monet Private Limited
BANKING
&SOFTWARE
SOLUTION PROVIDERS - 2016
A list of companies that are at the forefront of
providing Banking and Software Solutions to the industry
recognized by magazine as Description:
Company:
MonetPrivateLimited
Pakistan’sfirstneutral
digitalfinancialservices
hubestablishingaPayment
facilitationNetworkin
collaborationwithBanks,
MNOsandMerchants
Key Person:
Ali Abbas Sikander
CEO
Karim Jindani
CTO
Website:
monet-online.com
A
s banks and financial institutions adopt
new channels to seamlessly interact with
customers, financial services have become
increasingly technology-driven. Financial
institutions are under pressure to bring the right
technology to drive financial transactions, customer
experience, and marketing of new products or channel
distribution.Theeffectsoftechnologicalinnovationshave
immensely helped the financial services organizations
transform to stay ahead in the market. However, the
increase in regulatory and compliance requirements
across the globe has posed a number of challenges that
are complex and demand a more proactive approach
from banks to ensure new infrastructures and robust
technology platforms. In the long run, banks are always
aware how a lack of responsiveness towards regulatory
laws can seriously impact customer relationship and
growth. The focus on creating new services delivery
through IT systems has changed the way banks function
internally and helped them to deal with compliance
better. The banking solutions providers who bring
invaluable technical expertise, industry know-how
and resources have played a critical role in integrating
banking technology and best practices for banks and
financial institutions. As these organizations have
rightly discovered- Digital innovation and leading-edge
technology is the key to empower customers and to keep
up productivity with faster banking services.
This edition of APAC CIOoutlook brings you the
“25 Most Promising Banking and Software Solution
Providers.” The list presents to you some of the most
prominent organizations in the industry who are
capable of leading their clients towards excellence
by supporting them beyond an advisory level. The
proposed list aspires to assist banks to find the
right financial services provider, who understands
regulatory processes, enables organizations combat
various risks and enhances new technology adoption
through industry-leading systems, infrastructure and
operating models.
APRIL 2016 APACCIOOUTLOOK.COM
25 Most Promising Banking and Software Solution Providers 2016
BANKING SPECIAL

2. April 201629
B
anks often face a long gestation period in terms of
development since the process for developing their
own system is complicated and time consuming.
They require selecting system software that meets their
needs, procuring the infrastructure, meeting the mobile
money (branchless banking) regulations set by the State
Bank, implementing them in the system, and lastly, get
certifications from international payment schemes. All of this
demands huge resources, in terms of both time and capital,
to develop and maintain a robust infrastructure. Considering
that Pakistan is largely a cash dependent economy, Monet
Private Limited was incepted with a vision to establish the
nation’s first neutral third party mobile/digital financial
services hub.
Monet—one of the fastest growing payment facilitator
and mobile financial services provider—offers solutions
ranging from Card / Mobile Wallet Issuance, Mobile
Point of Sale Acceptance, Payment Gateway, Utility Bill
Payments, Merchant Payments and Mobile Banking. Ali
Abbas Sikander, CEO, Monet adds, “We are focused on
digitizing payments in different industry verticals.” The
company provides complete end-to-end solution where
payment initiation and acceptance is just one component.
These solutions are also customizable based on the demands
of various industries.
Monet’s multi-channel Mobile Payment Gateway
integrates acquiring banks with different sources of funds
such as wallets, cards and bank accounts. The mode of
payment is independent of the customer’s cellular platform
and provides flexibility to the merchants to accept payments
through Card, Mobile Wallet and Account
based payments. Through such a
solution, the company is facilitating
interoperability between all the
banks, telcos and merchants.
Monet also pioneered the first
mobile point-of-sale solution in
Pakistan, currently live with major
acquirers in the country. The solution
delivers flexible, convenient
and economical ways for
businesses to expand
their selling radius by
accepting both in-
store and remote
payments. The portable and low-cost solution comprises
of a mobile card reader that can be connected to any
Smartphone and accepts both chip and magnetic stripe
cards. The entire solution has been certified by international
payment schemes, such as MasterCard, Visa and UnionPay
International. By deploying the low cost MPOS solution,
underserved merchants receive services like real time discount
logic, custom payment flows, front-end as well as back-end
integration with their existing system, Instant Payment
Notification to customers as well as merchants.
The company has developed its own systems and
infrastructure hosted and operated at Monet’s PCI DSS
3.1 certified Data Centre. Ali Abbas Sikander elaborates,
“With our highly capable team having expertise in cards,
mobile and payments industry, Monet thrives to remain at
the top of the game in providing mobile money solutions.”
Monet’s payment system allows banks to not only retain
and strengthen their existing merchant relationships but
also to enter new industry verticals such as insurance,
cash-on-delivery transport, courier services and person-to-
government payments, etc.
This Pakistan based company is currently outlining its
expansion strategies in Asian and African regions with
the main focus on setting up partnerships with on-soil
payment services. It is already catering to electronic and
mobile commerce ready segments as well as unbanked and
underserved regions of Pakistan in verticals such as banking,
telecommunication, Cash-on-Delivery (COD), transport,
courier services, health services and government payments
(P2G & G2P). Going forward, the company plans to
introduce innovative products in the mobile money and
digital payments industry.
Monet Private Limited:
Next Gen Mobile Payment Gateway Services
Monet pioneered the
first mobile point-of-
sale solution in Pakistan,
currently live with major
acquirers in the country
Ali Abbas Sikander,
CEO
BANKING
&SOFTWARE
SOLUTION PROVIDERS - 2016