Global IME Bank partners with IFC for digital transformation and embedded finance advisory

KATHMANDU: Global IME Bank Limited, Nepal’s leading private commercial bank, has signed an advisory service agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to advance digital financial services and embedded finance models. The partnership aims to bolster the bank’s digital transformation and enhance its technological capabilities.

The agreement was formalized by Global IME Bank’s Chief Executive Officer, Surendra Raj Regmi, and IFC’s FIG Asia and Pacific Regional Industry Director, Ellen Forlemu. Under the deal, IFC will assess the bank’s digital transformation and data maturity, identify areas for improvement, and provide strategic recommendations to strengthen its digital banking framework. Additionally, IFC will conduct a feasibility study on fintech opportunities to promote embedded finance models, offering tailored advice to Global IME Bank.

A Leap Toward Innovation

Bank officials expressed optimism that this collaboration will streamline the transformation of existing services into innovative, tech-friendly offerings. CEO Surendra Raj Regmi highlighted the partnership’s potential to elevate digital banking in Nepal. “This agreement will not only promote our digital banking initiatives but also pave the way for fintech innovation and adoption,” he said. “With IFC’s global expertise in digital banking and fintech partnerships, we believe Nepal’s banking sector can reach new heights.”

Global IME Bank, recognized as Nepal’s Best Bank in 2024 by Global Finance and honored in two categories under the Euromoney Awards for Excellence 2024, sees this alliance as a step toward delivering world-class digital banking services to its customers. The bank has a history of accolades from national and international organizations across various categories.

Nationwide Reach and Global Remittance

As Nepal’s first private commercial bank with branches in all 77 districts, Global IME Bank operates an extensive network of over 1,100 service points, including 355 branch offices, 385 ATMs, 237 branchless banking units, 67 extension and revenue collection counters, and three overseas representative offices. Beyond domestic banking, the bank facilitates remittance services from countries such as the United States, United Kingdom, Canada, Australia, Malaysia, South Korea, Japan, Saudi Arabia, Qatar, UAE, Bahrain, Kuwait, India, and Jordan, supporting Nepali citizens globally.

Why It Matters

This partnership comes at a time when digital transformation is reshaping the financial landscape worldwide. By integrating advanced fintech models and enhancing data capabilities, Global IME Bank aims to stay ahead in a competitive market while meeting the evolving needs of its customers. The collaboration underscores the bank’s commitment to innovation and its ambition to set a benchmark for digital banking in Nepal.

As the initiative unfolds, industry observers anticipate that this strategic alliance could inspire similar advancements across Nepal’s banking sector, driving economic growth and financial inclusion through technology.